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Striving for Global Tax Transparency: What is the End Game?

By Keith Brockman   Transparency continues to be at the forefront of international tax discussions. It’s the topic of articles, the focus of speeches, and the goal of the legislation.   But those discussions are tense and very divided, even among tax administrators.   Advocates for more transparency are looking to identify and minimize a perceived tax gap, including profit shifting, paying nil taxes in low tax jurisdictions, and operating in what some call tax havens.   For all the talk, there are still fundamental outstanding questions: Is everyone starting at the same place, and what is the end game?  ...

Hong Kong Leader seeks Beijing's Aid to Revive Economy

By Li Yan   Hong Kong Chief Executive Carrie Lam Cheng Yuet-Ngor said she has sought the central government's help in finding new growth engines and fortifying existing advantages to revive the special administrative region's battered economy.   Support has been sought mainly in four areas-financial services, innovation, and technology, the aviation sector, and projects to improve people's livelihoods, Lam said in a newspaper interview days before she is expected to visit Beijing to present her proposals to the central authorities.   The new policy initiatives are also expected to be the highlight of her annual policy address this year....

Ping An Overseas Holdings Raised Funds of USD875 Million for Overseas Private Equity Investing

By Ping An Insurance   The two funds combined received a total capital commitment of USD875 million from a group of global investors, anchored by GIC and Switzerland-based Montana Capital Partners. Ping An Overseas Holdings is also a Limited Partner in the Funds alongside other investors.   The Funds represent Ping An Overseas Holdings' first dedicated investment program focusing on overseas private equity investing. The Selection Fund operates a fund of funds program that was invested by Ping An into a well-diversified portfolio of top-tier buyout managers in North America and Europe and was transferred as part of a secondary transaction. The Global Equity Fund is set up to capture...

China Reports Surge in Long-Term Investment Inflows Despite Talk of Decoupling from the US

By Zhou Xin   Foreign direct investment (FDI) inflows into China surged in September by nearly a quarter compared to a year ago, underlining the confidence international investors have in the world’s second-biggest economy long-term prospects, despite threats of decoupling from the United States.   FDI inflows into China rose 23.7 percent to US$14.25 billion last month, according to data released by the Ministry of Commerce on Friday. The growth marked an acceleration from August when China’s FDI recorded year-on-year growth of 15 percent.   Total FDI inflows into China in the first nine months amounted to US$103 billion, an...

Brussels “Demands” Immediate End to Golden Visa Programs

By Natasha Donn   Brussels today is demanding that the EU Member States “immediately end” golden visa programs that give applicants European residency and/or citizenship.   The reason is that after years in which warnings have been sounded by NGOs and ‘lone voices’ against corruption, MEPs recognize these schemes enable “a rapid entry of criminals” into the bloc.   Says a statement released by the European Parliament: “EU citizenship cannot be marketed as a commodity”.   But that is of course what has been happening – in Portugal’s case since 2012.   Admittedly, Portugal doesn’t confer Golden Visa applicants with citizenship....

Cyprus Abolishes Citizenship Through Investment Program

By Al Jazeera Investigative Unit   Cyprus has announced it will abolish a controversial passport scheme following an investigation by Al Jazeera that revealed how high-ranking politicians were willing to issue passports to convicted criminals.   The interior and finance ministries said in a statement posted in Greek on Twitter that the citizenship through investment program in its current form will be abolished from November 1.   “The proposal was based on the long-standing weaknesses but also on the abusive exploitation of the provisions of the program,” Tuesday’s statement said.   In addition, Cypriot Attorney-General George Savvidis said an investigation into possible criminal...

Dominica to Implement a New Entrepreneur Visa Program

By Caribbean News Global contributor   ROSEAU, Dominica – The government of Dominica has announced that it will be launching the Entrepreneur Visa, designed to recognize the government’s interest in providing a unique status to applicants who make a significant financial investment in the country.   The visa platform is also designed to “add valuable foreign direct investment into the private sector. Moreover, it clearly defines the requirements for the grant of a residency permit via investment in an effort to encourage further investment into the island. Finally, this program represents additional avenues for engagement with investors who are looking for...

Cayman Islands: Enacted Laws Strengthen Cayman's Financial Services Regime

by Cayman Islands Government   Six laws to strengthen Cayman's financial services regulatory framework, and a seventh that eases the births registration process at the General Registry, came into effect on Tuesday, 7 July.   The Companies Management (Amendment) Law, 2020 adjusts references to the list of equivalent jurisdictions published under the Anti-Money Laundering Regulations (2018 Revision), to jurisdictions designated in accordance with section 5(2)(a) of the Proceeds of Crime Law (2020 Revision).   It also aligns the fitness and propriety provisions under section 18 of the Companies Law with other regulatory laws; and empowers the Cayman Islands Monetary Authority (CIMA) to impose...