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Lawyer's Blogs

Main Aspects of Automatic Exchange of Financial Information under the CRS

Published: 27/07/2018 | blog
Tags:
#Banks#Business#Confidentiality#Exchange of tax information#Legislation#Tax planning#Tax reporting#Taxation#Ukraine

In September 2017, a significant event for financial institutions around the world took place - the first automatic exchange of information for tax purposes in accordance with the CRS (Common Reporting Standard). The source of information exchange were banks, as well as other financial institutions (pension funds, investment and insurance companies, etc.). The second large group of countries is also joining the process of automatic information exchange in 2018. CRS provides for an annual automatic exchange of tax information between Member States of the Multilateral Cooperation Convention between the competent authorities on automatic information exchange under the CRS (MCAA Convention). The exchange of information on accounts of legal entities and natural persons will be made automatically, annually and on the principle of residency (in contrast to the FATCA law, which uses the principle of citizenship). The essence of the exchange is that banks collect information on financial activities on corporate accounts of the companies, individual accounts of natural persons, private funds and trusts, and then transfer it to the tax authorities of their country, which send this...

Analysis of exchange of tax information and investment in exchange for citizenship, taking into account the first results of the discussion organized by the OECD

Published: 24/05/2018 | blog
Tags:
#Asset Management#Business#Citizenship#Confidentiality#De-offshorization#Double taxation#Financial statements#Investments#Legislation#OECD#Offshore accounts#Offshore schemes#Offshores#Residence Permit#Tax planning#Tax reporting#Taxation

Back in the first quarter of 2018, namely on February 19, 2018, a draft of advisory document was published on the official website of the Organization for Economic Cooperation and Development (OECD), which called on all interested parties to join the discussion on the OECD strategy for combating the loopholes on using the Common Reporting Standard (CRS, Single standard of tax information exchange) in the “citizenship by the investment” (CBI - granting citizenship in exchange for investments) and “residence by the investment” (RBI - granting a residence permit in exchange for investments). To date, more than 70 jurisdictions in the world offer these schemes. On April 17, 2018, a 96-page document was published on the OECD website (PUBLIC INPUT RECEIVED ON MISUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD), which, in fact, summarized the first results of the discussion and the contents of the official letters to the organization. More than 20 structures were the speakers, including: AFME office in London (Association of Financial Markets in Europe, it brings together the largest agents in the capital markets in the region); ...

The Fifth Anti-Money Laundering Directive Has Been Adopted

Published: 17/05/2018 | blog
Tags:
#Business#Confidentiality#Corporate law#Law and the corporate m&a#Legislation

After the approval of the agreed text by the Parliament on April 19, 2018, the European Council adopted a Directive on 14 May, 2018, regulating the European rules aimed at preventing money laundering and terrorism funding. These rules are the fifth in a series and the latest update of the European Anti-Money Laundering Directive, for which they have received the name 5AMLD. 5AMLD is aimed at improving the security in Europe by stopping the financing of criminal activities without preventing the normal functioning of payment systems. It is partly a response to the terrorist attacks in Europe in 2016 and introduces such major changes into the directive 2015/849: verification of the client for virtual currencies; public access to information about the real owners of companies; strengthening of transaction checks with the participation of third countries with a high level of risk; cooperation between financial intelligence units; reduction of the threshold for identification of owners of prepaid cards from 250 to 150 Euro; extension of the Directive to all tax advisers, agents, dealers, as well as suppliers of electronic wallets and cryptocurrency...

How to choose a foreign bank and open an account in it in 2018: will it be easy?

Published: 17/04/2018 | blog
Tags:
#Asset Management#Business#Confidentiality#De-offshorization#Export#Import#OECD#Offshore accounts#Offshore schemes#Offshores#Tax planning

What is important to know when choosing a foreign bank in 2018 Recently, an increasing number of citizens, concerned about their future, the future of their family or business, face the issue whether it is possible to open an account in a foreign bank and what is required for this? Which bank to choose for this: European, offshore bank, etc.? Historically, (and sometimes it is quite justified) the trust to a foreign bank is higher than to local institutions, and obtaining, for example, a loan is possible on more favorable terms than in Ukrainian banks, moreover, many people wish to keep the confidentiality of their actual income. Regardless of whether you want to open a foreign bank account online in offshore or onshore jurisdictions, a number of aspects need to be considered and analyzed when choosing a bank. That is why the company Finance Business Service works with more than 100 banks around the world. We ask only really necessary questions in the process of selecting banks for our clients. The current situation in the banking shows that financial institutions are increasingly facing problems of unexpected loss of correspondent accounts in US dollars. In general, the US is...