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What ultimately determines whether a compliance programme succeeds or fails? This article explores the critical role of leadership, accountability and employee engagement in fostering a culture of compliance, examining how ethical conduct and organizational values influence the practical implementation of compliance measures and what distinguishes effective programmes from those that exist only on paper.

The Cyprus Tax Department has issued new guidance strengthening due diligence requirements for financial institutions under DAC2/CRS, specifically targeting potential misuse of Citizenship by Investment and Residence by Investment schemes. Financial institutions must now implement enhanced verification procedures to ensure accurate reporting of account holders' tax residency, with immediate application to new clients and a six-month compliance window for existing accounts.

Founders choosing between France and Cyprus often focus on corporate tax rates, but the real difference lies in how profit moves from company to personal account. France applies a 25% corporate tax followed by a 30% flat tax on dividends, while Cyprus charges 15% corporate tax with no further tax on dividends for non-domiciled residents beyond a small capped contribution.