We welcome you to the 17th edition of our newsletter.
In this edition, we present a brief comparison of the most popular jurisdictions for offering Citizenship by Investment programs, a much demanded and growing service nowadays.
We report on a number if important announcements by key jurisdictions, such as the BVI's amendments to the Companies Act which includes a requirement to file the particulars of directors, the annual tax return deadline for Cyprus Companies and UK's new disclosure of directors requirement.
We update you on the recent tax agreements of Hong Kong with six Nordic jurisdictions that came into effect and present the new changes to UK's dividend legislation as well as recent amendments to UK's tax regime for buying and selling residential property.
If you have any questions about how these requirements may affect you please contact us at info@internetincorporate.com
Citizenship by Investment Programs: a comparison
Citizenship programs comparison: A growing number of countries now offer immigrant investor programs, exchanging residence rights or citizenship for a sizeable investment in their economies. From "cash-for-citizenship" to incentives to invest in private sector businesses or property, the market for investor immigration has become increasingly diverse.
Our citizenship and residence advisory for private clients involves fiduciary solutions for individuals and families who move internationally, possibly own property in different countries and who often have international situations and requirements. Our integrated services cover not only tax, immigration and citizenship aspects but also international private law, real estate structuring and more. We provide a brief comparison of the most popular citizenship by investment programs.Read more
Redomiciliation to Cyprus: As a result of OECD and other EU regulations, offshore companies have recently showed increased interest in using onshore structures and redomiciliation of their offshore companies to onshore jurisdictions such as Cyprus. Offshore companies may redocimile to Cyprus and continue operations under Cyprus law, opening new opportunities to investors, benefiting from EU Directives and Cyprus' favourable taxation system. Read more
Important announcements:
Reminder: Submission of Tax Returns for Cyprus Companies:All Cyprus resident companies are obligated to submit their income tax return accounts in accordance with the Income Tax Law (No. 118(I) of 2002). Submission of the tax returns can also be done via the TAXISnet service (click here to access). The deadline for the submission of the Tax Return for Companies and the Tax Return for Self Employed with accounts has been extended to March 31st 2016. Read more
BVI: Obligation to file the particulars of the directors of the companies: The BVI Business Companies Acts has recently been amended and introduced the obligation to file the particulars of the Directors. The filing of particulars (both individuals and corporate) will begin on April 1, 2016. Filing for the companies incorporated before 01/01/2016 needs to be done by 30/09/2016. Filing done after this date will incur additional penalties. Read more
BVI: Obligation for companies and partnerships to keep financial records and underlying documentation, sufficient to show and explain a company's business or transactions. Such records will at any time enable to determine the financial position of the company with reasonable accuracy.
UK: New Disclosure Regime: As part of UK's government's efforts to increase transparency of UK companies, as of 6 April 2016 and as part of the new UK disclosure regime, UK companies will be required to maintain and disclose a register of People with Significant Control (PSC). The new rules require that all UK Companies and LLP's (whether public or private), maintain and register of People with Significant Control in order to ensure that individuals who ultimately own or control UK companies are identified along with details of their holdings. Read more
Recent tax changes to buying and selling UK Residential Property: A number of changes such as new rules for non-residents Capital Gains Tax, restriction on interest deductions on purchases of buy-to-let properties and changes concerning foreign domiciled persons owning (directly or indirectly) UK real estate. Read more
Hong Kong: The Tax Agreements between Hong Kong and six Nordic jurisdictions (Denmark, the Faroes, Iceland, Norway, Sweden and Greenland) for the exchange of information relating to tax matters have entered into force. The agreements came into force following the completion of ratification procedures in Hong Kong and the Nordic jurisdictions concerned. Read more
Hong Kong - Cyprus: Hong Kong's Inland Revenue Department announced on the 23 of MArch 2016 that the first round of negotiations for a Double Tax Treaty between Cyprus and Hong Kong is taking place from the 29 to 31 of March. Further details will be reported in the following days.
Dividends Tax: Important Changes to UK Legislation: The UK Government has recently released an outline of amendments that will be imposed on dividend tax and will come into effect on the 6th of April 2016. In our article we explain the proposed changes to the way in which dividends will be taxed from the date of effect of the amendments. Read more
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