Cyprus stands as a globally competitive, EU-compliant jurisdiction known for stability, transparency, and accessible banking for international businesses.

In today’s complex and fast-changing international business environment, choosing the right jurisdiction is not only about tax rates. The real challenge is finding a country combining fair taxation, access to international markets, compliance with global transparency standards, and a robust banking system. Cyprus is uniquely positioned to offer all these and has emerged as a top-tier destination for international business and Cyprus company formation.

Cyprus also offers a major benefit for individuals relocating to the island: foreign tax residents are exempt from taxation on dividend and interest income for 17 years, provided they qualify as non-domiciled under Cyprus tax law.

Cyprus also applies the 60-day tax residency rule, allowing individuals to become Cyprus tax residents even if they spend as little as 60 days in the country annually, provided they meet certain conditions, such as not being tax residents elsewhere, maintaining a permanent home in Cyprus, and carrying out business or employment there. This option exists alongside the standard 183-day rule and offers enhanced flexibility for international entrepreneurs and mobile professionals. This flexible framework is particularly attractive for global entrepreneurs and digital nomads.

Cyprus also offers several unique tax incentives, including the Notional Interest Deduction (NID) for new equity, the IP Box Regime with an effective tax rate of 2.5%, and generous 50% personal income tax exemptions for high earners relocating to Cyprus.

 

The New Global Tax and Compliance Environment

Global tax policy has entered a new era, driven by sweeping transparency and anti-avoidance measures such as the OECD BEPS project, EU DAC6, and newly strengthened CFC rules. These initiatives are no longer theoretical—they have become binding standards that directly impact how international companies structure themselves, operate across borders, and comply with local and global tax obligations.

Before moving forward in this publication, it is essential for the reader to understand the key principles behind these global rules, as they set the foundation for any effective and compliant international expansion or relocation strategy:

  • OECD BEPS Project: A global initiative by the Organisation for Economic Co-operation and Development to combat tax avoidance by multinational companies, ensuring profits are taxed where economic activities and value creation occur.
  • DAC6: An EU directive requiring the disclosure of cross-border tax arrangements that may be perceived as aggressive or abusive, aiming to enhance transparency between tax authorities.
  • CFC Rules (Controlled Foreign Company): Rules that tax certain types of income earned by foreign subsidiaries or passive entities, even if such income is not yet distributed.
  • Substance Requirements: Obligations for companies to demonstrate real economic activity in their jurisdiction (e.g., staff, office, operations) to benefit from local tax regimes.
  • Anti-Avoidance Rules: A set of domestic or international legal standards designed to counteract artificial or contrived arrangements that aim to avoid tax.
  • Common Reporting Standard (CRS): An OECD-led global framework under which financial institutions automatically exchange account information with tax authorities in the account holder’s country of residence.
  • Anti-Money Laundering – AML regulations: Require financial institutions to perform due diligence, monitor transactions, and assess the legitimacy of clients’ business activities to prevent the misuse of the financial system for illicit purposes.

These rules have taken center stage, making it more difficult for companies to operate in zero or low-tax jurisdictions without facing tax leakage and reputational risk. Transparency, substance, and anti-avoidance rules have taken center stage, making it more difficult for companies to operate in zero or low-tax jurisdictions without facing tax leakage and reputational risk. In particular:

  • CFC rules now apply not only at the level of directly owned foreign subsidiaries but also extend to passive income streams such as interest, royalties, or dividends received by companies that have little to no real activity (i.e., substance) in their jurisdiction. This includes holding companies, particularly those situated in low or no-tax countries, which are now more likely to have their undistributed profits attributed and taxed in the shareholder’s home country if they meet certain control and low-tax thresholds.
  • DAC6 and similar disclosure regimes have created a new era of automatic transparency by obliging intermediaries and tax advisors and, in some cases, taxpayers themselves to report certain types of cross-border arrangements to tax authorities. These arrangements often involve features such as deductible cross-border payments, circular transactions, or the use of jurisdictions with no or low taxation. Once reported, the information is automatically exchanged among EU Member States, reducing the ability to implement opaque or aggressive tax planning structures.
  • Withholding tax rules on payments to blacklisted or low-tax jurisdictions (like the new rules in Cyprus for 2025–2026) are increasingly isolating non-compliant jurisdictions. These rules aim to discourage profit shifting and abusive tax planning by denying tax neutrality on outbound payments such as dividends, interest, or royalties. When the recipient jurisdiction is on an EU blacklist or the recipient is an entity in a law tax country or lacks adequate substance requirements, withholding taxes are applied at source, resulting in higher effective tax costs for the paying entity and loss of treaty benefits.
  • Transfer Pricing rules require extensive documentation for transactions on goods, services, intellectual property (IP), and financial arrangements between related parties. These rules aim to ensure that all intercompany transactions are priced at arm’s length, i.e., the same price that unrelated third parties would charge under similar circumstances. They are designed to avoid artificial profit shifting from one jurisdiction to another, ensuring that income is taxed where value is actually created. Non-compliance can result in profit adjustments, penalties, and tax reassessments in multiple jurisdictions.
  • Denial of Treaty Benefits Due to Lack of Substance or Beneficial Ownership: Even if a company is legally entitled to claim tax treaty benefits, access may be denied if it lacks sufficient substance or cannot demonstrate beneficial ownership of the relevant income. Tax authorities are increasingly applying substance-over-form principles and anti-abuse rules (such as the Principal Purpose Test or Beneficial Ownership Test) to disallow treaty relief, especially in the case of passive holding companies or conduit entities. This leads to higher withholding taxes and undermines the legal and financial viability of offshore or low-substance structures.
  • CRS (Common Reporting Standard): CRS is a global transparency initiative developed by the OECD, requiring financial institutions in over 100 participating countries to automatically exchange banking and financial information with the tax authorities of each account holder’s country of tax residence. As a result, banking secrecy has been effectively eliminated, and offshore structures—especially those based in zero- or low-tax jurisdictions—are now fully visible to global tax authorities. Therefore, funds held in such banks can no longer remain confidential or “hidden,” as they once were. The CRS framework has fundamentally changed the landscape for tax planning and international structuring, making anonymity and non-disclosure nearly impossible.

  • Banking Restrictions and De-risking Policies: EU and global banks now follow strict Anti-Money Laundering (AML), compliance, and country risk protocols when onboarding corporate clients. Over the last few years, most EU-based banks have adopted their own internal substance and justification requirements. In practice, this means that the majority of EU banks will deny bank account openings for companies incorporated in low- or zero-tax jurisdictions, regardless of legal registration or the presence of local bank accounts.

    Banks are required under AML legislation to establish and document a company’s reason for presence in the jurisdiction of incorporation. This includes understanding the economic logic behind the structure, how it aligns with the beneficial owner’s profile, and whether it reflects a genuine business model. Companies must also demonstrate real operational activity, including staff, contracts, and decision-making capacity.

  • Permanent Need for Justification (Red Flags in Every Transaction): Even when a company manages to open a bank account in a non-EU or low-tax country, it is often met with severe transactional barriers. Payments to and from such jurisdictions frequently raise red flags with counterparties and compliance departments. This leads to enhanced due diligence, operational delays, and sometimes complete rejection of cross-border transfers. As a result, companies in low-tax jurisdictions face practical banking isolation, limiting their access to EU clients, suppliers, and financial systems, regardless of their formal legal status.
  • Taxable Upon Exit or Repatriation: Even if profits are not taxed in the zero-tax jurisdiction where a holding or trading entity is established, taxation is usually triggered once funds are repatriated to a high-tax country or when distributed to shareholders. This occurs through withholding tax, personal income tax, or corporate income tax in the recipient jurisdiction, eliminating much of the initial benefit and creating potential double taxation exposure.

 

Cyprus: The Balanced Jurisdiction

From a Cyprus corporate services perspective, the country strikes the ideal balance between substance, regulation, and flexibility for international investors seeking long-term certainty and EU-wide operational capacity. Cyprus provides a powerful alternative that combines all the benefits of a reputable jurisdiction with a competitive and fair tax system.

Key Advantages:

  • 12.5% corporate income tax (15% for large multinationals). Cyprus offers one of the lowest standard corporate tax rates in the EU, which remains competitive even after the global implementation of the 15% minimum tax rate under the OECD Pillar Two framework for large multinationals. For SMEs and mid-sized groups, Cyprus retains a simple and predictable 12.5% flat rate on net profits.
  • Over 65 double tax treaties. These treaties help eliminate double taxation by clearly defining taxing rights between Cyprus and its treaty partners. They provide greater certainty for cross-border investors, reduce or eliminate withholding taxes on income flows such as dividends, interest, and royalties, and offer access to mutual agreement procedures for dispute resolution.
  • Robust OECD-aligned transfer pricing framework. Cyprus applies full transfer pricing documentation requirements in line with OECD guidelines, including master file, local file, and benchmarking studies for related-party transactions. This ensures alignment with international standards while offering practical flexibility for SMEs through simplified documentation thresholds.
  • Notional Interest Deduction (NID) on new equity financing, offering a significant effective tax saving by allowing a deemed interest deduction from taxable profits.
  • Advanced IP regime (2.5% effective tax). This regime allows qualifying intellectual property assets to benefit from an 80% deemed deduction on eligible income (royalties, embedded IP profits, etc.), resulting in an effective corporate tax rate of just 2.5%. It is fully aligned with OECD and EU requirements (nexus approach) and is ideal for holding and exploiting proprietary technologies or brands.
  • English Common Law legal system. This legal foundation ensures predictability, familiarity for international investors, and strong protection for shareholder rights and contractual enforcement, especially for businesses coming from Commonwealth or Anglo-American jurisdictions.
  • Highly educated, multilingual professionals. The country’s academic institutions, many of which offer English-speaking programs in law, finance, IT, and business, produce a steady stream of professionals who are well-prepared to support international businesses.
  • Long-standing political and economic stability. Cyprus also benefits from long-standing political and economic stability as an EU Member State and Eurozone participant. This provides predictability, legal certainty, and investor confidence for long-term international planning.
  • Fast and efficient company registration. Cyprus offers fast and efficient company registration, VAT registration, and banking setup through regulated service providers. The country combines legal formality with streamlined digital procedures, minimizing bureaucracy for international investors.
  • Access to Skilled Workforce / Talent Pool. Cyprus benefits from a highly skilled workforce, particularly in finance, law, technology, and international business. Local universities and professional training institutions continually supply multilingual graduates ready to support international companies.
  • Availability of Professional Services. Cyprus boasts a mature ecosystem of licensed lawyers, auditors, accountants, and corporate service providers. International businesses benefit from deep local expertise aligned with EU and international standards.
  • Cost of Living / Business Costs. Cyprus maintains a moderate cost of living and business operation compared to other EU jurisdictions. Office space, utilities, and staffing are generally more affordable, which enhances profitability for startups and SMEs.
  • Visa & Immigration Friendliness. Cyprus facilitates business immigration through various residence and work permit options. Non-EU entrepreneurs, shareholders, and executives can relocate efficiently through company-based or investment-based residency schemes, enabling close involvement in operations. While Cyprus no longer offers a direct citizenship-by-investment scheme, individuals who establish long-term residence and demonstrate substantial ties to the country may apply for citizenship through naturalization, typically after 5–7 years of legal and continuous residence. EU nationals, on the other hand, benefit from full freedom of movement, residence, and work under EU law, eliminating the need for permits and allowing seamless and immediate integration into Cyprus-based structures.
  • Time Zone Advantage. Cyprus offers a strategic time zone overlap with Europe, the Middle East, and parts of Asia, making it ideal for cross-continental operations and communication.
  • Business-friendly regulatory and digitalised environment. Cyprus also provides a business-friendly regulatory environment supported by digitalised public services and streamlined compliance procedures. From e-filing tax returns to online company registrations, digital infrastructure reduces administrative burden for both businesses and advisors.
  • Warm Mediterranean lifestyle and strategic geographic location. Cyprus lies at the crossroads of Europe, Asia, and Africa, making it an ideal base for managing cross-border operations, client outreach, and regional logistics while also offering an exceptional quality of life.

 

Comparative Feature Table: International Business Jurisdictions

The following table presents a comparative overview of key jurisdictions commonly considered for international company structuring. It covers essential tax, compliance, regulatory, and reputational factors, enabling investors and advisors to assess where Cyprus stands in relation to global alternatives. 

FEATURE Cyprus UAE Malta Ireland BVI / Offshore Netherlands Singapore Hong Kong
Corporate tax rate 12.5% 0% (with conditions) 35% (effective lower)¹ 12.5% 0% 25.8% 17% 16.5%
EU Member Yes No Yes Yes No Yes No No
Double Tax Treaty Network 65+ 120+ (selective) 70+ 70+ Very Limited 90+ 90+ 40+
Access to EU Directives² Yes No Yes Yes No Yes No No
AML & Banking Compliance Strong Improving Strong Strong Weak Strong Strong Medium
CFC Risk Medium High Medium Medium Very High Medium Medium Medium
Substance Requirements (Lower = Less Cost) Moderate High Moderate High Very High High High Moderate
Business Reputation Strong Improving Neutral Strong Weak Strong Strong Strong
Access to EU Banking⁴ Yes No Yes Yes No Yes Limited Limited
Ease of EU Banking Transactions³ Easy Restricted Easy Easy Difficult Easy Moderate Moderate
Ease of Opening an EU Bank Account⁵ Relatively Easy Difficult Moderate Easy Very Difficult Easy Moderate Moderate
Legal System English Common Law Civil/Sharia Civil Law Common Law Common Law Civil Law Common Law Common Law
Business Language English English/Arabic English English English Dutch/English English English/Chinese
Quality of Life / Climate High / Mediterranean Medium / Desert Medium / Island Low / Cold & Wet Medium Medium  High / Tropical High / Subtropical
Cultural Hospitality / Friendliness of Locals Very Friendly Moderate Friendly Friendly Less Friendly Friendly  Friendly  Friendly 
Political & Economic Stability Stable Stable Stable Stable Unstable Stable Stable Stable
Speed of Incorporation / Bureaucracy  Fast Fast Moderate Moderate Fast Moderate Fast Fast
Skilled Workforce / Talent Pool High High Medium High Low High High High
Availability of Professional Services Excellent Excellent Good Excellent Limited Excellent Excellent Excellent
Cost of Living / Business Costs Moderate Low Moderate High Low High High High
Visa & Immigration Friendliness Friendly Friendly Moderate Moderate Difficult Moderate Friendly Friendly
Time Zone Advantage

EU / MENA

 MENA / Asia EU EU GMT-4 EU  Asia  Asia 
Legend / Notes:
    1. 35% (effective lower) – Malta applies a refund system, but the process is often bureaucratic and time-consuming.
    2. Access to EU Directives – EU countries benefit from automatic reliefs (e.g., 0% withholding tax on dividends, interest, royalties), provided simple conditions are met. Non-EU jurisdictions must rely on double tax treaties, if available.
    3. Ease of Banking Transactions – Heavily influenced by compliance with Anti-Money Laundering AML regulations and alignment with FATF standards.
    4. Access to EU Banking – Closely linked to reputation, Anti-Money Laundering AML profile, and systemic risk classification of the jurisdiction.
    5. Ease of Opening EU Bank Account – Dependent on the company’s business rationale, ownership structure, and the country’s perceived risk profile.

 

Scoring Table: Cyprus vs. Alternative Jurisdictions

The following table mirrors the comparative format of the previous section and assigns a score from 1 to 5 across key business and regulatory factors. Scores reflect the attractiveness of each jurisdiction for international structures based on reputation, compliance, tax regime, and access to banking. The total scores are summarized at the bottom for a clear snapshot.

FEATURE Cyprus UAE Malta Ireland BVI / Offshore Netherlands Singapore Hong Kong
Corporate tax rate 5 3 2 5 1 3 4 4
EU Member 5 1 5 5 1 5 1 1
Double Tax Treaty Network 4 4 4 4 1 5 5 3
Access to EU Directives² 5 1 5 5 1 5 1 1
AML & Banking Compliance 5 3 5 5 1 5 5 4
CFC Risk 4 2 4 4 1 4 4 4
Substance Requirements (Lower = Less Cost) 4 3 4 2 1 2 3 3
Business Reputation 5 3 3 5 1 5 5 5
Access to EU Banking⁴ 5 2 5 5 1 5 3 3
Ease of EU Banking Transactions³ 5 2 5 5 1 5 4 4
Ease of Opening an EU Bank Account⁵ 5 1 4 5 1 5 4 4
Legal System 5 2 4 5 3 4 5 5
Business Language 5 3 3 2 1 4 4 4
Quality of Life / Climate 5 3 3 2 1 4 4 4
Cultural Hospitality / Friendliness of Locals 5 3 4 4 2 4 4 4
Political & Economic Stability 5 4 5 5 2 5 5 5
Speed of Incorporation / Bureaucracy 5 5 4 4 5 4 5 5
Access to Skilled Workforce / Talent Pool 5 4 3 5 2 5 5 5
Availability of Professional Services 5 5 4 5 2 5 5 5
Cost of Living / Business Costs 4 5 4 2 5 2 2 2
Visa & Immigration Friendliness 5 5 3 3 2 3 5 5
Time Zone Advantage 5 4 5 5 3 5 4 4
Total Score 106 68 88 92 39 94 87 84

 

Cyprus Banking System and Anti-Money Laundering – AML Compliance

Opening a Cyprus bank account for your business remains a streamlined process when paired with qualified Cyprus corporate service providers. This section outlines the advantages of the Cypriot banking environment for regulated, tax-compliant international structures. Cyprus offers a stable and EU-compliant banking system that enables legitimate and efficient international transactions:

  • Full compliance with EU Anti-Money Laundering – AML directives and FATF standards.
  • Banking institutions are familiar with international structures.
  • No restrictions on transfers within the EU or major economies.
  • Bank account access is supported by clear documentation requirements.
  • Legal and accounting professionals facilitate onboarding and maintenance.

However, it is important to note that today, all EU banks apply strict onboarding criteria. Unless a company demonstrates a clear economic reason for its existence and the owners’ professional background (CV) aligns with the company’s purpose and activity, bank account applications are often rejected. The lack of business logic or operational presence in a jurisdiction is sufficient for a bank to decline onboarding.

 

Risks of Leaving or Avoiding Cyprus

While some businesses may consider relocating to jurisdictions with lower or zero corporate tax rates, the global tax and regulatory environment has shifted dramatically. What once appeared as tax-efficient or flexible structures now often lead to legal uncertainty, compliance burdens, reputational damage, and banking exclusion. Cyprus, as an EU Member State, offers a balanced, transparent, and internationally respected platform for international business.

Exiting this environment, especially in favor of low-tax, non-EU jurisdictions, comes with substantial risks that can undermine business operations, access to financial systems, and long-term tax efficiency. Below we outline the most critical consequences faced by companies that choose to move away from Cyprus or avoid its regulatory advantages altogether:

  • Loss of Access to the EU Parent-Subsidiary Directive and Broader EU Protections: This directive allows for dividends paid between qualifying companies in different EU Member States to be exempt from withholding tax, provided certain conditions are met. It also eliminates double taxation of profits by ensuring the parent company receives dividends from its EU subsidiary without additional tax leakage. Losing access to this framework means businesses may face increased withholding tax rates, reduced cash repatriation efficiency, and greater complexity in tax planning. More broadly, leaving the EU framework also means losing access to other protective directives and legal simplifications that facilitate cross-border operations, increasing both tax and administrative burdens.
  • Banking Isolation: Significant barriers can arise when trying to send or receive funds from European counterparties. Banks within the EU increasingly apply country risk filters and may reject or delay payments from jurisdictions considered high-risk or lacking robust Anti-Money Laundering – AML frameworks. Companies operating outside reputable and compliant systems like Cyprus often find their transactions under review or outright blocked, leading to operational disruptions and strained commercial relationships.
  • Banking Restrictions, AML Obligations, and Ongoing Scrutiny: EU and global banks now follow strict Anti-Money Laundering (AML), compliance and country risk protocols when onboarding corporate clients. Over the last few years, most EU-based banks have adopted their own internal substance and justification requirements. In practice, this means that the majority of EU banks will deny bank account openings for companies incorporated in low- or zero-tax jurisdictions, regardless of legal registration or the presence of local bank accounts.
  • Reputational Risk: Many countries are now scrutinized and deprioritized in cross-border transactions, especially those perceived as high-risk or misaligned with Western sanctions regimes. Countries such as China, South Africa, Turkey, and others may face restrictions due to indirect (secondary) sanctions, political risk, or weak Anti-Money Laundering – AML enforcement. This can lead to delays, rejections in banking activity, and reluctance from EU counterparties to engage in business.
  • Electronic Money Institutions (EMIs): Even Electronic Money Institutions (EMIs), which are often perceived as more flexible than traditional banks, are now subject to the same regulatory expectations and AML obligations. As a result, many EMIs refuse to onboard companies incorporated in non-EU or low-tax jurisdictions, particularly when there is no clear substance, operational presence, or justification for their location.
  • CFC Exposure: Low-tax or Zero-tax structures may trigger taxation at the parent jurisdiction level if adequate substance and real activities are not maintained. Controlled Foreign Company (CFC) rules now apply in most developed economies. If a low-tax subsidiary does not maintain adequate substance or active business operations, its income may be taxed directly in the parent company’s jurisdiction, nullifying the benefits of using offshore structures and increasing global effective tax rates.
  • Substance Costs in Alternative Jurisdictions: Many low-tax jurisdictions now require demonstrable substance, real offices, local staff, and effective management. However, building and maintaining this infrastructure often entails high ongoing costs, particularly in locations like the UAE, Singapore, or Switzerland, eroding the fiscal advantages that motivated relocation in the first place.
  • Double Taxation and Treaty Incompatibility: Non-EU jurisdictions often lack strong double tax treaty networks or face treaty abuse restrictions (such as the Principal Purpose Test). This results in loss of withholding tax relief, increased effective tax rates, and legal uncertainty in cross-border transactions.

 

Case Studies and Final Thoughts

Theory is important, but real-world experience is what truly reveals the risks and benefits of international structuring decisions. The following case studies are based on actual client scenarios and industry patterns, illustrating the practical consequences faced by businesses that left Cyprus in pursuit of low-tax or offshore alternatives.

Some struggled with banking access, others with substance costs or reputational risk, and many ultimately chose to return to Cyprus for its EU protections, transparent framework, and long-term viability. These examples reinforce the importance of choosing a jurisdiction that combines regulatory compliance, tax efficiency, and operational functionality.

Case Study A – IT Firm Moving to UAE: A Cyprus-based tech company relocated to the UAE for 0% tax. It immediately faced EU banking restrictions, delays in customer payments, and complications in substance requirements. Within a year, it reincorporated a Cyprus branch to continue EU operations.

Case Study B – Holding Restructured in Malta: A Cyprus holding company moved to Malta for tax refund incentives. However, high refund processing times and reporting complexity made the move inefficient. The group repatriated its core structure to Cyprus.

Case Study C – BVI Fund Collapses Under Scrutiny: A BVI-registered fund failed to open EU bank accounts, was flagged under DAC6, and lost investor confidence. The fund dissolved, and its strategy was restructured under a Cyprus investment vehicle.

Case Study D – Software Start-Up Registers in Ireland and Struggles with Costs: A small software company left Cyprus to set up in Ireland to benefit from perceived tech-sector prestige. However, high corporate and personal income tax burdens, along with expensive local staff and office rent, made the structure unsustainable. Within 18 months, the founders re-established a Cyprus entity, using Cyprus’s 60-day tax residency and IP box regime for their core IP activities.

Case Study E – Advisory Firm Struggles with UAE Banking Isolation: A Cyprus-based service advisory firm moved its structure to the UAE to benefit from 0% corporate tax. Although it managed to open a local bank account, the firm was unable to execute transactions with EU-based clients and suppliers due to the UAE’s limited banking connectivity with the European Union. As payment delays mounted and client confidence declined, the company re-established its Cyprus presence to restore access to the EU banking system and regulatory clarity.

Case Study F – Family Office Leaves Cyprus for Switzerland, Loses EU Efficiency: A high-net-worth individual shifted their Cyprus-based family office to Switzerland for prestige and perceived banking strength. However, they lost access to EU directives, faced withholding on dividends from EU subsidiaries, and encountered significant compliance costs. Within two years, the family retained Switzerland for wealth holding but re-domiciled key operating entities and holding functions to Cyprus for EU tax efficiency.

 

Choose wisely. Choose Cyprus.

If you’re considering setting up or relocating an international business, speak with an experienced advisor before taking the next step. Cyprus may offer the ideal combination of tax efficiency, legal clarity, and business functionality.

For a tailored consultation, contact us today!

 

Contact details

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Email: [email protected]

The authors expressly disclaim all and any liability and responsibility to any person, entity, or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly, no person, entity, or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.