Residence-based tax regime ‘would be revenue-neutral’ for US: research 2017 11 10

Editor News Leave a Comment

If the US were to replace its citizenship-based taxation regime with one that is based on an individual’s jurisdiction of residency – like almost the entire rest of the world uses – it could be “revenue neutral”, a just-released survey commissioned by the  American Citizens Abroad Global Foundation has found. The findings are seen as of potentially major significance for …


EditorResidence-based tax regime ‘would be revenue-neutral’ for US: research

Gibraltar Adopts Legal Services Act 2017 10 02

Editor News Leave a Comment

Gibraltar’s parliament has passed a new Legal Services Act, to modernize the legal framework for legal professionals. The Government said the new law replaces existing legislation based on provisions that are 50 years old. Announcing the new regulatory framework, Gibraltar’s Government and its Bar Council said the Act, when it enters into force, will “ensure a more comprehensive, modern, and …


EditorGibraltar Adopts Legal Services Act

Report: ‘Could Puerto Rico be world’s next hot tax haven?’ 2017 09 04

Editor News Leave a Comment

A financial legal structure created in the West Indies’ island of Puerto Rico in 2012 has enticed a wave of private bankers to set up shop there, leading some to suggest that the offshore territory of the US could become the world’s “next hot tax haven”, a published report has said. What is attracting the banks is legislation that has …


EditorReport: ‘Could Puerto Rico be world’s next hot tax haven?’

Jersey Regulator Proposes Code of Practice Changes 2017 08 07

Editor News Leave a Comment

Jersey’s financial services regulator, the Jersey Financial Services Commission, is consulting on proposed changes to the Codes of Practice that registered persons on the island must comply with. The Codes of Practice are issued by the Commission and set out regulatory requirements for registered persons, including funds, insurers, deposit-takers, and other entities. Contravention of a Code of Practice can result …


EditorJersey Regulator Proposes Code of Practice Changes

Netherlands is one of the main jurisdictions for assets transfer to offshore jurisdiction 2017 07 28

Editor News Leave a Comment

According to University of Amsterdam study, Netherlands takes the first place in the list of jurisdictions for money transfer to zero or low tax jurisdictions. The authors of study have concluded that 47% of all money transferred to low or zero tax jurisdictions go through top 5 countries: Netherlands (23%), United Kingdom (14%), Switzerland (6%), Singapore (2%) and Ireland (1%). …


EditorNetherlands is one of the main jurisdictions for assets transfer to offshore jurisdiction

Luxembourg’s tax regime was praised by OECD 2017 07 25

Editor News Leave a Comment

In recently published OECD Luxembourg’s economic survey the jurisdiction’s tax regime was praised for its predictability. The OECD assessed that Luxembourg’s economy is growing also due to business-friendly environment. Government is able to reduce corporate income tax, and to introduce new tax credits for investors. The corporate tax currently is 19 percent and will decrease to 18 in the next …


EditorLuxembourg’s tax regime was praised by OECD

EU and Japan agree on a free trade deal 2017 07 17

Editor News Leave a Comment

European Union and Japan on 6th of July agreed to a free trade pact. The deal was finalised by signing political agreement. Although there are certain issues that are being left for future negotiations, still the main consensus was reached this week. The negotiations for what will be known as EU-Japan Economic Partnership Agreement began in 2012. According to Japanese …


EditorEU and Japan agree on a free trade deal

Eastern approaches 2017 05 29

Editor News Leave a Comment

Joseph A. Field discusses asset management and asset protection challenges and opportunities in China and, more widely, for the Chinese I am afraid that my speciality is not asset management; I am a lawyer. Nor am I situated in China, and I do not tend to deal with investors solely interested in domestic investment in China. That being said, the …


EditorEastern approaches

Shanghai Free Trade Zone development plans 2017 05 22

Editor News Leave a Comment

China’s State Council has agreed to plans of the liberalization of the Shanghai Free Trade Zone. This comes as part of the government’s initiative to increase China’s involvement in global trade flows. The plan approved by the State is for the period to 2020 is aimed at advancement of the transparency and innovation as well as offshore tax arrangements. The …


EditorShanghai Free Trade Zone development plans

Cayman Islands and UK gov’ts streamline beneficial ownership dealings 2017 05 03

Editor News Leave a Comment

The Cayman Islands government’s plans to “enhance its existing arrangements” with the UK government, on the exchange of beneficial ownership information in relation to Cayman Islands companies have been published. The proposed enhancement, was originally signalled in December 2015 and introduced in April last year, following months of discussions between the UK and Cayman Islands authorities, is now live and …


EditorCayman Islands and UK gov’ts streamline beneficial ownership dealings

MEPs vote to include all trusts in beneficial ownership registers 2017 04 06

Editor News Leave a Comment

All trusts held within the European Union could be forced to name beneficial owners, if new rules proposed by European Parliament are formally approved later this month. Two European Parliament committees have voted to amend the Fourth EU Anti-Money Laundering Directive (AMLD), which will require trusts and trust-like entities to publicly identify their beneficial owners. The original form of the directive was adopted …


EditorMEPs vote to include all trusts in beneficial ownership registers

There will be tax cuts for Chinese companies 2017 03 22

Editor News Leave a Comment

China’s National People’s Congress last week has agreed to proposals to ease taxes on businesses by over USD50.7bn. For instance, for small and medium high-tech businesses, the proportion of research and development expenses covered by the additional tax reduction is to be raised to 75 percent from initial 50. The Chinese Finance Minister Xiao Jie has announced earlier that the …


EditorThere will be tax cuts for Chinese companies

Bahrain is implementing new corporate rules that allow for unrestricted foreign ownership 2017 03 03

Editor News Leave a Comment

The Kingdom of Bahrain is making changes to its corporate laws and government procedures to allow for easier company incorporation and administration. The changes will also ease restrictions on foreign ownership. The Bahrain government announced that it is to allow 100% foreign ownership in most of business activities. All types of Bahraini companies give the shareholders or the directors an …


EditorBahrain is implementing new corporate rules that allow for unrestricted foreign ownership

Double tax agreement between Hong Kong & Belarus 2017 01 20

Editor News Leave a Comment

Under a signed new double tax agreement Hong Kong and Belarus have agreed to lower withholding tax rates on cross-border income. Any Belarusian tax paid by Hong Kong companies will generally be allowed as a credit against the tax payable in Hong Kong on the same profits, and vice versa for Belarusian companies in Hong Kong. In addition, Belarus’s withholding …


EditorDouble tax agreement between Hong Kong & Belarus

Double Taxation Agreement between Hong Kong & Russia enters into force 2016 08 29

Editor News Leave a Comment

The double taxation agreement between two jursdictions was signed in January this year and entered into force at the end of July. In Hong Kong the year of assessment for it is 2017/2018. The agreement’s aim is to support the Chinese Government ongoing efforts to expand its tax treaty network among Eurasian countries. Under the agreement, double taxation of Hong …


EditorDouble Taxation Agreement between Hong Kong & Russia enters into force

British government has issued its first license for Bitcoin Company 2016 06 17

Editor News Leave a Comment

UK government, while pursuing its goal to make London a hub for the financial technology development, has had gone through first licensing of a virtual currency company. UK’s financial regulator granted an electronic money license to a USA company that uses Bitcoin in conjunction with mobile app.  The app enables consumers to make payments to other consumers. The company in …


EditorBritish government has issued its first license for Bitcoin Company

Jurisdiction of the month: BVI 2016 04 04

Editor News Leave a Comment

Geography, Population, Languages The British Virgin Islands (BVI) are located in the West Indies, in the Eastern Caribbean. They are a group of small islands and coral reefs (about 100 in all) in the northern part of the Lesser Antilles archipelago, to the East of Puerto Rico. The BVI lie to the North-West of the United States Virgin Islands and …


EditorJurisdiction of the month: BVI

FATCA Exemption Clause: Switzerland & USA 2016 03 25

Editor News Leave a Comment

USA and Switzerland have reached an agreement regarding Foreign Account Tax Compliance Act (FATCA) exemption for accounts held by lawyers or notaries. According to the newly inserted clause, accounts held for specific purposes by notaries or lawyers for their clients will be excluded from the scope of the application of FATCA. The institution maintaining the account will not need to …


EditorFATCA Exemption Clause: Switzerland & USA

Jurisdiction of the month: St. Vincent 2016 02 02

Editor News Leave a Comment

Geography, Population, Languages Saint Vincent and the Grenadines consists of a group of 18 small islands in the Windward Islands of the Eastern Caribbean. St. Vincent, the main island is 29 km long and 18 km wide, and is located 161 km west of Barbados. The Grenadines, a chain of nearly 600 islets with a total area of only 27 …


EditorJurisdiction of the month: St. Vincent

Seychelles Company Register 2016 01 26

Andrius News Leave a Comment

To begin with, the Seychelles is a group of islands in the Indian Ocean. It‘s financial sector has expanded, thanks to the progressive laws. The Seychelles have successfully developed as an alternative to offshore jurisdictions such as British Virgin Islands or other well-known places for it’s business – friendly and tax – free environment. The Seychelles offers successful offshore formation …


AndriusSeychelles Company Register

Ready Made Companies For Sale 2016 01 19

Andrius News Leave a Comment

There is a great possibility to start your own bussines by buying a shelf company, which is better known as a ready made company. Shelf Companies are simply ready – made companies that are pre-registered with the Companies House by your choice. The best things about this kind of companies are two: you can buy them easily and start your …


AndriusReady Made Companies For Sale

The main thing you might need to know about BVI register of companies 2016 01 12

Andrius News Leave a Comment

To begin with, British Virgin Islands (BVI) are one of the greatest spots in the whole world to begin your own business, as it is called “tax heaven”, which means that the taxes are the lowest, so you can easily save up a lot of financial sources and become more successful with all the money you saved up, if you’re …


AndriusThe main thing you might need to know about BVI register of companies

BVI Company Registry 2016 01 05

Andrius News Leave a Comment

International Business Company known as “offshore company” is a corporation or a company which is registered in offshore financial centre. Companies have different reasons why company use offshore jurisdictions but the main reasons are tax minimization, confidentiality and protection. Most of the time corporations are searching for a safe place to optimize their taxes, protect assets and investments. British Virgin …


AndriusBVI Company Registry

Jurisdiction of the month: Nevis 2015 10 05

Editor News Leave a Comment

The Federation of St. Kitts and Nevis is located in the eastern Caribbean, approximately 2,000 km south-east of Miami. The Federation comprises two islands: Nevis, with an area of 93.2 sq. km and St. Kitts (St. Christopher), with an area of 168.4 sq. km. The total area is 261.6 sq. km. The population is about 45,000. The official language is …


EditorJurisdiction of the month: Nevis

Microsoft’s offshore profit pile increases past $100 billion 2015 08 31

Editor News Leave a Comment

According to the securities filing last month Microsoft crossed the $100 billion mark, making it the second U.S. corporation — after General Electric Co. — to do so. According to the U.S. tax code, the company would be required to pay the difference between its foreign taxes and the 35 percent U.S. corporate tax rate if it decided to bring …


EditorMicrosoft’s offshore profit pile increases past $100 billion

Time required to registered a Cyprus company has been shortened 2015 07 29

Editor News Leave a Comment

In the interview to state radio Cyprus Minister of Energy, Commerce, Industry and Tourism Yiorgros Lakkotrypis said that the time required for the registration of a company has been improved. Now it should take up to a three days maximum for applications that are properly filled in. The minister said  that it should take 24 hours if applications are submitted …


EditorTime required to registered a Cyprus company has been shortened

Jurisdiction of the month: Hong Kong 2015 06 08

Editor News Leave a Comment

Geography, population, languages Hong Kong is located in the South China Sea, 160 km south-east of Guanzhou. Hong Kong consists of a large number of islands and a part of the mainland, with a total area of approximately 1,025 sq. km. The principal areas are Hong Kong Island, Kowloon and the New Territories. Separating Hong Kong Island and the Kowloon …


EditorJurisdiction of the month: Hong Kong

Jurisdiction of the month: Gibraltar 2015 04 30

Editor News Leave a Comment

Geography, Population, Languages The Gibraltar Peninsula is situated at the southernmost tip of Spain and faces North Africa some 32 km across the Straits of Gibraltar. The area of Gibraltar is 6.5 sq. km. and its population is about 30,000. It is a bilingual country where both English and Spanish are spoken, though English is considered the official language of …


EditorJurisdiction of the month: Gibraltar

Vivienne Westood tax practices 2015 04 16

Editor News Leave a Comment

Recent British fashion designer Vivienne Westwood’s company accounts show that her main UK business is paying £2 million a year to a company set up in Luxembourg for the right to use her name on her own fashion label. In 2013, the UK company registered an operating profit of £3.2 million and a corporation tax bill on that of £780,000. By paying …


EditorVivienne Westood tax practices

Jurisdiction of the month: Cayman Islands 2015 03 25

Editor News Leave a Comment

Geography, Population, Languages The Cayman Islands are a group of islands situated in the Caribbean Sea (West Indies) approximately 500 miles south of Miami, Florida. There are three low-lying islands: the main island, Grand Cayman, is situated approximately 1,150 km south of Florida; then there is Little Cayman, and Cayman-Brac. The total area of the three islands is 260 sq. …


EditorJurisdiction of the month: Cayman Islands

Jurisdiction of the month: Belize 2015 02 24

Editor News Leave a Comment

Geography, Population, Languages Belize (before 1973 British Honduras) is a picturesque country that has an unspoiled environment, with barrier reefs, woodland, caves, rivers, mountains, waterfalls and jungle. It is located in Central America in the south-eastern part of the Yucatan Peninsula. Its shores are washed by the Caribbean Sea. The area of the country is approximately 23,000 sq. km, and …


EditorJurisdiction of the month: Belize

DTA talks between Liechtenstein and Switzerland 2015 02 20

Editor News Leave a Comment

Liechtenstein and Switzerland have reached a new double tax agreement which should enter into force from January 2017. According to Switzerland’s Federal Department of Finance, the talks concluded on the 2nd of February. It is expected that the agreement will be signed this summer and will become active from the 1st of January, 2017. The DTA is based on the …


EditorDTA talks between Liechtenstein and Switzerland

Cyprus has three new active tax treaties 2015 01 30

Editor News Leave a Comment

As of January 1, 2015 Cyprus has three new active double tax avoidance agreements (DTA) with Spain, Norway and Lithuania. The agreements were created based on the Organisation for Economic Co-operation and Development Model Tax Convention framework with a number of modifications. All three treaties apply to taxes on income and gains arising from the disposal of immovable and movable …


EditorCyprus has three new active tax treaties

Jurisdiction of the month: Bahamas 2015 01 22

Editor News Leave a Comment

Geography, Population, Languages The Bahamas are a group of about 700 low-lying islands and 2,300 coral reefs scattered over 250,000 sq. km in the Atlantic Ocean, in the West Indies, to the east of Palm Beach, Florida and to the north of Haiti and Cuba. The three largest islands are Andros (with an area of 6,000 sq. km), Abaco (1,685 …


EditorJurisdiction of the month: Bahamas

Jersey is considered to be the best financial centre 2014 10 09

admin News Leave a Comment

At the 15th annual International fund and product awards, the jurisdiction of Jersey has been recognized as the best financial centre. The awards are held annually by B2B publishing group Incisive Media. The awards are held in order to acknowledge the international financial centres. The judging committee considered several factors before making their decision, such as the level of service …


adminJersey is considered to be the best financial centre

China and Switzerland FTA is now in force 2014 10 09

admin News Leave a Comment

At the beginning of July last year, an agreement between the two countries was signed in Beijing.  Switzerland was represented by its economy minister Johann Schneider-Ammann and commerce minister Gao Hucheng signed the agreement on behalf of China. The Agreement came into force at the beginning of July this year  and it is understood that the agreement will allow Swiss …


adminChina and Switzerland FTA is now in force

Bitcoin is currently exempt from VAT in Belgium 2014 10 09

admin News Leave a Comment

Belgium’s Federal Public Service Finance (FPS) has clarified in their statement that certain domestic digital currency transactions will be VAT exempt. However officers of the agency say that there is a chance that this tax relief may be only temporary. The Belgian position may change depending on the stance of the European Commission. The latter are trying to work on …


adminBitcoin is currently exempt from VAT in Belgium

Jurisdiction of the month: British Virgin Islands 2014 08 21

admin News Leave a Comment

Geography, Population, Languages The British Virgin Islands (BVI) are located in the West Indies, in the Eastern Caribbean. They are a group of small islands and coral reefs (about 100 in all) in the northern part of the Lesser Antilles archipelago, to the East of Puerto Rico. The BVI lie to the North-West of the United States Virgin Islands and …


adminJurisdiction of the month: British Virgin Islands

Jurisdiction of the month: Cyprus 2014 06 23

admin News Leave a Comment

Geography, Population, Languages Cyprus is located in the north-eastern part of the Mediterranean, at the cross-roads of Europe, Africa and Asia. It is the largest island in the Eastern Mediterranean. It covers an area of 9,251 sq. km and lies 65 km south of Turkey, 96 km west of Syria, 385 km north of Egypt and some 980 km south-east …


adminJurisdiction of the month: Cyprus

Jurisdiction of the month: United Kingdom 2014 05 30

admin News Leave a Comment

Geography, Population, Languages The British Isles is the name for a collection of about 4000 islands, including Great Britain and Ireland. The United Kingdom of Great Britain and Northern Ireland (the UK), which consists of England, Scotland, Wales and Northern Ireland, lies off the west coast of Europe. It has an area of some 244,100 square kilometres (94,250 sq. miles) …


adminJurisdiction of the month: United Kingdom

The World Free Zones Organisation, launched in Dubai 2014 05 28

admin News Leave a Comment

A new non-profitable organisation is planned to operate as an association of all free trade zones in the world. It is registered in Geneva, Switzerland but it is headquartered in Dubai, UAE. The World Free Zones Organisation will try to increase public awareness of the advantages of the free zones and reach for the standardisation of practices across the industry. …


adminThe World Free Zones Organisation, launched in Dubai

Luxembourg ship registry lowers prices 2014 04 29

admin News Leave a Comment

The government of the Grand Duchy of Luxembourg has drafted a regulation that allows for lowering ship registration duties. The duties will be calculated based on the vessel’s tonnage, during the first registration in the jurisdiction. The Luxembourg government hopes to boost the competitiveness of jurisdiction’s ship registry by making first registration and renewal fees even. Currently, if a ship …


adminLuxembourg ship registry lowers prices

Seychelles, Guernsey sign double taxation agreement 2014 04 28

admin News Leave a Comment

On January 27th 2014 a double taxation agreement between Guernsey and Seychelles was signed in London. The Bailiwick of Guernsey was represented by the Minister for Treasury and Resources, Gavin St Pier and Republic of Seychelles by the High Commissioner for the Seychelles, Marie-Pierre Lloyd. The Double Taxation Agreement will provide more certainty in tax matters between two nations and …


adminSeychelles, Guernsey sign double taxation agreement

Jurisdiction of the month: New Zealand 2014 04 25

admin News Leave a Comment

Geography, Population, Languages New Zealand lies in the South Pacific Ocean and consists of two main islands (called the North and South Islands) and a number of smaller islands. The land area is 268,680 km2. Additionally, New Zealand has extensive marine resources, including the Exclusive Economic Zone, covering over 4 million km2. New Zealand is easily accessed by air travel …


adminJurisdiction of the month: New Zealand

Cash held offshore by international companies rises 2014 03 31

admin News Leave a Comment

Last year the largest U.S. based companies added $206 billion to their profits held in low-tax countries. That is almost 12 percent more than a year earlier according to data from 307 corporations. The untaxed money keeps piling up and some of the U.S. corporations are choosing to bring it home, but borrowing for any domestic cash needs is preferred. …


adminCash held offshore by international companies rises

Jurisdiction of the month: Panama 2014 03 25

admin News Leave a Comment

Geography, Population, Languages The Republic of Panama occupies an area of 75,990 square kilometres and is situated between Costa Rica in Central America and Columbia in South America. Panama forms the narrowest isthmus between North and South America, with the Pacific Ocean on one side and the Atlantic on the other. Its capital, Panama City, is on the Pacific coast …


adminJurisdiction of the month: Panama

Cyprus DTA’s in 2014 2014 01 31

admin News Leave a Comment

The beginning of 2014 was remarkable for the Republic of Cyprus because five double taxation avoidance agreements took effect. The countries that have expanded their economic relationship with Cyprus are Portugal, Spain, Finland, Estonia and Ukraine. All countries except Ukraine had implemented brand new agreements but after a long wait. The earliest was signed with Estonia in October 2012. The …


adminCyprus DTA’s in 2014

Jurisdiction of the month: Seychelles 2014 01 21

admin News Leave a Comment

Geography, Population, Languages The Seychelles are a group of 115 small islands and coral reefs located in the Indian Ocean to the north of Madagascar. The total area of the islands is 451 sq. km. The largest island is Mahe (143 square km), which is also the site of the capital city, Victoria. The population of the Seychelles is about …


adminJurisdiction of the month: Seychelles

Foreign banks are with Cyprus 2013 12 30

admin News Leave a Comment

The Head of the Association of International banks in Cyprus and the Russian Commercial bank Kirill Zimarin, told the press about his optimism. After the meeting with one of the political parties, he stated that the banking system in Cyprus has demonstrated its viability. Mr. Zimarin said that the international financial sector is still strong and there is still a …


adminForeign banks are with Cyprus

Jurisdiction of the month: the Marshall Islands 2013 12 23

admin News Leave a Comment

Geography, Population, Languages Located midway between Indonesia and Hawaii, the Marshall Islands are the easternmost island group in Micronesia. The Marshall Islands are spread over approximately 2 million sq. km in the Central Pacific, with two 1,280 km long parallel chains of atolls and volcanic islands separated by 179 km of sea. The islands have a population of just over …


adminJurisdiction of the month: the Marshall Islands

In a few months, Cyprus will lift capital controls 2013 11 29

admin News Leave a Comment

In an interview, Cyprus finance minister Harris Georgiades said that the state is likely to lift its controls within months. The capital controls established in March were gradually being relaxed since April. According to Mr. Georgiades, the restrictions that are currently in place are much looser than they were in March. The control of the capital movement within Cyprus is …


adminIn a few months, Cyprus will lift capital controls

Jurisdiction of the month: Delaware 2013 11 22

admin News Leave a Comment

Delaware is a popular choice for organizing corporations and limited liability companies (LLCs), both large and small. Among the reasons for this, it has (i) relatively simple and inexpensive organizing documents and procedures; (ii) relatively low annual fees and franchise taxes, (iii) relatively simple compliance forms/procedures, (iv) an excellent and efficient registration authority, and (v) an excellent/well-developed corporate law and …


adminJurisdiction of the month: Delaware

DTA: Malta and Liechtenstein 2013 10 28

admin News Leave a Comment

On September 27th 2013 Malta and Liechtenstein representatives in New York have signed a double taxation agreement. The document was signed by Malta’s Minister of Foreign Affairs, Mr. George William Vella and his Liechtenstein counterpart Aurelia Frick. The Organization for Economic Cooperation and Development’s Model Convention served as basis for the treaty between two countries concerning taxes on wealth and …


adminDTA: Malta and Liechtenstein

TIEA: Switzerland and Isle of Man 2013 09 10

admin News Leave a Comment

On 28th August in London during a ceremony, the TIEA was signed by Switzerland’s Charge d’Affaires Frank Grutter and Eddie Teare, the Isle of Man’s Treasury Minister. The deal marks another step in the Isle of Man’s ongoing government plans to expand its economic and taxation co-operation with other countries. Minister Eddie Teare greeted signing of the agreement by stating …


adminTIEA: Switzerland and Isle of Man

Jurisdiction of the month: Singapore 2013 08 20

admin News Leave a Comment

Geography, Population, Languages The Republic of Singapore is situated on the Island of Singapore and a group of small islands. The state is separated from Malacca by the Johore Strait and from Indonesia by Singapore Strait. The total area of the country is over 622 sq. km, and the population is about 5.3 million. 77% of the population are of …


adminJurisdiction of the month: Singapore

Company Express is pleased to announce its partnership with the UKAN 2013 08 09

admin News Leave a Comment

Company Express (UK) Ltd is pleased to announce that the company has become a member of United Kingdom Advisory network (UKAN). UKAN was set up by United Kingdom Trade and Investment government agency (UKTI) to provide support to investors setting up in the UK and to UK companies working overseas. UKAN consists of members with essential knowledge and invaluable expertise …


adminCompany Express is pleased to announce its partnership with the UKAN

LVMH was fined for not revealing their stake in Hermes 2013 07 10

admin News Leave a Comment

Bernard Arnault, the CEO of Louis Vuitton Möet Hennessy (LVMH) started to amass French rivals Hermes shares in 2002. In October 2010, it was announced that his stake in Hermes has risen up to 14 per cent. At present LVMH owns 22.6 percent of shares in the rival luxury house. The French Law says that any shareholder whose stake reaches …


adminLVMH was fined for not revealing their stake in Hermes

Jurisdiction of the month: Isle of Man 2013 06 14

admin News Leave a Comment

Geography, Population, Languages The Isle of Man is not part of the United Kingdom. The Isle of Man is located in the Irish Sea equidistant from England, Scotland and Ireland. Its area is 588 sq. km. The population is about 70,000 resulting in a population density of roughly 120 people per sq. km. A third of the population live in …


adminJurisdiction of the month: Isle of Man

Marks & Spencer Structure for their Online Shop 2013 05 30

admin News Leave a Comment

Marks & Spencer (traditionally known as M&S) the British clothing and food retailer, has been actively expanding its online store operations. The website claims that ordered goods can be delivered to 80 international locations. The website can also be specifically tailored to customers from Austria, Luxembourg, Spain, Belgium, France, Netherlands, Germany, and Spain. The retailer has arranged its operations in …


adminMarks & Spencer Structure for their Online Shop

New Free Financial Zone in Abu Dhabi 2013 04 30

admin News Leave a Comment

Federal Decree 15 of 2013 was passed in Abu Dhabi this February. The Decree sets in motion the formation of the territory’s first financial free zone. It will be called the Abu Dhabi World Financial Market. The regulations for the zone will be revealed later. The Free Financial Zones in the UAE allows for incorporation of 100% foreign owned companies …


adminNew Free Financial Zone in Abu Dhabi

EU/IMF agreement with Cyprus: details 2013 03 27

admin News Leave a Comment

According to Cyprus Mail, the Central Bank of Cyprus and a statement issued by Eurogroup, the following things can be said about the future of the jurisdiction. Cyprus, as well as its banks has avoided default. The Bank of Cyprus will be restructured and fully capitalized. The Bank of Cyprus will also take performing loans, insured deposits and other assets …


adminEU/IMF agreement with Cyprus: details

Malta slips in Global Financial Centres Index, but gains in other areas 2012 05 18

admin News Leave a Comment

The report made twice a year by the initiative Long Finance has not only outlined the spectacular performance of Jersey in the global financial centres list, but also highlighted Malta as a jurisdiction, which rivals with such prominent cities in the finance world as Luxembourg, Zug and Geneva. Malta Financial Services moved from 70th to 72nd place. But the island …


adminMalta slips in Global Financial Centres Index, but gains in other areas

Vodafone questions Indian tax authorities 2012 05 02

admin News Leave a Comment

Vodafone, one of the world’s largest telecommunication companies, has continued its dispute with tax authorities in India. The reason for this situation was the fact that in 2007 it has purchased the Indian telecommunication company Hutchinson Essar. Indian authorities took issue with the way the deal was structured. The 11 billion USD were wired to the Cayman registered HTIL in …


adminVodafone questions Indian tax authorities

Jersey makes it to the top 25 of the Global Financial Centres Index 2012 04 04

admin News Leave a Comment

The think tank Z/Yen, based in the City of London, has published first Global Financial Centres Index for year 2012. The list is published every 6 months and includes onshore as well as offshore financial centres. According to the Z/Yen instrumental factors to determine the place of financial centre in the list are people (as the availability of qualified professionals), …


adminJersey makes it to the top 25 of the Global Financial Centres Index

Isle of Man is a leading jurisdiction for the buying up UK property 2012 03 23

admin News Leave a Comment

According to UK press investigation Isle of Man has topped the list of offshore jurisdictions for the UK homeowners. The rules for acquiring residential property in UK are such that a buyer of a house or an apartment valued over 1mln. pounds must pay a stamp duty of 5%. But as a matter of fact one can avoid stamp duty …


adminIsle of Man is a leading jurisdiction for the buying up UK property

The Double taxation agreement between Russia and Cyprus has been ratified by Russian Duma 2012 02 29

admin News Leave a Comment

About a week ago Russian Duma (the lower house of Parliament) has approved the double taxation agreement with Cyprus. The project was first introduced to the members of Duma as early as the end of June last year. At the moment the agreement is awaiting its signing by the President of Russian Federation. This document removes Cyprus jurisdiction from Russia’s …


adminThe Double taxation agreement between Russia and Cyprus has been ratified by Russian Duma

Facebook tax planning 2012 02 15

admin News Leave a Comment

As Facebook IPO is getting close, details about company’s finances and corporate structure are being revealed. The American company has a subsidiary in Ireland called Facebook Ireland Ltd, which employs 151 people. In 2010 company shifted 15 percent of its profits to the Irish subsidiary, where it triggered jurisdiction’s corporate tax rate of 12,5%. To compare, in the United States …


adminFacebook tax planning

Financial services industry in Switzerland is due to decline and in Asia it is expected to rise 2012 02 02

admin News Leave a Comment

Economic research and consultancy company Bak Basel has released a study called “Financial Centre Zurich 2011” in which it has somewhat negatively forecasted the future for the Switzerland’s finance industry. The study was commissioned by the Office of Economics and Labour. Despite the fact that at the moment the financial industry contributes healthy 11% to the Gross product of the …


adminFinancial services industry in Switzerland is due to decline and in Asia it is expected to rise

Cayman Economic Zone begins accepting companies 2012 01 11

admin News Leave a Comment

Premier of Cayman Islands William McKeeva Bush in his new year’s address announced the plans for the territory to attract additional investments. It will be done through the means of a ready to operate economic zone in the islands known as a Cayman Enterprise City. It is ready to accept companies. According to Mr. Bush, since singing the Memorandum of …


adminCayman Economic Zone begins accepting companies

Foreigners are attracted to London real estate 2011 12 30

admin News Leave a Comment

In 2011 citizens of foreign countries have spent 4 billion pounds on London real estate. According to the real estate firm Savills, in 2010 the number was 2,1 bn pounds. This surge of buyers among other things is influenced by favorable tax treatment and comparatively small amount of paperwork required to proceed with the deal. Companies, incorporated in the offshore …


adminForeigners are attracted to London real estate

Guernsey is set to keep zero-ten tax regime 2011 12 12

admin News Leave a Comment

Guernsey’s Chief Minister Lyndon Trott in his address to the state’s parliament also known as State of Deliberation has expressed his continued support for the island’s zero-ten tax regime. He will not waver even after European Union’s review of the island’s tax regime, Mr. Trott assured. In his speech, Mr. Lyndon Trott has said: “As I have made very clear …


adminGuernsey is set to keep zero-ten tax regime

Cyprus remains the leading jurisdiction by the amount of direct investment to Ukraine 2011 11 25

admin News Leave a Comment

State statistics office of Ukraine has published a study of direct foreign investment to the state during January-September of 2011. According to the list available on the office’s website there are 14 leaders in the field. Cyprus takes the top spot. The country leaves Germany, the occupier of second place, in quite a distance. The latter is responsible for 15% …


adminCyprus remains the leading jurisdiction by the amount of direct investment to Ukraine

Guernsey plans to have an aircraft registry 2011 10 26

admin News Leave a Comment

Guernsey jurisdiction is moving forward with plans of establishing an aircraft registry. At the moment one cannot register an aircraft in the jurisdiction. For some time there were ongoing talks to establish a united Channel Islands registry, but alas, the idea was not greeted with too much warmth among Guernsey politicians. The plan concerning independent aircraft registry was perceived somewhat …


adminGuernsey plans to have an aircraft registry

Common economic space of Russia, Kazakhstan and Belarus 2011 10 11

admin News Leave a Comment

Starting from 2012 January the 1st the states of Russia, Kazakhstan and Belarus create common economic space. The prime minister of Russian Federation Vladimir Putin wrote an article, in which he described the future structural changes in the economic lifes of 3 countries the integration project of the utmost importance. In the article, which is available on the website of …


adminCommon economic space of Russia, Kazakhstan and Belarus

Company Express now offers accounting to companies in the UK 2011 09 22

admin News Leave a Comment

Company Express is happy to announce the start of the new service, specifically designed for the companies in the UK. The process of accounting is an integral part of any business entity. Maybe it is not the most pleasant part of it but still it is vital. If entrepreneur wants to ensure the successful business performance, then he will pay …


adminCompany Express now offers accounting to companies in the UK

Cayman government is planning to create special economic zone 2011 09 05

admin News Leave a Comment

Last week there was an announcement that Cayman Islands government has green lighted the project for Special economic zone which is called the Cayman Enterprise City (CEC). The purpose of the project is to create a special territory on the Island where special conditions to attract global science, technology, derivatives, media and education specialists will be created. Islands Prime Minister …


adminCayman government is planning to create special economic zone

Cisco tax planning 2011 08 04

admin News Leave a Comment

Cisco, the world’s biggest data networking products supplier, based in San Jose, California, has managed effectively cut its corporate tax rate and save itself 7 billion US dollars in corporate taxes since 2005. Last year the company in its home country reported effective tax rate of 17,5%. That is half of the U.S. statutory rate. Since 2008 the company also …


adminCisco tax planning