{"id":4947,"date":"2024-03-21T15:01:35","date_gmt":"2024-03-21T13:01:35","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=4947"},"modified":"2024-03-21T15:01:35","modified_gmt":"2024-03-21T13:01:35","slug":"a-very-big-and-increasing-presence-of-israeli-businesses-in-cyprus","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=4947","title":{"rendered":"\u2018, A very big and increasing presence of Israeli businesses in Cyprus\u2019"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/a-very-big-and-increasing-presence-of-israeli-businesses-in-cyprus.jpg\" class=\"ff-og-image-inserted\">In response to the ongoing investigation by the Israel Tax Authority (ITA) into Israeli assets in Cyprus, officials from Cyprus\u2019 finance ministry and accounting associations have both <strong>acknowledged that the increasing presence of Israeli businesses on the island<\/strong> might have triggered the ITA to cast a deeper look into the situation.Finance ministry spokesperson Michalis Papadopoulos said ITA\u2019s operation is a direct product of the increased presence of Israeli nationals on the island, while, however, stressing that <strong>Cyprus does not play a direct role in it<\/strong>.\u201cWe are aware of ITA\u2019s operation aimed at identifying assets, income and companies owned by Israeli nationals in Cyprus,\u201d Papadopoulos said.\u201cHowever, it falls solely under the Israeli government\u2019s authority. <strong>Our tax department is not involved in the operation<\/strong>.\u201dHe added that the tax department stands ready to assist if requested but has not yet been called upon.On his part, the head of the accountants\u2019 association (Selk) Nikos Chimarides also highlighted the growing presence of Israeli businesses in Cyprus, particularly in sectors like fintech, investment, real estate and foreign exchange trading.\u201cIt is a fact that there is a very big and increasing presence of Israeli businesses in Cyprus,\u201d Chimarides said. \u201cClearly, they consider Cyprus a place where they can do business.\u201dHe also pointed out that similar trends are observed in Greece, especially in the tech sector.Chimarides then addressed the issue of <strong>tax compliance among Israeli businesses<\/strong>, confirming that they do pay their taxes in Cyprus.However, he also added that <strong>Cyprus lacks a double tax treaty with Israel<\/strong>, which has been a longstanding issue.\u201cWe have been trying for years to get the Israelis to the negotiating table and agree to a treaty, <strong>but they haven\u2019t obliged<\/strong>. It is still a priority for our government,\u201d Chimarides explained, underlining the importance of establishing such a treaty for clarity and fairness in taxation matters.ITA\u2019s operation, according to its chairman Shay Aharonovich is part of a <strong>wider campaign against tax evasion and the black economy in Israel<\/strong>.Talking to Israeli news outlet Globe, a source close to ITA said that the investigation includes analysing travel patterns of businesspeople between the Cyprus and Italy, examining offshore companies linked to Israelis, and leveraging information sharing agreements with several countries to uncover connections between Israeli individuals or entities and Cypriot companies.The publication also estimated that <strong>between 10,000 to 20,000 Israelis reside in Cyprus.<\/strong><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Israel Tax Authority (ITA) is investigating Israeli assets in Cyprus due to the increasing presence of Israeli businesses on the island. Cyprus&#8217; finance ministry and accounting associations acknowledge this growth. Finance ministry spokesperson Michalis Papadopoulos stated that the ITA&#8217;s operation is a result of the increased presence of Israeli nationals in Cyprus but clarified that Cyprus is not directly involved in the operation. The head of the accountants&#8217; association, Nikos Chimarides, mentioned the significant presence of Israeli businesses in sectors like fintech, investment, real estate, and foreign exchange trading in Cyprus and noted that these businesses do pay their taxes in Cyprus. However, he also highlighted the absence of a double tax treaty between Cyprus and Israel, which has been a longstanding issue. The ITA&#8217;s operation is part of a wider campaign against tax evasion and the black economy in Israel. The investigation involves analyzing travel patterns of businesspeople between Cyprus and Italy, examining offshore companies linked to Israelis, and leveraging information sharing agreements with several countries. It is estimated that between 10,000 to 20,000 Israelis reside in Cyprus.<\/p>\n","protected":false},"author":3,"featured_media":4948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1521,186,1221,33,1776,3,26,1873,569,84,250,415,747,2294,1419,2753,299,2846,2845,419,1772,287,1824,1065,2292,1205,1183,1182],"class_list":["post-4947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-1521","tag-business","tag-campaign","tag-companies","tag-compliance","tag-cyprus","tag-economy","tag-fairness","tag-finance","tag-fintech","tag-google","tag-government","tag-greece","tag-income","tag-investigation","tag-investment","tag-israel","tag-israel-tax-authority","tag-israeli-businesses","tag-italy","tag-ongoing-investigation","tag-real-estate","tag-sectors","tag-tax","tag-tax-department","tag-tax-evasion","tag-taxes","tag-travel"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u2018, A very big and increasing presence of Israeli businesses in Cyprus\u2019<\/title>\n<meta name=\"description\" content=\"Israel-Cyprus Tax Investigation. 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