Cyprus is more and more frequently used as a property holding company location for investors wishing to invest in countries such as Russia, Ukraine, UK, Romania, India etc. Usually, a Cyprus special purpose vehicle is created to hold shares in a property holding company in the target location. Future taxation on gains on disposal of the property is avoided by disposal of the shares that the Cyprus SPV holds in the property holding

Company, since taxation of the gains on disposal of shares is granted to Cyprus under the DTT, and such gains are exempt under local rules.

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