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Established in 2004 and operating from 3 offices located in Cyprus, Singapore and Hong Kong

Eltoma Corporate Services was established by highly qualified finance and corporate management professionals. Our head office is located in Limassol, Cyprus and our three other offices are located in Moscow, Singapore and Hong Kong. We aim to provide all our valued clients a personal, cost effective and efficient service. Eltoma Corporate Services offers a select number of jurisdictions in which to operate. We are constantly analysing and reviewing the jurisdictions in which we operate in order to ensure we inform our clients of the latest innovations and changes in taxation and company law. This results in a knowledgeable, professional and comprehensive service being provided to all our international business clients. At Eltoma Corporate Services we provide completely independent and professional advice ensuring we implement the best international tax planning solutions for our clients. It is imperative that the long-term management and administration of a company is thoroughly considered at the inception in order to provide the best structure. Eltoma Corporate Services facilitate this with in-depth, expert knowledge coupled with innovative and resourceful solutions. Our website provides a thorough review of the services Eltoma provides and an overview of the jurisdictions Eltoma offers. However if you do not find the information you are looking for or have any queries regarding our services please contact us and we will be happy to discuss your requirements.

03/11/2026

BVI Financial Return Reform: Enhanced Asset Transparency from 2027 - Are Your 2026 Records Ready?

The British Virgin Islands is moving towards more detailed annual financial returns for business companies and limited partnerships. This is particularly relevant to international holding companies, investment structures, treasury vehicles and SPVs.

The timing matters: the BVI Financial Services Commission clarified in October 2026 that the revised forms are intended to cover the 2026 financial reporting period, with filings under the enhanced framework beginning in September 2027. This is not simply a change for financial years starting in 2027.

What is expected to change?
• More detail on cash, bank accounts and custodial institutions, including their jurisdictions.
• Greater breakdown of loans and receivables where these represent at least 25% of total assets, under the proposed form.
• Specific categories for investments, virtual assets, intellectual property and other assets.
• More granular reporting of income, expenditure and, for limited partnerships, partners’ capital and investment movements.

What does this mean in practice?
Companies should prepare reliable entity-level accounts, reconcile bank and related-party balances, retain loan agreements and document investment valuations. Consolidated group accounts alone may not supply the necessary detail.

Financial returns are generally delivered to the registered agent within nine months of the financial year-end. They are not automatically made public. The reform does not, of itself, impose universal audits or a new corporate income tax. Applicable exemptions and the final revised requirements must be checked.
In our latest article, ELTOMA examines the reporting categories, deadlines and practical implications for cross-border groups — and the steps advisers and business owners should take now.

Read the full article: https://www.eltoma-global.com/knowledge-base/bvi-financial-return-changes-2027

29/10/2026

CYPRUS RESIDENCY & IMMIGRATION 2026 | PART 2

Cyprus Digital Nomad Visa: Work Remotely and Live in the Mediterranean
In the first part of our Cyprus Residency & Immigration series, we examined the principal routes available to foreign nationals wishing to relocate to Cyprus.
Today, we focus on a particularly attractive option for internationally mobile professionals: the Cyprus Digital Nomad Visa.

This scheme allows eligible non-EU and non-EEA nationals to reside in Cyprus while working remotely for employers or clients established outside the country.

What are the principal requirements?
Applicants must generally demonstrate:
• The ability to perform their work remotely using telecommunications technology.
• Employment with a foreign company or self-employment involving overseas clients.
• Stable monthly net income of at least €3,500, after deductions for taxes and contributions.
• Appropriate health insurance, accommodation and supporting documentation.
The income threshold increases by 20% for a spouse or partner and by 15% for each child.

How long can you stay?
The initial residence permit is issued for one year, with the possibility of renewal for a further two years.
Qualifying family members may also obtain residence permits, although they are not permitted to undertake local employment or economic activities under this scheme.

What about taxation?
Living in Cyprus under the Digital Nomad scheme may have personal tax implications. However, immigration residence and tax residency are legally distinct, and the applicable tax position depends on the individual's circumstances.

For individuals intending to establish and actively operate a Cyprus business, another immigration route may be more appropriate.

PREVIOUSLY | PART 1: Planning to Relocate to Cyprus? Understanding Your Residency Options Is the First Step. Read here https://www.facebook.com/share/p/1FF8VtLy2h/

COMING NEXT | PART 3: Cyprus Company Formation and Residency – Can Establishing a Business Provide a Pathway to Residence?

Full legal guide: https://www.eltoma-global.com/knowledge-base/moving-to-cyprus-practical-2026-relocation-guide-eltoma

29/10/2026

EU dividend tax: NEO Group ruling highlights holding company risks

Genuine business activity at a parent company does not, by itself, secure the EU dividend withholding tax exemption. The Court of Justice of the European Union confirmed this in NEO Group (Case C-203/25), decided on 15 October 2026.

The dispute concerned dividends paid by a Lithuanian subsidiary to its Cypriot parent. Although the parent conducted genuine business, the tax authorities challenged a wider sequence of share transactions, loans and debt assignments through which dividend funds allegedly reached the group’s controlling individual.

The legal framework
Article 5 of Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable commonly called the Parent–Subsidiary Directive, provides the withholding tax exemption.

However, Articles 1(2) and 1(3) require benefits to be refused where arrangements are non-genuine and obtaining a tax advantage that defeats the Directive’s objectives is a main purpose or one of the main purposes. Genuineness depends on valid commercial reasons reflecting economic reality.

What the judgment means for international groups
The Court’s interpretation makes several points particularly relevant:
• The assessment can extend to relevant transactions throughout the ownership chain, including steps outside the dividend-paying state and before or after the distribution.
• Similar payment amounts and onward distributions over time can provide evidence of abuse. They do not create an automatic presumption.
• The required knowledge can be established at another participating group company or the ultimate individual beneficiary, without proving that the paying subsidiary knew.

The tax authority must still establish the elements of abuse. Whether those conditions are satisfied remains a matter for the national proceedings.

ELTOMA’s practical recommendations
For groups using Cyprus or other EU holding companies, we recommend reviewing how the commercial explanation for the structure is recorded and supported:
• Document the business reasons for holding layers, share transfers and financing arrangements when decisions are made.
• Trace dividend receipts through subsequent distributions, loans and debt settlements.
• Check that agreements, accounts, board minutes and actual conduct tell a consistent story.
• Ensure directors understand how individual transactions fit into the wider group arrangements.
A useful review should explain both the role of each company and the commercial purpose of the connected transactions.

ELTOMA assists international businesses with cross-border tax reviews, corporate governance and supporting legal and financial documentation.

Contact ELTOMA to discuss a review of your group’s holding structure and dividend arrangements.

Primary source: NEO Group, Case C-203/25, judgment of 15 October 2026, ECLI:EU:C:2026:863.

28/10/2026

Transferring shares in a Hong Kong company: more than a change of shareholder

A new investor, business sale, succession arrangement or group reorganisation may require shares in a Hong Kong private company to change hands. But signing a transfer agreement is only one part of the process.

Before completing a transaction, directors, investors and advisers should consider:

• Transfer restrictions — articles of association, shareholder agreements and rights of first refusal.
• Documentation — transfer instruments, bought and sold notes, share certificates and corporate approvals.
• Stamp duty — generally 0.1% on each of the bought and sold notes (0.2% combined), plus HK$5 on the transfer instrument, subject to the applicable rules, valuation and deadlines.
• Registration — board consideration, updating the register of members and issuing the appropriate share certificate.
• Ongoing compliance — beneficial ownership records, KYC, banking mandates and relevant contractual notifications.

An important distinction: transferring existing shares is not the same as issuing new shares. An ordinary transfer generally does not require an immediate separate filing with the Companies Registry; the change is ordinarily reflected in the next annual return. The company must nevertheless keep its internal records accurate.

Cross-border transfers and intra-group reorganisations may raise additional approval, tax, sanctions or stamp duty relief questions.

In our latest Hong Kong corporate law article, ELTOMA explains the practical sequence, common pitfalls and why the transfer date, stamping and registration must be coordinated.

Read the full article: https://www.eltoma-global.com/knowledge-base/hong-kong-share-transfer-procedure-stamp-duty

27/10/2026

🚨 AMERICAN MICROCHIPS, A HONG KONG COMPANY AND EXTRADITION: WHEN INTERNATIONAL TRADE BECOMES A US CRIMINAL CASE

Can an overseas company conceal the ultimate destination of sensitive goods? A recent US criminal case highlights the risks.

On 15 October 2026, the US Department of Justice announced the extradition of Russian national Alexander Suvorov (52) from Sweden to New York.
He faces charges over an alleged scheme to unlawfully export US-origin electronic components to Russia through overseas intermediaries, including Hong Kong-registered GS Group Limited.

🔎 HOW DID THE ALLEGED SCHEME WORK?
Between March 2022 and April 2023, intermediaries allegedly purchased US electronic components with potential dual-use applications.
While US suppliers received orders and payments from overseas companies, prosecutors allege that the actual end-users were located in Russia.
Some components could potentially be used in military communications, radar and precision positioning systems.

⚖️ WHAT ARE THE LEGAL CONSEQUENCES?
Suvorov faces three conspiracy charges involving:
• International money laundering;
• Unlawful exports;
• Violations of US export control legislation.
Two charges each carry a maximum statutory penalty of 20 years' imprisonment.
The allegations remain unproven. The defendant is presumed innocent unless and until proven guilty.

🌍 THREE LESSONS FOR INTERNATIONAL BUSINESS
1️⃣ Overseas incorporation is not a jurisdictional shield.
Using a Hong Kong company does not necessarily prevent US export control laws from applying to transactions involving US-origin goods.
2️⃣ Corporate due diligence is not enough.
Knowing your contractual counterparty is only part of the picture. Businesses must also assess the ultimate end-user, intended use and destination of sensitive goods.
3️⃣ Compliance failures can create personal criminal exposure.
Investigations may extend to individuals involved in arranging, facilitating or concealing international transactions.

💡 THE BIGGER PICTURE
For corporate service providers, accountants, legal advisers and international trading businesses, the message is clear:
A registered company, bank account and properly executed contracts do not automatically make a transaction lawful.
What matters is not merely who buys the goods, but who ultimately receives them, where they go and how they are used.
As sanctions enforcement intensifies, understanding the economic reality behind cross-border transactions is essential.

📌 Source: US Department of Justice, 15 October 2026.

26/10/2026

UK Ltd, LLP or branch? Choose the structure that fits your business — not simply the one that is quickest to register.

For overseas founders, investors and advisers, a UK presence raises a fundamental question: will the business operate through a separate UK company, a partnership or an extension of its overseas parent?

In the first article of ELTOMA’s UK Corporate Incorporation Series, we compare three options:
• UK private limited company (Ltd): a separate legal entity that can contract, own assets and issue shares. Often suitable for a distinct UK operation or future equity investment.
• Limited liability partnership (LLP): a separate entity with at least two members, agreed management and profit-sharing arrangements, and specific member-level tax considerations.
• UK branch: part of the existing overseas company, not a separate legal person. The parent remains directly responsible for the branch’s obligations.
The decision extends beyond Companies House registration. Ownership, management, liability, financing, statutory filings and cross-border tax consequences all need to be considered before choosing a structure.

There is no universally “best” option. The right vehicle follows the real business model.

Read the full article: https://www.eltoma-global.com/knowledge-base/uk-business-structures-overseas-founders

Next in the series: the practical UK incorporation process and Companies House requirements.

www.eltoma-global.com

23/10/2026

Trusts, Foundations and Private Wealth: What Changes Under the New EU AML Framework?

A trust or foundation may serve entirely legitimate succession, asset-protection or investment purposes. But identifying the registered holder of an asset does not necessarily reveal who benefits from it or who ultimately exercises control.
The EU's new Anti-Money Laundering Regulation (EU) 2024/1624, generally applicable from 10 July 2027, introduces more harmonised rules for identifying beneficial owners of private wealth structures.

The distinctions matter:
• Express trusts: the relevant persons include settlors, trustees, protectors (if any), beneficiaries (subject to specific rules) and anyone else exercising ultimate control.
• Trust-like foundations: relevant persons include founders, members of management and supervisory bodies, beneficiaries and others exercising control.
• Discretionary trusts: where beneficiaries have not yet been selected, the rules address those eligible for selection and those entitled if trustees do not exercise their discretion.
For family offices, holding companies and international investors, attention should extend beyond a certificate of incorporation or a simple ownership chart.
An EU-facing professional adviser may need to understand:
• The trust deed, foundation charter and relevant reserved powers.
• Who can appoint or remove trustees, influence investment decisions or approve distributions.
• How control runs through companies, nominees and multiple jurisdictions.
• The commercial purpose of the arrangement and the origin of funds, with source-of-wealth evidence where warranted by the risk.
• How changes in control or beneficiaries are recorded and communicated.

The Regulation also places emphasis on accurate, up-to-date beneficial ownership information, including prompt updates and regular verification.
Complexity alone does not make a family structure unlawful or automatically high-risk. The key is a proportionate, documented assessment of the people, powers, assets and jurisdictions involved.

For business owners and advisers, the practical question is simple: can the structure be explained clearly, and can its beneficial ownership be substantiated?

23/10/2026

Cyprus: Former Directors of Abramovich-Linked Yacht Company to Face Trial Over €25 Million VAT Dispute

Can a nominee director be held personally liable for a company's tax irregularities, even when acting under instructions from management?
A forthcoming court case in Cyprus has renewed attention to directors’ responsibilities, corporate governance and the potential legal exposure of corporate service providers.

On 26 November 2026, two former directors of Blue Ocean Yacht Management Ltd, a company linked to the management of Roman Abramovich’s superyachts, are scheduled to face criminal proceedings before the Limassol District Court.
According to reports, the case concerns alleged VAT irregularities, with the total amount claimed, including accrued interest, reaching approximately €25 million.

What is the case about?
The allegations concern the use of corporate structures in Cyprus and the British Virgin Islands, through which yachts allegedly used for private purposes were presented as being engaged in commercial activities, potentially affecting their VAT treatment.

Particularly significant is the professional background of the defendants. Both former directors were reportedly employees of Meritservus Secretaries Limited, a Cyprus-based corporate service provider.
According to media reports, they maintain that they were performing routine professional duties and acting on management instructions.
Roman Abramovich himself is not a defendant in the Cyprus proceedings.

Why does this matter for the corporate services industry?
The case raises an important question: does acting as a nominee or professional director, without exercising effective control over a company's strategic decisions, provide protection against personal liability?

For corporate service providers and individuals accepting directorship appointments, the proceedings highlight several important considerations:
• Understanding the company's actual business activities and the economic substance of its transactions.
• Maintaining appropriate oversight of accounting records and tax compliance obligations.
• Properly documenting corporate decisions, instructions and delegated responsibilities.
• Assessing potential legal exposure before accepting and throughout director appointments.

The key takeaway: holding a directorship in a formal or professional capacity does not automatically shield an individual from potential personal liability. Equally, liability cannot be presumed solely from a person's appointment as director; it must be established in accordance with applicable law and the particular circumstances.

The proceedings are ongoing, and no determination of guilt has been made.
ELTOMA Corporate Services continues to follow developments in corporate governance, directors’ responsibilities, taxation and regulatory compliance across international jurisdictions.

🌐 www.eltoma-global.com

23/10/2026

CYPRUS RESIDENCY & IMMIGRATION 2026 | PART 1

Planning to Relocate to Cyprus? Understanding Your Residency Options Is the First Step

Cyprus continues to attract international entrepreneurs, investors, remote professionals and families seeking a European base for business and personal relocation.

However, obtaining the right to reside in Cyprus involves more than choosing a destination. Different immigration pathways carry different financial requirements, employment rights and long-term obligations.

Which residency options are available in 2026?
Depending on their nationality and personal circumstances, applicants may consider:
• Digital Nomad Visa – for eligible non-EU professionals working remotely for overseas employers or clients.
• Employment-based residence – for qualifying third-country nationals employed by Cyprus businesses, including eligible Companies with Foreign Interests.
• Permanent residency by investment – for investors making qualifying investments of at least €300,000 and meeting additional requirements.
• Category F – for financially independent individuals with sufficient secured income from abroad.
• EU residence registration (Yellow Slip) – for EU, EEA and Swiss nationals exercising their residence rights in Cyprus.

An important distinction is that permission to reside does not necessarily provide permission to work, and neither automatically establishes Cyprus tax residency.
Choosing the appropriate immigration route requires consideration of employment arrangements, financial resources, family circumstances and future business plans.

At ELTOMA Corporate Services, we assist international entrepreneurs and businesses with Cyprus company formation, corporate administration, accounting, taxation and related relocation arrangements.

COMING NEXT | PART 2: Cyprus Digital Nomad Visa – Can You Live in Cyprus While Working Remotely for a Foreign Company?

Read our comprehensive guide:
Cyprus Residency & Immigration: A Comprehensive Legal Guide for 2026

https://www.eltoma-global.com/knowledge-base/moving-to-cyprus-practical-2026-relocation-guide-eltoma

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