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June 19, 2021 Saturday 12:21:15

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PwC Cyprus’ long-standing goal is driving the sustainable development of the economy

PwC conducted thorough due diligence on all its clients, while in a number of cases, it declined to provide citizenship services

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PwC Cyprus testified today at the Investigative Committee, which is examining the Cyprus Investment Program. PwC’s goal was to clearly present the broader framework that underpinned the services it used to provide in relation to the Cyprus Investment Programme (CIP), as well as describe the organization’s procedures when it came to the scheme.

In a memo that was sent to the committee prior to the testimony of Mr Theodoros Parperis, Head of Tax & Legal Services at PwC, the organization presented the strict procedures that were followed when submitting citizenship applications, in adherence to international standards and practices and in full compliance with the requirements of the applicable institutional framework.

PwC started offering citizenship services at the request of certain clients of the organization, who were informed about the citizenship programme established by the Republic of Cyprus and expressed interest in acquiring the Cypriot citizenship.

PwC’s procedures include conducting thorough due diligence on all its clients as well as their professional and other activities, while also verifying the source and legitimacy of their funds. The KYC (Know Your Client) procedures were carried out by a specialized team set up for this purpose. Moreover, the organization carried out additional checks when it came to providing services related to the Cyprus Investment Programme. It is noted that PwC declined to provide citizenship services in a number of cases, as it decided that the applicants did not meet the necessary criteria.

It should also be noted that PwC’s fees for the provision of services related to citizenship applications were determined solely on the basis of the working hours. In no case did the organization receive a success fee, commission or further bonus, either from the approval of the application or from investments made, such as the purchase of real estate. The organization’s revenues from the provision of services related to the Cyprus Investment Programme represent 1.41% of the total revenues of the organization for the years 2010 – 2020.

Throughout the course of the programme and until its termination, PwC had submitted a number of written proposals to the state, aimed at strengthening the criteria of the programme, tightening the monitoring and control procedures implemented for both applicants and providers of related services, as well as expanding the investment criteria to the benefit of the Cyprus economy. PwC’s long-standing goal has been and remains to create further long-term value in the economy and build trust in society, by solving important problems.

Our organisation’s decision-making process as well as the actions and practices that we adopt are based on this. For PwC, credibility, reliability and reputation are of the utmost importance. We are committed to transparency as well as to providing all the assistance and support we can to help the work of the Investigative Committee.

 

PwC conducted thorough due diligence on all its clients, while in a number of cases, it declined to provide citizenship services

PwC Cyprus testified today at the Investigative Committee, which is examining the Cyprus Investment Program. PwC’s goal was to clearly present the broader framework that underpinned the services it used to provide in relation to the Cyprus Investment Programme (CIP), as well as describe the organization’s procedures when it came to the scheme.

In a memo that was sent to the committee prior to the testimony of Mr Theodoros Parperis, Head of Tax & Legal Services at PwC, the organization presented the strict procedures that were followed when submitting citizenship applications, in adherence to international standards and practices and in full compliance with the requirements of the applicable institutional framework.

PwC started offering citizenship services at the request of certain clients of the organization, who were informed about the citizenship programme established by the Republic of Cyprus and expressed interest in acquiring the Cypriot citizenship.

PwC’s procedures include conducting thorough due diligence on all its clients as well as their professional and other activities, while also verifying the source and legitimacy of their funds. The KYC (Know Your Client) procedures were carried out by a specialized team set up for this purpose. Moreover, the organization carried out additional checks when it came to providing services related to the Cyprus Investment Programme. It is noted that PwC declined to provide citizenship services in a number of cases, as it decided that the applicants did not meet the necessary criteria.

It should also be noted that PwC’s fees for the provision of services related to citizenship applications were determined solely on the basis of the working hours. In no case did the organization receive a success fee, commission or further bonus, either from the approval of the application or from investments made, such as the purchase of real estate. The organization’s revenues from the provision of services related to the Cyprus Investment Programme represent 1.41% of the total revenues of the organization for the years 2010 – 2020.

Throughout the course of the programme and until its termination, PwC had submitted a number of written proposals to the state, aimed at strengthening the criteria of the programme, tightening the monitoring and control procedures implemented for both applicants and providers of related services, as well as expanding the investment criteria to the benefit of the Cyprus economy. PwC’s long-standing goal has been and remains to create further long-term value in the economy and build trust in society, by solving important problems.

Our organisation’s decision-making process as well as the actions and practices that we adopt are based on this. For PwC, credibility, reliability and reputation are of the utmost importance. We are committed to transparency as well as to providing all the assistance and support we can to help the work of the Investigative Committee.

 

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