The Cypriot government abolished the €350 annual levy on February 21st, 2024. This government fee was paid by all registered businesses to the Registrar of Companies in Cyprus. The move to cancel it is a part of a larger €60 million support package to stimulate the Cypriot economy. Originally introduced in 2011 during fiscal consolidation […]
Luxembourg is a small country by size, but a big one by its importance for the investment industry, as it is the largest domicile for investment funds in Europe and the second largest worldwide after the United States. It is a renowned international financial centre offering a full range of investment vehicles: regulated, indirectly regulated […]
Dutch Private Foundation is a civil law alternative for the Anglo-Saxon Trust for the purpose of asset protection. It is a legal entity with its own rights and obligations, can hold assets in its own name and have beneficiaries including a settlor. Key features of the Dutch Private Foundation: Tool suitable for asset protection and […]
The United Arab Emirates (UAE) is making significant strides towards exiting the Financial Action Task Force (FATF) ‘grey list,’ which comprises countries under increased monitoring for deficiencies in their anti-money laundering (AML) and counter-terrorism financing (CTF) regimes. Recent progress has been observed in areas such as facilitating money-laundering investigations, imposing sanctions on non-compliance at financial […]
Panama has achieved a significant milestone by exiting the Financial Action Task Force (FATF) grey list of financially high-risk countries. The FATF plenary meeting in Paris recognized Panama’s strengthened anti-money laundering and counter-terrorism financing prevention system and its implementation of substantial standards. Panama has achieved a significant milestone by exiting the Financial Action Task Force […]
The interpretation of Section 41 Paragraph 2 of the Thai Revenue Code underwent a significant shift with the new law issued on September 15, 2023. Previously, Thai tax residents were taxed only on their foreign-sourced income if it was brought into Thailand within the same tax year. This interpretation meant that income from employment, overseas […]
Three cities in the United Arab Emirates (UAE) – Abu Dhabi, Dubai and Sharjah – are among the top ten most affordable global cities in the world, based on a study by Workyard Research. Kuwait claims the top spot as the cheapest city to live in globally, owing to its favorable balance between an average […]
Luxembourg’s tax system distinguishes between corporate residents and non-residents. While corporate residents are required to pay taxes on their worldwide income, corporate non-residents are only taxed on their Luxembourg source of income, i.e. income originating within Luxembourg’s borders. The corporate income tax (CIT) rates in Luxembourg are structured in a progressive manner. Businesses with taxable […]
Saudi Arabia has introduced a new electronic business visit visa called “visiting investor” to specifically facilitate the travel of investors seeking investment opportunities in the country. The new service can be done online and allows investors to easily and quickly obtain a visit visa without having to visit the Saudi embassy or consulate. This initiative […]
Bahrain’s parliament has voted to eliminate a part of its criminal law that granted rapists immunity from punishment if they married their victims. The decision, supported by women’s rights activists who had long fought against the legislation, was unanimously passed by Bahrain’s parliament. According to Minister of Justice, Islamic Affairs and Endowments Nawaf Al Maawada, […]
