Sovereign Report – Issue 41

Content Summary

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1. European News
   • EU plans to remove banking secrecy in crackdown on tax evasion
   • Cyprus agrees deal on €10bn bailout
   • Guernsey introduces Image Rights Register and Foundations
   • Malta introduces new Global Residence Programme
   • PM says UK territories should not be called “tax havens”
   • Spain to drop matriculation tax on yacht charters
2. USA & Caribbean News
   • UK’s dependencies and territories agree to exchange information
   • TCI offers new Permanent Residence Certificates
   • Switzerland and US agree deal on tax dispute with Swiss banks
   • OECD members more willing to provide “shell” companies
   • US delays FACTA deadline by further six months
   • BVI enacts new Trade Marks and Aircraft Mortgaging laws
3. Far East News
   • Singapore strengthens international cooperation framework
   • HK and Singapore move to dampen property markets
   • HK passes trust law and exchange of information reforms
   • South Africa signs new tax treaty with Mauritius
   • Free zone firms need DED licence to operate in Dubai
   • Finance Ministers agree plans for Asia Region Funds Passport
4. Legal News
   • UK Supreme court rules against oil trader in divorce case
   • Billionaire toymaker pleads guilty to Swiss tax evasion
   • UK Tribunal deems painting a “wasting asset”
   • Canadian Supreme Court rules on tax residency of a trust
   • Italian designers receive jail sentence for tax evasion
   • UK Appeal Court rejects stamp duty avoidance scheme
5. Fiscal News
   • G20 sets automatic exchange of information as new global standard
   • France adds three “havens” to its offshore blacklist
   • Netherlands signs new tax treaty with China
   • Canadian Supreme Court rules on tax residency of a trust
   • G20 adopts action plan against “base erosion and profit shifting”
   • German court imposes gift tax on trust distributions
   • Portugal hikes taxes on investment income and assets
6. Special Report
   • Inheritance tax U-turn: expats must plan ahead