CPD: How FATCA affects Cyprus based Financial Institutions

CPD: How FATCA affects Cyprus based Financial Institutions

The European Institute of Management and Finance (EIMF), following its commitment to continuously support the region’s financial sector with expert and comprehensive guidance on current and upcoming legislation, is organising a Seminar regarding the Foreign Account Tax Compliance Act (FATCA) and how it affects Cypriot Investment Firms (CIFs) and other Cyprus-based Financial Institutions (FIs).

The seminar will, among others, cover the following:

1. The main provisions of FATCA,

2. The impact on CIFs and other Cyprus-based FIs,

3. The proposed intergovernmental Agreement(IGA) between Cyprus and the US, and

4. The actions that CIFs and other Cyprus-based FIs need to undertake to comply with FATCA

Participation in the Seminar shall equip attendees with a comprehensive overview of FATCAinsightssolutions and a break-down of FATCA requirements from a practical perspective. In addition, participants of the Seminar shall have the opportunity to receive answers on FATCA related questions from the EIMF Experts as well as the Seminar’s Guest Speaker from the Internal Revenue Department of the Ministry of Finance.


FATCA is focused on strengthening information reporting and withholding compliance with respect to US persons who invest directly or indirectly through the ownership of foreign interests. To achieve its purposes, FATCA dictates non-US Financial Institutions to identify accounts falling under the FATCA scope and report certain details on these accounts to the US Authorities.

FATCA imposes a 30% withholding tax beginning on 1st January 2015, if FFIs do not comply with FATCA’s requirement. The 30% withholding tax on certain US source income will be imposed regardless of whether the FFI has US owners or clients. Therefore, Financial Institutions that do not have any US clients, still need to take actions for compliance with FATCA obligations.

Participants will receive a certificate of participation that will cover 5 hours of their Continuous Professional Development requirements.

Presenter: Mr Constantinos Tsolakkis

Mr Tsolakkis has worked for twenty six (26) years as Senior Officer, Assistant Manager and  Manager at the Bank Supervision and Regulation Department of the Central Bank of Cyprus and seven (7) years as Chief Audit Executive at a commercial bank.

He is an expert in financial services with specialization in audit, supervision, financial analysis, accounting, due diligence, compliance, risk management processes and fraud investigations.

DATES: 2 Seminar Presentations - 08/07/2015 and 16/07/2015

DURATION: 5.5 hours

LOCATION: Limassol and Nicosia

TIME: 15:00 - 20:30


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