Sovereign Report – Issue 43

Content Summary

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Download a copy of Issue 43

1. European News
   • UK publishes draft Bill on “beneficial ownership”
   • Cyprus brings new Alternative Investment Funds Law into force
   • Switzerland amends key law on foreign requests
   • HMRC to miss target unless LDF sees “dramatic” pickup
   • UK regulator withdraws “high risk country” list
   • Gibraltar launches its first stock exchange
   • European Council reaches final agreement on extending mandatory automatic exchange
   • UK doubles minimum investment for Tier 1 visa to £2 million
2. USA & Caribbean News
   • US Foreign Account Tax Compliance Act comes into force
   • BVI government reviews direction of financial services
   • US acts to rein in corporate tax Inversions
   • Cayman introduces director registration regime
3. Far East News
   • Hong Kong and Macau commit to new OECD information exchange standard
   • Dubai introduces Qualified Investor Funds
   • Qatar financial centre offers new tax reliefs
   • China issues new rules on reporting foreign participations
   • Dubai allows transfer of title to company as a gift
   • Seychelles, Singapore sign double tax treaty
4. Legal News
   • UK High Court finds inheritance tax liability on bequest to a Jersey trust
   • ECJ rules on application of “free movement of capital” to Overseas Territories
   • ECJ strikes down Dutch fiscal unity rules
   • Italian Supreme Court overturns Dolce and Gabbana tax convictions
   • Former senior Swiss banker cleared on US tax charges
5. Fiscal News
   • OECD progresses move to new global standard for Automatic Exchange of
     Information
   • Hong Kong sign tax treaties with South Africa and South Korea
   • Netherlands signs new tax treaty with China
   • Russia excludes Malta from black list of offshore jurisdictions
   • EU to investigate corporate tax codes in Ireland, Luxembourg and the Netherlands
   • Portugal introduces new Local Lodging Registration requirements
   • Portugal hikes taxes on investment income and assets
6. Special Report
   • Inheritance tax U-turn: expats must plan ahead