Following the visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it was expected that the amended treaty would be ratified by the Parliaments of the two countries before the end of 2010 and would become effective from 1 January 2011.

Many fraud cases involve complex corporate structures, incorporated in various jurisdictions some of which might cause obstacles or create problems for victims.

Cyprus was a British colony until 16 August 1960, when it became an independent sovereign republic.