Europe Focus September 2019

Welcome to Europe Focus, bringing you news and opinions from Sovereign’s offices across Europe, covering our range of products and services including Corporate Services, Private Client Services and Retirement Planning.

Sovereign in the ‘Cyprus 100’
Sovereign Trust (Cyprus) is featured in 2019 Cyprus Country Report, which is produced in co-operation with the Ministry of Energy, Commerce and Industry and is widely regarded by Cypriot and international executives as the most influential and trusted resource on doing business in or with Cyprus. >>Read more

European Residency and Citizenship: Providing for your family and future generations
Government approved European Residency and Citizenship Programmes have been available for many years. In recent years however the industry has evolved to an extent that such programmes now provide a solid foundation upon which families are able to build flexible wealth management strategies. It is potentially the most important investment you will make. >>Read more

UK revenue takes £700 million more from high net worth taxpayers
Heightened scrutiny of high net worth individuals saw the amount of tax raised from investigations by HM Revenue & Customs rise to a record £1.9 billion in 2018/19, up 58% from the £1.2 billion levied the year before.

The dramatic rise is attributed the increase in global data sharing agreements. The OECD’s common reporting standard (CRS) means that over 100 countries now share data with the UK. In 2018, HMRC received information about 5.67 million offshore accounts held by around three million UK residents. >>Read more

Malta launches vision for video game development and esports
Malta has launched a new strategy called ‘Vision for Video Game Development and Esports’, which aims to transform Malta into a central hub in Europe for the video gaming sector. Intended to future-proof the economy by creating more diversified and robust economic growth, the twin goals for the sector are to contribute 1% of GDP and support between 2,200 to 3,000 employees within a decade. >>Read more

Switzerland to exchange tax information with 33 more countries
The Swiss Federal Council confirmed in August 2019 that Switzerland would begin exchanging financial account information with 33 more partner countries in September.

The Federal Council approved a report on the review mechanism for standard-compliant implementation of the AEOI on 29 May. This was issued to the relevant parliamentary committees for consultation to receive recommendations of the partner states before the first exchange of data. >>Read more

Sovereign assists market entry as UK continues to attract FDI
A financial services organisation based in a candidate country for EU accession in the Balkans has committed to expanding its operations internationally acquiring a UK business and relocating key decision makers to the UK.

Sovereign has assisted the firm to acquire a Financial Conduct Authority-regulated UK company, which then applied to the Home Office for a sponsorship licence to enable it to recruit skilled staff employed in the firm’s Balkan headquarters. >>Read more