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Sovereign Report – Issue 39

Content Summary

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  1. European News
    • European Commission to challenge Swiss tax deals
    • Isle of Man Foundations Act gains Royal Assent
    • EU to begin on STD expansion
    • Malta launches new high net worth individuals’ scheme
    • ECOFIN postpones vote on “zero-10” tax systems
    • Guernsey proposes new Image Rights Register
  2. USA & Caribbean News
    • BVI moves to automatic exchange under EU Savings Tax Directive
    • US Treasury postpones FATCA implementation
    • IRS nets $2.7 billion from offshore accounts
    • ECSC changes Civil Procedure Rules
    • St Kitts and Nevis boosts Citizenship Programme
    • Curaçao approves new package of corporate measures
  3. Far East News
    • South African external company registration
    • Hong Kong companies exceed 900,000 mark
    • Revised Indo-Swiss tax treaty comes into force
    • Offshore Yuan trade in Hong Kong grows
    • China extends social security contributions to foreigners
    • Hong Kong clarifies Chinese dividends withholding rate
  4. Legal News
    • Cayman fund directors each found personally liable for $111 million
    • UK Court of Appeal rules on Huitson and Shiner
    • New Zealand Supreme Court backs taxman
    • Gaines-Cooper loses appeal over residency
    • Importance of substance for Cyprus structure
    • Swiss Supreme Court finds UBS disclosure lawful
  5. Fiscal News
    • Sarkozy call to ostracise “tax havens” at G-20 Summit
    • France introduces new tax on high incomes
    • Jersey amends tax “cap” to attract more HNWIs
    • European Commission sets out plans to eliminate double taxation
    • Portugul Budget targets offshore companies and property
    • Spain to reinstate temporary wealth tax
  6. Special Report
    • A Will is not the only way…
    • HMRC QROPS data: Australia, New Zealand and Guernsey dominate market

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Tel: +350 200 76173