Download the full Review here

Content Summary

1. CEO’s Report from Gerry Kelly – Sovereign stays on course through a world of change Read more

2. From the Chairman – Howard Bilton – UK ‘Non-Domiciled’ status – facts and fictions Read more

3. Office Reports  (Click on an individual office to read their report)

1. 1. • Hong Kong – Hong Kong sets out to bolster its role as Asia’s financial and trading hub
      • Singapore – the top location for Single Family Offices
      • Mauritius – Mauritius kicks on after Covid and removal from EU list
      • South Africa – Uncertainty at home drives South Africans to look overseas
      • Cyprus – a reliable destination in an unreliable world
      • Gibraltar – Roll-out of Gibraltar’s ‘auto enrolment ’pensions regime continues
      • Guernsey – Auto-enrolment arriving soon in Guernsey, with Sovereign taking a leading role
      • Isle of Man – Isle of Man focuses on Fintech
      • Malta – Malta launches Corporate GovernanceCode for Authorised Entities
      • Portugal – US becomes top source of applicants for Portugal’s Golden Visa
      • UK – 40% of UK Overseas Entities fail to register their beneficial ownership in time
      • Bahrain – The Sovereign Business Hub Bahrain
      • UAE – Sovereign expands as UAE introduces federal corporate tax
      • Saudi Arabia – Sovereign PRO Partner Group Saudi Arabia

4. The Sovereign Art Foundation Read more

5. Contacts and Information Read more

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The post Sovereign Review of 2022 appeared first on The Sovereign Group.

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Content Summary

1. CEO’s Report from Gerry Kelly – 2020, a year like no other. Read more

2. From the Chairman – Howard Bilton – Tax considerations for those working from home and heading overseas. Read more

3. Office Reports Read more. (Click on an individual office to read their report)

1. 1. • China – still a top location for foreign companies
      • Cyprus – still the post-Brexit solution for UK financial services
      • Gibraltar – moves into a new era with Brexit deal
      • Guernsey – remains very much open for business
      • Hong Kong – seeks to accelerate fintech advantage
      • Malta – Sovereign on the move in
      • Mauritius – increases incentives to boost the economy
      • Portugal – Residence in Portugal – the open doors are beginning to close
      • South Africa – relaxes exchange controls in favour of tax treatment
      • Saudi Arabia – Sovereign launches market entry services in Saudi Arabia
      • Singapore – is still the world’s most competitive economy
      • UAE – opens up further to foreign investors
      • UK – moves on to new footing with EU trade deal

4. The SAF Report – The Sovereign Art Foundation Read more

4. Contacts and Information Read more

The post Sovereign Report Issue 53 appeared first on The Sovereign Group.

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Content Summary

1. CEO’s Report from Gerry Kelly Read more

2. From the Chairman – Howard Bilton Read more

3. Inside Sovereign Read more

1. 1. • Sovereign Corporate Services – increasing in substance
      • Sovereign Private Client Services – safe, sustained growth in a fast changing world
      • Sovereign Retirement Planning – 2020 Vision

4. Office Reports Read more

1. 1. • China’s new foreign investment law
      • Cyprus – tax residency and trusts
      • Gibraltar – the gateway to the UK
      • 2019 – Growth and evolution for Sovereign in Guernsey
      • Hong Kong 2019 – a turbulent year
      • Mauritius recognised as compliant with EU tax good governance principles
      • Malta positions itself as the ‘Blockchain Island’
      • Portugal – The World’s Leading Destination
      • Singapore – steady as she goes!
      • South Africa relaxes policy on loop structures for individuals
      • Overview of the Middle East
      • SMART funds – Smarter than the average Experienced Investor Fund

5. EUROPEAN RESIDENCY AND CITIZENSHIP Read more

1. 1. • Providing for your family and future generations

6. BREXIT Read more

1. 1. • The end of the beginning

6. SAF REPORT Read more

1. • The Sovereign Art Foundation – Making things better!

The post Sovereign Report Issue 52 appeared first on The Sovereign Group.

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Content Summary

1. CEO’s Report from Gerry Kelly Read more

2. Inside Sovereign Read more.

1. 1. • Sovereign Corporate Services – Providing real substance
      • Sovereign Private Client Services – Assistance in uncertain times
      • Sovereign Retirement Planning – Another busy year

3. Office Reports Read more.

1. 1. • China makes further moves to simplify regulation and liberalise business
      • Cyprus focuses on enhancing competitiveness
      • Gibraltar positions itself for Blockchain revolution
      • Guernsey exempts International Savings Plans/Gratuity Schemes from tax
      • Hong Kong makes progress on tax co-operation and competitiveness
      • Malta brings new gaming and crypto-currency laws into force
      • Mauritius enacts changes to global business licence tax regime
      • UAE introduces 100% foreign ownership and Value Added Tax (VAT)
      • Brexit and Fiscal Representation in Portugal
      • Singapore continues to be a special destination
      • Expat tax is coming to South Africa
      • UK continues to push transparency in corporate and property sectors

4. ECONOMIC SUBSTANCE Read more.

1. 1. • UK Dependencies and Territories issue new substance requirements

5. THE FUTURE OF INTERNATIONAL TAXATION Read more.

1. 1. • The Future of International Taxation By Howard Bilton, Chairman of the Sovereign Group

6. SAF REPORT Read more.

1. • SAF – Continuing to make it better

The post Sovereign Report Issue 51 appeared first on The Sovereign Group.

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Content Summary

1. European News Read more.

1. 1. • UK opens beneficial ownership review for CDOTs
      • Cyprus provides alternative option for tax residency
      • Monaco enacts new legal framework for foreign residents
      • WEF confirms Malta amongst top financial jurisdictions
      • Cyprus changes tax treatment for intra-group financing
      • HMRC invokes GAAR for first time for gold bullion scheme

2. USA & Caribbean News Read more.

1. 1. • Trump Administration issues ‘unified framework’ for tax reform
      • US appeals court dismisses FATCA legal challenge
      • BVI Registry fully functional following hurricanes

3. Middle East and Asia Read more.

1. 1. • Hong Kong’s chief executive announces new tax incentives
      • China’s new business licence deadline approaches
      • China moves to promote foreign investment
      • UAE publishes VAT law ahead of January 2018 tax roll-out
      • Singapore the ‘Top Expat Destination’ for third year in a row
      • Hong Kong the world’s most competitive economy – again

4. Legal News Read more.

1. 1. • High Court finds Russian ‘domiciled’ in UK for jurisdictional purposes
      • Guernsey court sets aside ‘disastrous’ transfer into trust
      • Tribunal finds Jersey companies to be resident in the UK
      • First-tier Tribunal finds for HMRC in question of domicile
      • French Court acquits art dealer Wildenstein of tax fraud

5. Fiscal News Read more.

1. • Swiss government publishes new draft for corporate tax reform
   • France demands €600 million in tax from Microsoft
   • European Commission launches agenda for fair taxation of digital economy
   • G20 leaders reaffirm commitment to CRS and BEPS
   • Mauritius rated ‘Compliant’ under Global Forum’s ‘enhanced’ process
   • OECD confirms first automatic Common Reporting Standard exchanges

6. Retirement Planning Read more.

1. • Statutory right to transfer to QROPS set to remain
   • Malta and the Overseas Transfer Charge
   • Sovereign launches new Guernsey QNUPS
   • Guernsey introduces Pensions Regulation

7. CRS Feature Read more.

1. • The road from privacy to transparency – 1987 to 2017

8. 30 years of Sovereign numbers Read more.

1. • Infographic

9. The history of the Sovereign Art Foundation Read more.

1. • The Sovereign Art Foundation – doing well by doing good

The post Sovereign Report Issue 50 appeared first on The Sovereign Group.

Or…

Download a copy of Issue 49

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Content Summary

1. European News
• UK finalises tax reforms for non-UK domiciled individuals
• Cyprus approves revised citizenship scheme
• EC adopts Directive on access to beneficial ownership information
• Swiss voters reject tax reform plan
• Cyprus amends IP regime
• Gibraltar Parliament approves Private Foundations Bill
• Portugal introduces surcharge on high-value homes
• UK opens Worldwide Disclosure Facility

2. USA & Caribbean News

• US Justice Department completes Swiss Bank Programme
• Bahamas gazettes laws to amend trusts regime and enable CRS
• Panama signs OECD multilateral tax information sharing convention
• Canada to impose capital gains tax on foreign homebuyers
• UK not to force OTs to make beneficial ownership registries open to public
• US offshore voluntary compliance initiatives net US$10 billion

3. Middle East and Asia

• India agrees tax treaty Protocols with Mauritius, Cyprus and Singapore
• China launches pilot scheme to unify working permits for foreigners
• South Africa opens Special Voluntary Disclosure Programme
• China imposes changes to Foreign Invested Enterprises (FIE) regime
• UAE signs Multilateral Convention on Mutual Administrative Assistance
• Hong Kong and Singapore begin signing AEOI agreements

4. Legal News

• EC publishes final negative decision in €13 billion Apple tax case
• French Court rules against public access to Register of Trusts
• English divorce courts cannot order sharing of overseas pension fund
• Jersey Court ruling on beneficial ownership of Jersey companies
• French Court acquits art dealer Wildenstein of tax fraud

5. Fiscal News

• G20 leaders endorse new international standard for tax transparency
• OECD launches Automatic Exchange Portal for bilateral relationships
• EU instigates screening process for tax haven ‘blacklist’
• European Commission puts forward major corporate tax reform
• Italy introduces ‘non-dom’ tax status for foreign residents
• UK tax treaty with United Arab Emirates comes into force
• EU introduces automatic exchange for cross-border tax rulings
• Australia brings in Diverted Profits Tax for large multinationals
• United Nations to incorporate BEPS changes into Model Tax Treaty

The post Sovereign Report Issue 49 appeared first on The Sovereign Group.

Or…

Download a copy of Issue 48

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Content Summary

1. European News
   • Cyprus to begin accepting online betting applications
   • UK votes to leave the European Union
   • UK Budget tax changes heralds a further clampdown on avoidance
   • Swiss parliament approves corporate tax reform bill
   • France opens Register of Trusts to public access – then suspends it
   • UK government targets foreign owners of UK property
   • Gibraltar’s new Limited Liability Partnerships Act comes into force
   • New EASA rules come into force
   • EC proceeds with common property regime for international couples
2. USA & Caribbean News
   • US Treasury rules to increase financial transparency
   • Cayman to repeal Confidential Relationships (Preservation) Law
   • Julius Baer signs deferred prosecution agreement with the US
   • Canada to tax Florida and Delaware LLPs and LLLPs as corporations
   • US court dismisses FATCA challenges
3. Middle east and Asia
   • India to tax Mauritius and Cyprus investments from April 2017
   • New Hong Kong tax concessions for corporate treasury centres
   • South Africa revises Special Voluntary Disclosure Programme
   • China’s Unified Business Certificate
4. Legal News
   • UBS agrees to US tax authority’s Singapore disclosure request
   • Swiss bank in serious breach of money laundering regulations
   • Spanish and French tax authorities raid Google’s offices
   • Former model secures £75 million divorce settlement in UK Court
   • High Court dismisses claim over division of Liechtenstein assets
   • Guernsey court refuses to set aside “mistake” over £500,000 tax charge
5. Fiscal News
   • Singapore and Hong Kong sign up to OECD BEPS project
   • European Council agrees draft rules on corporate tax avoidance
   • UAE signs tax treaty with UK and protocol with Singapore
   • Five more nations agree to automatic exchange of information
   • G5 agree to automatic exchange of beneficial ownership information
   • China completes transition to VAT

The post Sovereign Report – Issue 48 appeared first on The Sovereign Group.

Or…

Download a copy of Issue 47

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Content Summary

1. European News
   • UK targets second-home owners in Autumn Statement
   • Sovereign Malta pensions to offer “flexi-access” drawdown
   • Cyprus plans to amend Intellectual Property tax regime
   • Guernsey introduces flexibility of retirement benefits
   • Guernsey aircraft register to open for commercial operations
   • Swiss Senate votes for automatic exchange of tax information
2. USA & Caribbean News
   • St. Lucia opens new Citizenship-by-Investment scheme
   • Overseas Territories resist demands for beneficial ownership registers
   • Cayman islands to introduce Limited Liability Companies
   • BVI introduces requirement to file a Register of Directors
   • US collects US$1.36 billion under Swiss Bank Programme
3. Middle east and Asia
   • Hong Kong government gazettes tax information exchange bill
   • China and Singapore to enhance Free Trade Agreement
   • Hong Kong again ranked as world’s freest economy
   • Invest HK assists record number of foreign companies
   • China confirms drive to replace Business Tax with VAT
   • Mauritius to begin automatic exchange in September 2018
4. Legal News
   • European Commission opens formal investigation into McDonald’s tax deal with Luxembourg
   • Spanish soprano receives suspended jail sentence for tax fraud
   • Florida appeal court upholds award to Robert Rauschenberg estate trustees
   • Widow’s claim for further financial provision rejected
5. Fiscal News
   • G20 leaders endorse OECD’s plan to combat BEPS
   • European Council adopts Directive for exchange of advance tax rulings and pricing arrangements
   • European Commission finds Belgian “excess profit” tax scheme is illegal
   • EC presents new measures against corporate tax avoidance
   • Switzerland agrees AEOI with British Crown Dependencies

The post Sovereign Report – Issue 47 appeared first on The Sovereign Group.

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Content Summary

1. European News
   • Cyprus passes tax reforms designed to attract foreign investment
   • ESMA assesses six non-EU nations for AIFMD passport
   • UK delays register of “people with significant control”
   • Liechtenstein Disclosure Facility to be closed at year-end
   • Gibraltar consults on introducing Private Foundations
   • UK Treasury issues consultation on ending permanent non-dom status
   • New EU Regulation on Successions brought into force
   • Portugal resumes “Golden Visa” immigration programme
   • Guernsey amends Companies Law
2. USA & Caribbean News
   • More banks strike deals under US Swiss Bank Programme
   • US court dismisses legal challenge to block FATCA data exchange
   • Cayman Companies (Amendment) Law 2015 comes into force
   • US extends FATCA IGA information exchange deadline exchange deadline
3. Far East News
   • India’s offshore tax amnesty recovers just US$575 million
   • China moves to simplify access to double tax treaties
   • South Africa proposes amendment for tax information exchange
   • Hong Kong proceeds toward automatic exchange of tax information
   • Dubai issues decree to create new Free Zone Council
   • India and Mauritius reach consensus on new tax treaty
4. Legal News
   • UK Supreme Court sets aside financial orders based on fraudulent dishonesty
   • HMRC issues guidance on LLCs in wake of recent Anson decision
   • ECJ rules on treatment of gifts from a foundation to foreign beneficiaries
   • ECJ finds French dividend treatment to be an unjustified interference
   • Jersey Royal Court considers ethics of “aggressive” tax avoidance
   • Canadian Court dismisses challenge to US FATCA tax data exchange
5. Fiscal News
   • US signs IGA Competent Authority Arrangements with UK and Australia
   • EC finds Fiat and Starbucks tax deals illegal under EU state aid rules
   • OECD issues final BEPS reports
   • OECD issues new compliance ratings on transparency
   • Luxembourg announces tax amnesty for undisclosed assets
   • UK proposes new “special measures” regime for tax avoiding companies

The post Sovereign Report – Issue 46 appeared first on The Sovereign Group.

Please note: The download listed above is in Adobe Acrobat PDF Format. In order to view the document, you must have Adobe Acrobat Reader installed on your system. If it is not installed, then please download it.

Content Summary

1. European News
   • UK Pension Schemes Act 2015 receives Royal Assent
   • Cyprus citizenship-by-investment scheme nets €2 billion
   • Sovereign Trust Cyprus gains Administrative Services Provider licence
   • European Parliament adopts Fourth Anti-Money Laundering Directive
   • Isle of Man progresses regulation for digital currencies
   • Swiss Federal Council adopts dispatch on automatic information exchange
   • Gibraltar consults on Personal Pension Schemes regulation
2. USA & Caribbean News
   • St Kitts & Nevis to tighten up Citizenship-By-Investment programme
   • BVI introduces new criminal offence of failing to keep trust records
   • UK requests timetable for central registers from Overseas Territories
   • First Swiss banks settle under US Tax Programme
   • BVI looks to pursue new direction
3. Far East News
   • New “reportable arrangement” rules for South African tax purposes
   • Dubai opens Wills and Probate Registry
   • Revised Mauritius-South Africa tax treaty finally comes into force
   • Hong Kong Budget sets out proposals to boost financial centre
   • Mauritius and Seychelles both sign Multilateral Convention
   • UAE signs FATCA agreement with US
   • DWTC converted into Free Zone
4. Legal News
   • UK Supreme Court allows taxpayer appeal in LLC case
   • UK High Court allows widow to seek husband’s “secret assets”
   • Court of Appeal awards disinherited woman one-third of mother’s estate
   • Cayman Appeal Court sets aside Weavering decision
   • South Africa’s Constitutional Court upholds entrepreneur’s exit charge
5. Fiscal News
   • G7 leaders reiterate commitment to automatic exchange
   • UK Summer Budget 2015: the key announcements
   • Seven new countries sign up to OECD Standard for automatic exchange
   • EU releases corporate tax reform plan and pan-EU “blacklist”
   • Swiss reject inheritance tax proposal

The post Sovereign Report – Issue 45 appeared first on The Sovereign Group.

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Download a copy of Issue 44

1. European News
   • Gibraltar announces legislative and regulatory overhaul
   • Portugal changes rules on tax residency and taxation of trusts
   • Fourth European AML Directive published in full
   • Swiss Federal Council consults on international exchange of tax information
   • San Marino Aircraft Registry ratifies Cape Town
   • Cyprus relaxes restrictions on capital movement
   • Italy opens voluntary disclosure programme for foreign assets
   • Russia introduces “de-offshorisation” Law
2. USA & Caribbean News
   • Obama proposes tax on overseas profits of US firms
   • Canada launches immigration pilot programme for HNWIs
   • IRS opens FATCA data exchange service
   • Cayman stands firm on beneficial ownership regime
   • Cayman Grand Court (Amendment) Law comes into force
   • BVI brings Arbitration Act 2013 into force
3. Far East News
   • Abu Dhabi financial free zone selects English common law
   • Microsoft fined $137 million for “tax evasion” in China
   • China announces new measures on FTZs and pilot reforms
   • Dubai proposes new succession rules for non-Muslims
   • MEBA makes debut at Al Maktoum
   • Singapore to adopt OECD information exchange standard by 2018
4. Legal News
   • UK Revenue loses CGT dispute over Reynolds painting
   • Dutch Tax Court confirms ECJ decision on incompatibility of fiscal unity regime
   • German Court orders amendments to inheritance tax exemptions for family-owned firms
   • The UK’s highest high-net-worth divorce settlement
   • Credit Suisse ordered to pay US$1.8 billion to finalise US guilty plea
5. Fiscal News
   • EU signs off on enhanced parent=subsidiary directive
   • European Commission extends enquiry on tax rulings to all Member States
   • UK ramps up tax measures in Autumn Statement
   • Swiss voters retain “lump sum” tax regime for wealthy foreigners
   • UK agrees to limit patent box regime
   • OECD says tax revenues are rebounding from the financial crisis
6. and introducing…
   • Simon Garveen is…Sovereign Man

The post Sovereign Report – Issue 44 appeared first on The Sovereign Group.

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Download a copy of Issue 43

1. European News
   • UK publishes draft Bill on “beneficial ownership”
   • Cyprus brings new Alternative Investment Funds Law into force
   • Switzerland amends key law on foreign requests
   • HMRC to miss target unless LDF sees “dramatic” pickup
   • UK regulator withdraws “high risk country” list
   • Gibraltar launches its first stock exchange
   • European Council reaches final agreement on extending mandatory automatic exchange
   • UK doubles minimum investment for Tier 1 visa to £2 million
2. USA & Caribbean News
   • US Foreign Account Tax Compliance Act comes into force
   • BVI government reviews direction of financial services
   • US acts to rein in corporate tax Inversions
   • Cayman introduces director registration regime
3. Far East News
   • Hong Kong and Macau commit to new OECD information exchange standard
   • Dubai introduces Qualified Investor Funds
   • Qatar financial centre offers new tax reliefs
   • China issues new rules on reporting foreign participations
   • Dubai allows transfer of title to company as a gift
   • Seychelles, Singapore sign double tax treaty
4. Legal News
   • UK High Court finds inheritance tax liability on bequest to a Jersey trust
   • ECJ rules on application of “free movement of capital” to Overseas Territories
   • ECJ strikes down Dutch fiscal unity rules
   • Italian Supreme Court overturns Dolce and Gabbana tax convictions
   • Former senior Swiss banker cleared on US tax charges
5. Fiscal News
   • OECD progresses move to new global standard for Automatic Exchange of
     Information
   • Hong Kong sign tax treaties with South Africa and South Korea
   • Netherlands signs new tax treaty with China
   • Russia excludes Malta from black list of offshore jurisdictions
   • EU to investigate corporate tax codes in Ireland, Luxembourg and the Netherlands
   • Portugal introduces new Local Lodging Registration requirements
   • Portugal hikes taxes on investment income and assets
6. Special Report
   • Inheritance tax U-turn: expats must plan ahead

The post Sovereign Report – Issue 43 appeared first on The Sovereign Group.