News

Sovereign Report – Issue 41

Content Summary

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  1. European News
    • EU plans to remove banking secrecy in crackdown on tax evasion
    • Cyprus agrees deal on €10bn bailout
    • Guernsey introduces Image Rights Register and Foundations
    • Malta introduces new Global Residence Programme
    • PM says UK territories should not be called “tax havens”
    • Spain to drop matriculation tax on yacht charters
  2. USA & Caribbean News
    • UK’s dependencies and territories agree to exchange information
    • TCI offers new Permanent Residence Certificates
    • Switzerland and US agree deal on tax dispute with Swiss banks
    • OECD members more willing to provide “shell” companies
    • US delays FACTA deadline by further six months
    • BVI enacts new Trade Marks and Aircraft Mortgaging laws
  3. Far East News
    • Singapore strengthens international cooperation framework
    • HK and Singapore move to dampen property markets
    • HK passes trust law and exchange of information reforms
    • South Africa signs new tax treaty with Mauritius
    • Free zone firms need DED licence to operate in Dubai
    • Finance Ministers agree plans for Asia Region Funds Passport
  4. Legal News
    • UK Supreme court rules against oil trader in divorce case
    • Billionaire toymaker pleads guilty to Swiss tax evasion
    • UK Tribunal deems painting a “wasting asset”
    • Canadian Supreme Court rules on tax residency of a trust
    • Italian designers receive jail sentence for tax evasion
    • UK Appeal Court rejects stamp duty avoidance scheme
  5. Fiscal News
    • G20 sets automatic exchange of information as new global standard
    • France adds three “havens” to its offshore blacklist
    • Netherlands signs new tax treaty with China
    • Canadian Supreme Court rules on tax residency of a trust
    • G20 adopts action plan against “base erosion and profit shifting”
    • German court imposes gift tax on trust distributions
    • Portugal hikes taxes on investment income and assets
  6. Special Report
    • Inheritance tax U-turn: expats must plan ahead

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Sovereign Trust (Gibraltar) Limited
Tel: +350 200 76173