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Singapore: Re-domiciliation Of Investment Funds To Singapore

By The Sovereign Group   We recently highlighted the launch in Singapore this year of the Variable Capital Companies (VCC) framework, a new corporate structure that can be used for a wide range of investment funds.   The VCC is designed to offer more flexibility to investment funds in Singapore by providing an umbrella-sub-fund structure and less rigid capital maintenance requirements. The VCC is therefore similar to the 'protected cell' and 'segregated portfolio' structures in offshore jurisdictions such as the Cayman Islands, the British Virgin Islands, and Guernsey.   Singapore fund managers will be able to constitute investment funds as VCCs...

The Cayman Islands Tumbles in Top Financial Centers List

By Michael Klein   The Cayman Islands has fallen 31 places and is now only ranked 78th in the Global Financial Centres Index. The index, released twice a year by Z/Yen Group, saw Cayman’s rating drop by almost 100 points to 575.   The British Virgin Islands fell 12 spots and is ranked 72nd, while Bermuda improved two places to 61st and The Bahamas jumped from 105th to 69th position and is now also ranked ahead of Cayman.   The index covers 111 financial centres in total.     Z/Yen Group said its latest index showed high volatility, with 23 centres rising 10 or more...

U.S. Corporations Still Avoiding Corporate Taxes

By David Morse   There was a lot of fuss in late 2017 when Congress passed the Tax Cut and Jobs Act (TCJA). The legislation was expected to significantly revamp America’s tax system — and hopefully tackle the thorny issue of corporate tax avoidance.   The TCJA undoubtedly ushered in some changes and lowered America’s headline corporate tax to a 21 percent rate, which tracks more closely with other industrialized nations. But after three years, it’s become apparent that the TCJA did little to address the complexities of international taxation. And large corporations are still using a range of tax strategies to shift...

Beyond the Pandemic: Global Transfer Pricing Trends Drive Change

By Oleg Rak   It is no secret that the world is changing at an accelerated rate. The world of transfer pricing is no exception, explains Oleg Rak of Mason Rak. The practice – like everything else in these unprecedented times – will have to adapt.   The transfer pricing world has evolved amid the pandemicInternational executive search firm Mason Rak has spoken with transfer pricing (TP) leaders across the globe, who expect changes in the world of TP to be accelerated as a result of the novel coronavirus and the resulting economic disturbances across the world.   The virus has...

Major Changes Coming to the Portugal Golden Visa Program

By Latitude Residency and Citizenship   The Portugal Government is set to make significant changes to their popular Golden Visa program that will have major implications for clients considering this popular EU residence by investment option.   Why is the program so popular?   The Portugal Golden Visa program has been one of the world’s most successful residence by investment programs due to its minimal residence requirements and flexible path to citizenship. Portugal residence permit holders also gain the right to live and work year-round in Portugal and enjoy visa-free access to the entire EU.   They offer several qualifying investment options...

European Parliament’s New Subcommittee Sets Sight on EU’s Tax Havens

By Martin Banks   Tax dodging costing EU Member States €1trillion a year in lost revenue, say MEPs.   The European Parliament now has a “proper body to tackle Europe’s massive tax avoidance and evasion”.   That was the message from Greens/EFA group MEP Kira Marie Peter-Hansen, who also told this site that “The creation of the new tax subcommittee is a long-standing demand from the Greens/EFA group, and I would like to thank everyone who has pushed for it. I am both thrilled and honored to be appointed as vice-chair of the subcommittee."   She added that the subcommittee’s creation...

EU Adds Barbados, Anguilla to Tax Haven List, Removes Cayman Islands, Oman

By Reuters Staff   BRUSSELS (Reuters) - European Union finance ministers added Anguilla and Barbados to the EU’s blacklist of tax havens on Tuesday and removed the Cayman Islands and Oman after they passed the necessary reforms.   The EU list, set up in 2017 after revelations of widespread tax evasion and avoidance schemes, now includes 12 jurisdictions: American Samoa, Anguilla, Barbados, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the U.S. Virgin Islands and Vanuatu.     Those on the blacklist face reputational damages, higher scrutiny in their financial transactions, and risk losing EU funds.   Source: Reuters

BVI to Set Up Public Registers of Beneficial Owners by 2023

By Christopher Copper-Ind   The British Virgin Islands (BVI) has formally announced plans to create a publicly accessible register of company ownership by 2023 in an effort to clamp down on corruption. The long-awaited announcement follows years of scandals relating to money-laundering and tax evasion involving BVI-based shell companies, most recently the FinCen Files.   As reported by International Investment last month, the BVI premier announced its commitment to the implementation of public registers of beneficial ownership in the territory, albeit with "reservations".   This [is a] positive step towards greater transparency and clarity of corporate structures, which should help stem the flow...