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Sovereign Published Articles |
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Cyprus lowers VAT for Yacht Leasing Scheme Cyprus Profile April 2012 |
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Under the Scheme, a Cypriot company can purchase a pleasure yacht and enter into a lease-sale agreement for the yacht with a third-party lessee – an individual or company irrespective of their location. Since this is a service deemed to be supplied in Cyprus, VAT is due on the lease at the normal rates of VAT in Cyprus – currently 17% – but is payable only on that portion of the lease which the yacht spends in EU waters. ...[More] |
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Importance of Substance for Cyprus Structure Cyprus Profile February 2012 |
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In Russia, the judicial concept of an “unjustified tax benefit” is similar to a General Anti-Avoidance Rule and is primarily used to challenge purely artificial structures where the only aim is to obtain a tax benefit that is not justified by a sound business purpose. ...[More] |
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Nationality by Investment Howard Bilton HK Golfer January 2012 |
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Countries who sell their passports are often frowned upon but the reality is that all countries try to encourage immigration by the wealthy by granting residency which leads to nationality, or nationality itself, in return for investment - it is just the price and timescale that differs. ...[More] |
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До свидания, оффшор! До свидания? John Hanafin BUSINESS EMIRATES December 2011 |
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Земельный департамент Дубая недавно объявил о том, что в настоящий момент (по состоянию на 1 января 2011 года), упразднена регистрация недвижимости в Дубае на имя оффшорных компаний или компаний, не зарегистрированных на территории ОА Э. Единственным исключением являются оффшорные компании, зарегистрированные в СЭЗ «Джебель Али» (Jebel Ali Offshore Company). Уточним, что данное правило не распространяется на индивидуальных владельцев недвижимости, а касается только иностранных оффшорных компаний, зарегистрированных вне территории ОА Э. ...[More] |
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The advantage of a Trust owning your property John Hanafin CEO MIDDLE EAST November 2011 |
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Most people prefer not to think about what will happen to their property on death. However, failure to make proper plans can create real problems and cause great expense (including tax liabilities) for next of kin, problems that they will be forced to sort out at a time when they are emotionally upset and most vulnerable. ...[More] |
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KISS CONFIDENTIALITY GOODBYE Howard Bilton HK Golfer October 2011 |
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A nasty little employee of the one of the major Lichtenstein banks recently sold details of all their account holders to the German and UK tax authorities. Employees of various Swiss banks have done something similar. I can imagine its very lucrative work. ...[More] |
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QNUPS: the secret to escaping inheritance tax? Howard Bilton The Telegraph October 2011 |
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Many UK expatriates do not realize that they remain UK domiciled and therefore subject to UK inheritance (IHT) on their worldwide estate at a rate of 40% after allowances. This can come as a major shock to a family after the death of the breadwinner. ...[More] |
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Family Affairs Howard Bilton HK Golfer September 2011 |
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Nobody likes to think about their own mortality. It is a surprising statistic that in the UK two thirds of the population die without leaving a will. I would presume that the figure in similar in other countries. In the majority of cases this is not the biggest problem in the world because there is not much of an estate to bequeath and what there is automatically goes to the next of kin- which, if they should care, is probably exactly in line with their wishes. For wealthier people, as typified by those who play golf or read golfing magazines, this is likely to be a major problem but such persons normally take a little more care over their wealth and how it is passed on. ...[More] |
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Ask the expert: Setting up a trust John D. Hanafin Gulfnews.com September 2011 |
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Sovereign Corporate Services shows how you can protect your property for your next of kin when you are no longer there ...[More] |
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Tax traps when investing in UK property Coreen Hayman Newsletter of the IQUAD GROUP August 2011 |
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South African residents have long favored property in Britain as an investment. Now that the R4 million foreign investment allowance is available to South Africans, it is even easier to invest in property in Britain. As with any other investment, failure to consider the tax implications can be costly, so here are a few things to consider. ...[More] |
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Have you really left the UK? Prove it! Andrew Galway Expat, Malaysia July 2011 |
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Many UK expatriates are unaware that their estates are subject to UK Inheritance Tax (IHT) for as long as they remain UK domiciled, and shedding UK domicile is not easy - an individual can stay UK domiciled many years after leaving the UK. The rate of IHT on death is 40%, which is charged on the total value of a person's worldwide assets that exceeds the nil rate band (currently £325,000). Liability to UK IHT can therefore come as a nasty surprise to the family of a deceased UK expatriate. ...[More] |
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Where There Is A Will... There May Not Be A Way Howard Bilton Mondaq June 2011 |
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It seems it is loony season in the UK courts....again. A recent decision seems to suggest that the UK is moving towards a civil law type system which removes the right of individuals to decide who benefits from their estate on their death. Until now an individual could leave their property to whomever they wished without interference from the courts. It seems this is no longer the case. In countries which apply civil or Sharia law the state largely dictates what must happen to a person’s wealth after their death. Such laws can be generically described as “forced heirship legislation”. Provisions vary from country to country but in most civil law jurisdictions one third of the total estate must go to the surviving spouse, one third must be equally divided between children and a testator can do what he wishes with the remaining one third. Under Sharia law (applicable in most Muslim countries) there are even greater restrictions. The majority of each estate has to be divided in fixed shares amongst surviving relatives. ...[More] |
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Are you aware of the role of offshore companies in property investment? John Hanafin Global Citizen June 2011 |
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Dubai Land Department have recently announced, (as of January 1st, 2011) that it is has banned the registration of Dubai property in the name of virtually all "offshore companies" or companies not registered onshore in Dubai. The one exception to this "offshore company ban" is the Jebel Ali Offshore Company. This new rule does not effect individuals, only foreign or "offshore" companies looking to purchase property. ...[More] |
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Ask the expert: Property purchase John D. Hanafin Gulfnews.com May 2011 |
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Why would you own your Dubai property through a company, and not simply in your individual name? There are no inheritance tax concerns, so what should you be worried about? Here are some frequently asked questions, which will help to clear the major doubts concerning this topic. ...[More] |
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Dividing Times Howard Bilton HK Golfer April 2011 |
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Tiger Woods' recent divorce has brought the issue of pre-nuptial agreements firmly into the spotlight. Tiger was thought to be worth over USS2 billion but it is believed that he paid his now ex-wife "only" US$100 million mainly because he had a pre-nuptial agreement limiting her entitlement. ...[More] |
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Necessary Considerations Howard Bilton HK Golfer April 2011 |
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Hong Kong has a very lenient system of taxation. The rates are low and tax is charged only on income which has a Hong Kong source. Capital gains are not subject to tax and there is no inheritance tax or estate duty. If you move away from Hong Kong, as many do upon retirement or after the end of their contracts, you are likely- to face a different system of taxation with much higher rates. Sometimes the increases in tax payable can come as a nasty shock - as can the vigour with which your new home country attempts to collect the tax. ...[More] |
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Don't Lose Control Howard Bilton HK Golfer December 2011 |
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It has been said that there are only two things in life that are certain: death and taxes, although some say death and nurses. We all need to plan against inheritance taxes. Hong Kong abolished Estate Duty some time ago but if you have assets abroad, as most of us do, then they may well be subject to estate duties overseas. ...[More] |
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Editorial Nigel Anteney-Hoare www.carvoeiro.com Financial Forum March 2009 |
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Once again the Portuguese Ministry of Finances has taken the opportunity to attack non resident property holding companies. ...[More] |
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Prime time for inheritance planning Christopher Owen Wealth Bulletin February 2009 |
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It may be cold comfort for those who have seen their net worth shrink in the past 18 months, but precipitous falls in asset values and ruinous losses on investment portfolios do at least off er opportunities for tax savings, particularly for those planning for future generations. ...[More] |
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Long arm of UK taxman Howard Bilton Telegraph September 2010 |
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FOR many British expats who have been banking abroad and assuming that their savings are safe from the long arm of Her Majesty's Revenue, things have just become very much more complicated. ...[More] |
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