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Sovereign Report – Issue 40

Content Summary

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  1. European News
    • EU obliges UK and Germany to modify Swiss tax deals
    • Cyprus amends International Trusts Law
    • Cyprus lowers VAT for EU yacht registration
    • Gibraltar abolishes import duty for superyachts
    • Isle of Man registers 500th aircraft
    • HMRC delists over 400 QROPS from new register
  2. USA & Caribbean News
    • US strikes FATCA deals with Switzerland, Japan and five EU States
    • US reopens limited amnesty for offshore accounts
    • Canada and Quebec suspend Immigrant Investor Programmes
    • Bahamas introduces new Executive Entity structure
    • Netherlands seeks to extend Latin America treaty network
    • Brazil seizes jets over alleged tax evasion
  3. Far East News
    • Mauritius and India to resume talks on treaty revision
    • South African replaces Secondary Tax regime
    • Hong Kong launches consultation on trust law reform
    • South Africa, Seychelles treaty protocol comes into force
    • Dubai legislates to promote investor protection
    • Mauritius introduces Limited Partnerships
  4. Legal News
    • Indian Supreme Court overturns Vodafone tax case
    • Isle of Man rules on cy-pres doctrine
    • Disclosure of trust documents
    • Tribunal finds individual in UK on holiday to be resident
    • Singapore rejects Indian request for bank information
    • EU introduces cross-border succession rules
  5. Fiscal News
    • UK Budget lowers income tax, targets capital
    • Liechtenstein extends Disclosure Facility
    • Guernsey States approve zero-10 tax change
    • EC urges strengthening of the Savings Tax Directive
    • Portugual makes welcome change in IMI tax rate
    • French tax targets rich
    • Canton dumps lump-sum tax
    • Offshore companies owning UK property – urgent action required
  6. Special Report
    • Alternative Citizenship and Residency

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Tel: +350 200 76173