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Automatic exchange and citizenship by investment programs

Automatic exchange and citizenship by investment programs

16 October 2018 the Organisation of Economic Co-operation and Development (OECD) has published a list of jurisdictions that provide citizenship, residence and special types visas to foreign individuals by investment in its economy, that potentially may be used for avoidance of automatic exchange of information about financial accounts of taxpayers (automatic exchange) at OECD’s opinion.

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Amendment of low tax jurisdictions blacklist of the European Union

Amendment of low tax jurisdictions blacklist of the European Union

On 2 October 2018 the Council of the European Union (EU) has amended the blacklist of non-cooperative jurisdictions for tax purposes: Palau has been de-listed. This blacklist was published on 5 December 2017 and included 17 jurisdictions that do not cooperate in matters of exchange of tax information and establish preferential tax regimes (zero or

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Amendment of low tax jurisdictions blacklist of the European Union

Amendment of low tax jurisdictions blacklist of the European Union

On 2 October 2018 the Council of the European Union (EU) has amended the blacklist of non-cooperative jurisdictions for tax purposes: Palau has been de-listed. This blacklist was published on 5 December 2017 and included 17 jurisdictions that do not cooperate in matters of exchange of tax information and establish preferential tax regimes (zero or

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Estonia: registers of beneficial owners

Estonia: registers of beneficial owners

1 September 2018 the amendment to Money Laundering and Terrorist Financing Prevention Act (“the Act”) that establishes publicly available registers of beneficial owners in Estonia has entered into force. In accordance with Section 9 of the Act the beneficial owner of the Estonian company is deemed to be a natural person who: 1. Directly or

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Value added tax (VAT) for services in the EU

Value added tax (VAT) for services in the EU

Definition of VAT VAT is a form of taxation of the value added during production or distribution of products and services which is widespread in many countries. The sum of VAT received by the seller or producer, reduced by the sums of VAT included in the price of goods and services acquired by him earlier,

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Liquidation of Loyal Bank

Liquidation of Loyal Bank

According to the information from the official internet portal of Loyal Bank Limited (the Bank) that is situated in Saint Vincent and the Grenadines the liquidation process of this Bank has started due to revocation of the banking license. Previously, the investigation conducted by the US law enforcement agencies has shown that the Bank was

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Changes to anti-money laundering rules in the USA

Changes to anti-money laundering rules in the USA

In May 2018 the document named Customer Due Diligence Requirements for Financial Institutions (CDD Rules) came into force in the USA. It was developed by Financial Crimes Enforcement Network (FinCEN), a division of the US Department of Treasury. This document is the modernized version of previous CDD Rules and also amends some provisions of US

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Extension of list of countries for automatic exchange of tax information

Extension of list of countries for automatic exchange of tax information

According to official website of Organisation for Economic Co-operation and Development (OECD) the list of countries that have activated bilateral relationships for automatic exchange was extended in July 2018 and currently includes 90 jurisdictions. Each state has to complete several steps for purposes of participation in automatic exchange of information of financial accounts in accordance

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How to open a foreign bank account?

How to open a foreign bank account?

The international banking for non-resident customers has recently become a permanent source of news. While some of that news appear to be predictable (especially to those who in some way or other has enjoyed the services of foreign financial institutions in recent years), the others still demand time to get accustomed to. Where formerly banks

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Restrictions on servicing of shell companies in Cyprus banks

Restrictions on servicing of shell companies in Cyprus banks

On 14 June 2018 the Central Bank of Cyprus has sent a Circular Letter to all financial institutions of this jurisdiction with requirement to restrict servicing of so called shell companies and letterbox companies. This Circular Letter defines shell companies and letterbox companies by establishing 4 criteria, meeting at least one of which will allow

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