Substance of BVI companies

Following the enactment of The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act), in the British Virgin Islands, it is required that BVI entities carrying on relevant activities must demonstrate adequate economic substance in the BVI. The BVI entities that do not carry out relevant activities have to inform the authorities accordingly in order to be exempted from substance requirements and avoid penalties too.

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Belize company Intellectual Property (IP) Assets Grandfathering Certification

As of January 1, 2019 legislation was passed in Belize that states that Belize International Business Companies (IBCs) shall not acquire, hold, own, or deal in any intellectual Property Assets (IP assets), pursuant to Section 5(4) of the International Business Companies Act, Chapter 270.

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Cyprus and Egypt new DTT

In October 2019, Cyprus and Egypt signed a new Double Tax Treaty (DTT) in order to replace the existing treaty.

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Ukraine Ratifies Protocol to Amend Double Tax Treaty with Cyprus

The new Protocol to the Double Tax Treaty between Cyprus and Ukraine was agreed back in 2015 and was ratified by the Cyprus Government on 11 December 2015.

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Republic of Marshal Islands (RMI) is removed from the European Union list of non-cooperative jurisdictions

On 10 October 2019 it was announced at the Economic and Financial Affairs Council (ECOFIN) meeting in Brussels that Republic of Marshal Islands was removed from the European Union’s list of non-cooperative jurisdictions for tax purposes. The decision is the result of productive dialogue between the Republic of Marshal Islands and representatives of the European Union Code of Conduct Group and European Commission.

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Malta, Amendments on “The Register of Beneficial Owners Regulations”

On the 12th of July 2019, The Register of Beneficial Owners Regulations of Malta (“BO Regulations”) has been amended. This amendment is being introduced inter alia, to seek to transpose certain provisions of the Fifth EU Anti-Money Laundering Directive into Maltese law.

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The BVI economic substance requirements for legal entities

The International Tax Authority of British Virgin Islands has issued the final form Rules on Economic Substance. Actions must be taken by all BVI companies, and limited partnerships with legal personality.

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WHY SHOULD CYPRUS BE YOUR NEXT FILMMAKING DESTINATION?

On September 2018, the scheme for the promotion of the film industry and the promotion of the Republic of Cyprus as an island for filming (the “Cyprus filming scheme”) was brought into force by the organization Invest Cyprus (the “CIPA”) with the creation of the online platform “Film in Cyprus”, through which interested filming companies can be informed and submit their application to participate to the Cyprus filming scheme which offers a number of inceptives to its participants. The implementing body for the Scheme is the Cyprus Film Commission (the “Committee”).

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RE-DOMICILIATION OF A FOREIGN COMPANY IN CYPRUS

Re-domiciliation is the procedure under which a company can transfer its seat of incorporation from one country to another, provided that its existing jurisdiction and its Memorandum allows the transfer and the continuation under the new jurisdiction.

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UAE introduces Economic Substance Regulations

There is a global concern with respect to companies who cannot demonstrate adequate economic substance coupled also with lack of transparency with respect to the beneficial owners, as such characteristics, can conceal the real purpose of the transactions and facilitate money laundering and tax avoidance.

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