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Company Newsletter - July 2016
Issue 21
Internet Incorporate
Welcome to the 21th edition of our newsletter! 

In this issue we present two options for individuals and companies to obtain Tax Residence in the UAE -  Dubai and Umm Al Quwain. 

Furthermore, we present the newly approved fund vehicle of Luxembourg, the Reserved Alternative Investment Fund (RAIF), and discuss its structure and advantages. 

In industry news, we look at Cyprus recent tax treaty with Jersey, Panama's decision to join the Automatic Exchange of Information Deal, the European Commission's new anti-avoidance measures that were recently announced and other interesting topics. 

We hope you enjoy reading our newsletter and are happy to hear your comments and feedback. 

Internet Incorporate 
   Tax Residence in UAE 
Tax Residence in Dubai: A free zone (FZ) company in Dubai enjoys full exemption from income and corporate tax, has 100 percent foreign ownership, no exchange restrictions and take advantage of Dubai’s 80 double tax treaties. A further possibility for a FZ is to issue resident permits to expatriates and obtain tax residency certificates from the authorities. A FZ company must have physical presence in the UAE but even a small or a flexi office suffices. The procedure and requirements to obtain tax residence are straight forward. 

Tax Residence in UAQ: Another possibility is to apply and obtain tax residence status and certificates from the UAE authorities for its foreign shareholders and executives. Umm Al Quwain Free Trade Zone ("UAQ FTZʺ) offers excellent working environment in a pleasant location, with very low and affordable setting up and ongoing costs. Umm Al Quwain Free Trade Zone (“UAQ FTZ”) is considered a premium investment opportunity in the UAE today, offering excellent working environment in a pleasant location at affordable rates, where an expatriate can work and live comfortably with his family.

For more information please contact us at info@internetincorporate.com.
   LATEST NEWS
Luxembourg new Fund vehicle is approved: On 14 July 2016, the Reserved Alternative Investment Fund (RAIF) law was approved by the Parliament and is currently due to come into force. The new structure compliments Luxembourg’s existing attractive range of investment fund products.

The RAIF model is similar to the Luxembourg Specialized Investment Fund (SIF), which are more flexible over investment policies in comparison to standard funds and are subject to a looser regulatory regime but can only be marketed to experienced investors. The RAIF
model however, differs from a SIF as it does not require approval of the Luxembourg regulator, the CSSF. Instead, a RAIF is supervised as an alternative investment fund under the European Union alternative investment fund manager directive (AIFMD) and must submit regular reports to the regulator. Read more
Jersey
Cyprus and Jersey Double Tax Treaty: On 11 July 2016, Cyprus and Jersey signed a comprehensive Double Taxation Agreement (DTA) with Jersey. The Agreement was signed at the Cyprus High Commission in London by the Minister for External Relations, Senator Sir Philip Bailhache, for the Government of Jersey and the High Commissioner, His Excellency Euripides Evriviades for the Republic of Cyprus. Read more
Jersey
Increased searches for Cyprus Citizenship from the UK: UK web searches on how one can acquire Cypriot citizenship have seen a big increase since the events of April 2016, according to an article in FT. The increase in searches is another result of the BREXIT referendum and Brits now show serious interest and request information on how to obtain Cyprus citizenship.  Read more
Cyprus and the UAE bilateral relations: On 11th July UAE and Cyprus made further steps to strengthen their bilateral relations. The UAE Foreign Minister met President Nicos Anastasiades on the Inauguration of the UAE Embassy in Cyprus. The UAE Embassy is now a key point for individuals and companies to enquire matters regarding visas and legislation. Read more
Panama
Panama to join AEOI: On July 2016, Panama announced that it intends to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. According to the OECD, the Convention is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance. Furthermore, it guarantees safeguards for the protection of taxpayer’s rights.​ Read more
Panama
European Commission new anti-avoidance measures announced: The new measures are proposed to improve transparency and better facilitate the exchange of information between tax authorities.There are three strands to the Commission’s plan: providing tax authorities with crucial information on the individuals behind any company or trust, creating more transparency around the activities of tax advisors and taking a tougher stance against countries that allow offshore funds to be used for illicit purposes. Read more
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