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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.

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

22/10/2026

EU Moves to Reform Tax Information Exchange Rules: Greater Transparency and Beneficial Ownership Reporting

The European Parliament has begun examining a significant reform of the Directive on Administrative Cooperation in Taxation (DAC), aimed at modernising and strengthening tax information exchange between EU Member States.

On 24 June 2026, the European Commission presented legislative proposal COM(2026) 308, seeking to consolidate, simplify and modernise the existing administrative cooperation framework.

On 14 October 2026, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published a draft report examining the proposed legislation.
The reform addresses several important aspects of EU tax transparency, including beneficial ownership information, data quality, reporting efficiency and the administrative burden on businesses.

What Are the Main Proposed Changes?

1. Expanding Information Exchange on Real Estate and Beneficial Ownership
One of the significant elements of the proposal concerns improving the exchange of information relating to immovable property held by tax residents of other EU Member States, including information about ultimate beneficial owners.
This is particularly relevant where property is held through companies or other legal arrangements, potentially making the identification of the individuals exercising ultimate ownership or control more complex.
The proposed changes are intended to improve transparency and strengthen the ability of tax authorities to identify cross-border property ownership.

2. Simplifying Tax Reporting Requirements
The European Commission aims to reduce overlapping reporting obligations, address inconsistencies and improve the efficiency of administrative cooperation between Member States.
Greater alignment between the different reporting mechanisms established under the DAC framework could help reduce unnecessary compliance costs for businesses and professional intermediaries.

3. Improving Data Quality and Information Exchange
The proposed reform seeks to enhance the collection, accessibility and effective use of tax information exchanged between national authorities.
Particular attention is being given to the reliability of information, the efficient use of existing registers and information systems, and compliance with applicable data protection requirements.

4. Modernising Existing Tax Transparency Mechanisms
The recast is intended to consolidate and improve the existing framework of administrative cooperation in taxation, including the mandatory disclosure arrangements established under DAC6.
The broader objective is to establish a more coherent and effective system of cross-border tax information exchange.

What Happens Next?
The legislative proposal is currently under consideration by the European Parliament through the consultation procedure.
The Committee on Economic and Monetary Affairs (ECON) is responsible for examining the proposal and preparing Parliament's position.
The Council of the European Union will ultimately determine whether to adopt the directive in accordance with the applicable legislative procedure.
The proposed amendments have not yet entered into force and may change during the legislative process.

Why Does This Matter for International Businesses?
The proposed reform is particularly relevant to multinational corporate groups, owners of cross-border structures, tax advisers and corporate service providers.
If adopted, the changes could affect the exchange of beneficial ownership information, tax data quality requirements and cross-border compliance procedures.

Businesses operating across several EU jurisdictions should therefore monitor the legislative developments and assess whether their existing reporting systems, corporate records and beneficial ownership documentation remain adequate.

ELTOMA Corporate Services continues to monitor developments in European tax legislation and their practical implications for international businesses and corporate structures.

For further insights into international taxation, corporate compliance and regulatory developments:
www.eltoma-global.com

21/10/2026

When should a Singapore corporate service provider refuse a client — and when does a concern require further action?

A new beneficial owner cannot be verified. Funds arrive from an unrelated third party. A dormant company changes control and suddenly enters an unfamiliar business. None of these facts automatically proves wrongdoing, but each may require a fresh compliance assessment.

For Singapore Corporate Service Providers (CSPs), four responses must be distinguished:
• Clarify — request reliable explanations or documents to resolve inconsistencies.
• Escalate — refer material concerns to the compliance officer or senior management.
• Refuse or discontinue — decide whether the engagement can lawfully and responsibly proceed.
• Consider a Suspicious Transaction Report (STR) — assess whether the applicable legal reporting threshold is met.
An important distinction: declining an engagement does not automatically mean an STR is required. Equally, ending a relationship does not remove a separate reporting obligation where the legal threshold is reached. Suspicion is not the same as proof.

An STR is a confidential report to Singapore’s Suspicious Transaction Reporting Office (STRO), not a routine corporate filing with ACRA. Decisions must be handled discreetly, including the risk of inappropriate disclosure.
In practice, a defensible file explains what raised concern, how the evidence was assessed, who reviewed the matter and why a particular decision was taken — including the reasons for not filing a report when that question arises.
Our latest article explores these distinctions and the role of professional judgement before and after incorporation.

Read the full article: https://www.eltoma-global.com/knowledge-base/singapore-csp-str-reporting

21/10/2026

Hong Kong MSO licensing: an online platform is not a regulatory exemption.

A cross-border payment business can operate through an app, use overseas settlement partners and never handle cash — yet still need a Money Service Operator (MSO) licence in Hong Kong. The decisive question is what the business does for customers, not what it calls its technology.

Our latest article examines the practical requirements for remittance, currency-exchange and cross-border payment businesses under the Hong Kong Customs and Excise Department’s licensing framework.

Before applying, operators and their advisers should consider:
• Licensing scope: Is the business exchanging money, providing remittance services or arranging international transfers? An MSO licence is not a universal authorisation for wallets, stored-value services or digital assets.
• Management: Are the directors and ultimate owners fit and proper? Do the compliance officer and money laundering reporting officer understand the actual transaction flows?
• Local presence: An online-only model still needs appropriate Hong Kong management and records arrangements. A registered-office address alone is not enough.
• Operational evidence: Can the applicant explain the full movement of customer funds, overseas agents, settlement partners, banking arrangements and tailored anti-money-laundering controls?
• Continuing obligations: Are periodic returns, licence renewal, changes requiring approval or notification, and regulatory circulars built into the compliance calendar?

The key lesson: MSO licensing is about building a credible, controlled payment operation — not simply registering a company and filing an application. A licence also does not guarantee access to banking or settlement infrastructure.

Read the full article: https://www.eltoma-global.com/knowledge-base/hong-kong-mso-licence-requirements

20/10/2026

BVI Introduces Enhanced Financial Return Regime Requiring Full Asset Transparency

The British Virgin Islands (BVI) is implementing major changes to its financial return reporting framework for companies and limited partnerships, with the new regime applying from 2027 tax returns onwards. The reforms significantly expand the level of detail entities must disclose about their assets, income, expenses and financial relationships, marking a shift toward deeper transparency and alignment with international tax governance standards.

The changes stem from the BVI Business Companies (Financial Return) Order 2023 and the Limited Partnership (Financial Return) Order 2025, forming part of the jurisdiction’s commitments to the OECD Global Forum on Tax Transparency and Exchange of Information for Tax Purposes—particularly Element A2, which requires “reliable accounting records” for all relevant entities.

What Entities Must Now Report
The new returns must reflect the substance of an entity’s financial position, not merely confirm that a filing was made. Both companies and limited partnerships will need to provide detailed disclosures across multiple categories:
Cash and Banking Relationships
• Each type of cash or cash equivalent holding
• Name and jurisdiction of each bank or financial institution
Loans and Receivables
Entities must report:
• related party loans
• third party loans
• trade receivables
• other receivables
This applies where loans and receivables represent 25% or more of total assets—a threshold particularly relevant for holding companies and financing vehicles, which often carry large intra group balances.
Investments and Financial Assets
Full disclosure is required for:
• shares and bonds
• mutual funds
• REITs
• derivatives
• virtual assets
• other investment holdings
The explicit inclusion of digital assets confirms that crypto exposure is now firmly within regulatory focus.
Tangible and Intangible Assets
Entities must list and value:
• property, plant and machinery
• vehicles and equipment
• intellectual property
• goodwill
• software
Additional Requirements for Limited Partnerships
Limited partnerships face enhanced reporting obligations, including:
• general and limited partners’ capital
• realised and unrealised gains/losses
• interest income and interest expense
• net income before and after interest
Investment funds structured as limited partnerships must report gains in line with their valuation policies and financial statements.

Upcoming Amendments
Further changes are expected under the BVI Business Companies (Amendment) Bill 2026 and Limited Partnership (Amendment) Bill 2026, including:
• revised conditions for exemption from beneficial ownership reporting
• mandatory delivery of records and underlying documentation to the registered agent when an entity redomiciles or ceases to exist, if annual returns have not been filed
The revised financial return forms are scheduled for publication by end October 2026.

Anti Avoidance and Record Keeping Implications
The reforms reflect the BVI’s commitment to international tax transparency and will require entities to maintain robust, accurate and accessible accounting records. Regulators will expect disclosures that clearly demonstrate the economic reality of an entity’s financial position.
For holding structures, investment funds, and financing vehicles, the new rules will require significant preparation, especially around valuation, intra group balances, and documentation of financial relationships.

19/10/2026

Hungary Proposes a New Wealth Tax: What HNWIs and International Asset-Holding Structures Should Know

Hungary’s newly elected government has published draft legislation introducing an annual progressive wealth tax of 1%–1.5%, targeting high-net-worth individuals (HNWIs), family-owned businesses, trusts and cross-border structures.
📌 Key provisions of the proposal:
▪️ Tax rates and thresholds
• 1% on net wealth exceeding HUF 1 billion (approximately €2.7 million).
• 1.5% on the portion exceeding HUF 100 billion.
• Taxable wealth would be calculated as assets less qualifying liabilities.
▪️ Residents and non-residents
Hungarian residents would be taxed on worldwide assets, including real estate, bank deposits, securities, corporate holdings, crypto-assets, precious metals and valuable personal property.
Non-residents would be taxed on Hungarian real estate, interests in Hungarian companies and certain foreign entities holding Hungarian property.
▪️ Trusts and private foundations
Trusts and private foundations would be treated as separate taxpayers.
Foreign structures effectively managed from Hungary could become subject to taxation on worldwide assets. Registration would be required within 30 days of the legislation taking effect.
▪️ Stricter tax residency rules
Hungarian citizens could remain resident for wealth-tax purposes until completing 10 years of habitual residence abroad, potentially affecting dual nationals.
Certain foreign employees on temporary assignments would benefit from a five-year exemption.
▪️ Business and asset valuations
Unlisted company shares would be valued using equity and capitalised earnings, potentially resulting in valuations significantly exceeding book value.
▪️ Anti-avoidance measures
Restructurings undertaken after 14 May 2026 could face scrutiny where transactions lack genuine commercial or family justification.
The proposal would also restrict artificial fragmentation of wealth across connected structures.
📅 Proposed timeline:
• 31 December 2026 — first asset valuation date.
• 31 August 2027 — first tax return and payment deadline.
⚖️ Legislative status: The proposal has not yet been submitted to Hungary’s National Assembly. Its provisions remain subject to change.
What does this mean for international wealth planning?
The proposed reform could have significant implications for cross-border holdings, family businesses, trusts and private foundations.
HNWIs and their advisers should assess potential exposure, ownership arrangements, management locations and asset valuations before considering restructuring.
This publication is for general information only and concerns proposed legislation, not enacted law.

16/10/2026

Incorporation is not the end of customer due diligence.

For a Singapore Corporate Service Provider, the compliance file should not be treated as a historical archive created at onboarding. It should remain a live record of the client relationship.

After registration, a company can change quickly. Shareholders may change. Beneficial owners or controllers may be replaced. A nominee director may be asked to act outside the agreed authority. A dormant company may suddenly become active. A consulting company may start trading physical goods or dealing with new jurisdictions. A new screening hit, adverse media item or unusual payment can also change the risk profile.

This is why ongoing monitoring matters.

A professional CSP should keep asking whether the original onboarding profile still matches the company being serviced today. That includes monitoring:

• ownership and control changes;
• directors, nominees and authorised persons;
• business activity, jurisdictions and counterparties;
• periodic screening and adverse information;
• suspicious developments after incorporation;
• dormant or inactive companies;
• inconsistencies between banking, accounting, tax and corporate records.

Ongoing monitoring is also not something a CSP can simply outsource. Accountants, lawyers, tax advisers or foreign service providers may provide useful information, but the Singapore CSP must still make its own judgement on whether the relationship remains understood, documented and acceptable.

For clients, the practical message is equally important: keep your CSP informed before material changes occur. Changes in shareholders, directors, nominees, business model, jurisdictions, major counterparties or transaction patterns should not be discovered only during an annual review or after a bank raises questions.

A company that maintains an updated compliance file is better positioned for banking, accounting, tax compliance, regulatory review and long-term governance.

Read the article: https://www.eltoma-global.com/knowledge-base/singapore-csp-ongoing-monitoring-guide-eltoma

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