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Sovereign Report – Issue 42

Content Summary

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  1. European News
    • Malta amends Maltese Citizenship Act at behest of EU
    • Channel Islands Aircraft Register takes off
    • Austria and Luxembourg accede to revised EU Savings Tax Directive
    • MEPs back public registers for companies, trusts and foundations
    • Isle of Man registers 500th aircraft
    • Gibraltar amends tax regime in line with EU code of conduct
  2. USA & Caribbean News
    • Credit Suisse pleads guilty in US as more than one-third of Swiss banks accept US amnesty offer
    • Panama’s tax system to remain territorial
    • IRS issues first list of participating financial institutions under FATCA
    • US to treat jurisdictions with FATCA IGAs in substance as IGAs in effect
    • Antigua launches “citizenship by investment” programme
    • Singapore initials IGA with US, Hong Kong signs TIEA
  3. Far East News
    • Hong Kong trust reforms finally come into force
    • Australia launches “Project DO IT” offshore amnesty
    • Abu Dhabi financial free zone signs first agreement
    • China launches Shanghai free trade zone
    • Mauritius agrees to include LoB clause in new India tax treaty
    • The Seychelles creates new Financial Services Authority
  4. Legal News
    • High Court rules in “most complicated financial remedy case”
    • US trial of former UBS wealth management head delayed extradition
    • Isle of Man court gives ruling on bank confidentiality
    • BVI Court rules on ancillary relief proceedings and forum
    • Bayern Munich president jailed for tax evasion
    • Trustee’s refusal to disclose information “wholly without merit”
  5. Fiscal News
    • G20 endorses new standard for automatic exchange of tax information
    • OECD issues first tranche of “transparency ratings”
    • New anti-avoidance measures to the fore in UK Budget
    • UK unveils proposals for public register of beneficial ownership
    • Portugal’s “Golden Visa” proves popular with Chinese
  6. Special Report
    • Alternative Citizenship and Residency

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Tel: +350 200 76173