Lawyer's Blogs

On Tuesday, at the meeting of the Ministers of Finance of the European Union, the long-awaited list of low-tax countries which included 17 countries was approved. This list was finally approved at the meeting in Brussels on December 4, 2017 after 10 months of investigation and two years of struggle for obtaining national support from the EU countries. So, the black list of offshore states of the EU includes: American Samoa, Barbados, Bahrain, Grenada, Guam, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, UAE, Samoa, Saint Lucia, Trinidad and Tobago, Tunisia, and South Korea. It is noteworthy that the British Overseas Territories such as the Cayman Islands and Bermuda are not included in the black list, even though they have been in the previous list of June 2015. The methodology for identifying countries in the list of 2015 was strictly criticized, which resulted in the need to refuse from the old list and replace it with a new one. At the same time, real activity is directed to 47 countries that have been included in the so-called “gray list” and promise to amend their taxation rules in order to bring them in line with EU requirements, and also to cooperate more...

Main advantages The main goal to acquire the citizenship of Malta and the associated benefits depend on the plans of each individual investor. However, in most cases, such goals and benefits include: Acquisition of citizenship in a stable EU member state; Access to all investment opportunities in Malta and the European Union; Access to the Schengen area; Visa-free entry to more than 160 countries, including the United States; Advantages of tax planning; Stable political system; Access to quality training and education programs. Requirements for candidates: The main applicant must be at least 18 years old; The applicant must be a resident of Malta for at least 12 months preceding the issuance of the certificate of naturalization; The applicant is demanded to contribute to the economic development of Malta by paying a non-refundable contribution to the Malta National Development and Social Fund; The applicant must, within four months from the receipt of the prior Letter of Approval in Principle, give a proof of the availability of a Global Health Insurance of at least € 50,000 for the main applicant and each dependent,...

The issue of protection of the economic interests of beneficiaries has got a new development in connection with the introduction of the automatic tax information exchange system (OECD CRS), as well as extremely high probability of fast signing of the corresponding document by CIS countries. The variant for solving the problem of protection of the economic interests of beneficiaries may be the use of free economic zones (FEZ). So, the UAE does not disclose the beneficiaries of resident companies, they do not provide data on their residents. The lack of exchange of tax data is due to the absence of the tax service as such. In addition, the Emirates differ with stability and have all the tools for doing business. The most understandable and reliable solution for obtaining a resident visa in the UAE is the establishment of a company in one of the Free Economic Zones of the Emirates and obtaining a resident visa through the status of an investor, i.e. the owner or co-owner of the company. Resident investor visa is not just a permit to live in the UAE, such a visa also gives a foreigner the right to study, do business, buy and rent housing in the Emirates. In addition, one...

Fintech sector is developing with seven leap steps now, offering great opportunities, as well as a high level of reliability and confidentiality. Online payment system is a fast and reliable way of receiving and transferring money through the Internet, making payments on contracts, withdrawing funds to cards, etc. Moreover, international payment systems (PS) enable you to open corporate and personal accounts with unique IBAN, make SWIFT and SEPA payments, while the procedure for opening an account is faster - up to 5 days, the KYC procedure is easier than in the bank. Another advantage is that the payment systems work with VISA, Mastercard, American express, etc. At the same time, the requirements of the banks for verification and identification of customers are constantly growing, banks stop servicing customers from classical offshore zones, moreover, the availability of registration in positive jurisdiction also does not guarantee that the bank will not close an account or it will not check each transaction thoroughly. Advantages and disadvantages of international payment systems (PS) [InsertImageLightGallery...