On 22nd of June 2016, the Cyprus Tax Department has announced that as from 2016 Cyprus Reporting Financial Institutions which do not have any US reportable accounts are now obliged to submit, within the specified time limits, a ‘’nil report”.
Furthermore, in respect of the 2016 year the reporting deadline for FATCA purposes has been extended from 30th of June 2016 to 15th of July 2016.
All content prepared by KPMG Cyprus.