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Belize: changes in legislation on International Business Companies

Belize: changes in legislation on International Business Companies

In line with several offshore jurisdictions, such as British Virgin Islands, Cayman Islands and Seychelles, 1 January 2019 Belize has modified its legislation on International Business Companies (IBC) regime. This modification provides for physical presence of IBC companies in the territory of Belize and application of territorial tax regime. Changes were made by amending of

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Redomiciliation of companies: international practice

Redomiciliation of companies: international practice

Legislation of many countries allow re-registration to another jurisdiction of legal entity that was originally incorporated in one jurisdiction. Due to substantial changes of requirements to international companies in offshore jurisdictions (British Virgin Islands (BVI), Belize, Cayman Islands, etc.) that was made in 2019 this instrument may be used more frequently than before. Redomiciliation provides

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Tax reform in Seychelles

Tax reform in Seychelles

1 January 2019 several acts that substantially change tax regime of International Business Companies (offshore companies, IBC companies), as well as of companies with special license and funds, have entered into force. IBC companies regulation The most important issue of tax reform in Seychelles is the change of IBC companies regulation provided by International Business

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New OECD and FATF Member States

New OECD and FATF Member States

Two new countries have joined the Organization for Economic Cooperation and Development (OECD) and Financial Action Task Force (FATF) – the important international economic organizations – in 2018. On 5 June 2018 Lithuania has become a full OECD member state, having implemented on the national level the steps necessary for accession to the organization. Earlier

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British Virgin Islands: implementation of economic substance requirement

British Virgin Islands: implementation of economic substance requirement

1 January 2019 the Economic Substance (Companies and Virgin Limited Partnerships) Act 2018 (the Act) that establishes the requirement of real (physical) presence of certain types of legal entities in the territory of British Virgin Islands (BVI) has entered into force. This requirement covers only companies and partnerships resident in BVI. Resident company’s definition includes

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Seychelles: confidentiality of registers of directors

Seychelles: confidentiality of registers of directors

29 November 2018 the legislative bodies of Seychelles have enacted the amendment to International Business Companies Act (IBC Act) that changes the confidentiality regime for registers of Seychelles companies’ directors. The previous version of IBC Act provided that the registers of directors filed with the Registrar of Companies were subject to disclosure to general public.

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Difficulties of SWIFT functioning in Latvia

Difficulties of SWIFT functioning in Latvia

27 November 2018 during the session of Saeima (legislative body of Latvia) it was informed that the international interbank system of telecommunications and payments SWIFT has proclaimed Latvia as a high risk country that resulted in sufficient slowdown of all transactions in this system. This circumstance is primarily connected with Moneyval’s (the Committee of Experts

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Tax amnesty in Panama

Tax amnesty in Panama

Legislative bodies of Panama have enacted a Law 49 of 11 September 2018 (Law 49) that amends Tax Code of Panama and some other legal acts. The mentioned Law 49 establishes tax amnesty in Panama that exempts taxpayers from liability for non-payment or past due payment of some types of taxes and fees payable by

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The first results of automatic exchange 2018

The first results of automatic exchange 2018

The Organization for Economic Cooperation and Development (OECD) has announced the interim results of implementation of automatic exchange of financial account information in 2018. The automatic exchange is carried out annually in unified electronic format between tax authorities of the countries participating in Multilateral Competent Authority Agreement (MCAA) under the Common Reporting Standard (CRS). The

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Restrictions on servicing of shell companies in Cyprus banks

Cyprus Central Bank issues a new circular on shell companies

The Central Bank of Cyprus has issued a new Circular Letter dated 2 November 2018 concerning shell companies, also known as “paper companies” or “mailbox companies”. It is addressed to money laundering compliance officers of all credit, payment and e-money institutions. In summer 2018 the Cypriot Central Bank had already sent a similar circular, where

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