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India, Cyprus, and Offshore – setting things up (part 1)
Episode 58th November 2022 • Expert Review • Harneys
00:00:00 00:26:01

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In this episode, Head of Regulatory Aki Corsoni-Husain introduces Associate Kartik Sharma, and guest expert Ravi S. Raghavan of Majmudar & Partners. Together they discuss the complex relationship between India, Cyprus, and the offshore jurisdictions focussing on considerations that all stakeholders should bear in mind when setting structures up. This is part one of a two-part podcast within Expert Review looking at India.

Key takeaways

  • Understanding recent developments in India impacting foreign direct investment (FDI) – including looking at restricted sectors.  Focussing on whether the use of companies based in offshore and ‘mid-shore’ jurisdictions actually helps with FDI when structuring transactions – and if so, how. 
  • Exploring whether there continues to be any tax "benefit" to structuring through treaty countries such as Cyprus – following the ongoing revisions by India to prevent abuse – and Indian attempts to severely restrict double non-taxation wherever possible.
  • Looking at similarities between India and Cyprus in terms of their common law, and contract law, heritage – as well as the perennial ease of use of offshore companies based in the BVI and Cayman Islands and their continued popularity as holding vehicles.
  • Finally, an examination of the preferred treatment of Cypriot funds by the Securities and Exchange Board of India (SEBI) as of 2021.