New modifications to Scotland’s Register of Persons with Significant Control (PSC) With the adoption by Scotland of the EU Fourth Money Laundering Directive (4MLD) of June 26, 2017, there have been some changes to the PSC Register suffered some modifications. Companies were already under the obligation to keep a register of their PSC, but this […]
Read MoreBVI’s new legislation regarding the Register of Ultimate Beneficial Owners (UBOs) On June 12, 2017, the BVI government enacted a new legislation named Beneficial Ownership Secure Search System Act (BOSS Act), which establishes the implementation of a database system for UBO information of companies registered in the island. This legislation is part of a series […]
Read MoreThe benefits of using a Nevis International Business Company for wealth planning and international investments Saint Kitts & Nevis (“Nevis”) is a prestigious financial center that complies with international standards on tax and financial matters. Also, it offers a favorable political and economic environment because it is part of the British Commonwealth, and is recognized […]
Read MoreArbitral award on individuals with dual nationality On December 15 2014, the arbitration court, constituted according to the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL), issued the resolution regarding the jurisdiction of the case CPA 2013-3 Serafín Garcia Armas and Karina Garcia Gruber (father and daughter) against the Bolivarian Republic […]
Read MoreResolution No. 51/997 – Uruguayan trading taxation Resolution No. 51/997 (The “Resolution”) establishes a notional tax calculation system for determining the Uruguayan net income to be levied with Corporate Income Tax (“IRAE” for its Spanish acronym) in trading operations made in Uruguayan territory, namely, trade operations of foreign goods where the origin or the final […]
Read MoreUruguay: Decree No. 43/2017 On February 13, 2017, Uruguay’s Executive Power issued Decree 43/2017, which extends the scope of Decree No. 355/010 of December 2, 2017 regarding the Prevention and Control of Money Laundering and Terrorism Financing – Reporting of Unusual and Suspicious Transactions. This new decree sets two new obligations for persons subject to […]
Read MoreUs trust advantages The following are some basic characteristics of US Trust under Delaware Laws. A Duration A Delaware trust can be perpetual, thereby allowing a family to not only preserve family wealth over multiple generations. Investment flexibility A Delaware trust may own any investment asset, including U.S. real estate and U.S. life insurance policies. […]
Read MoreTax benefits of Cyprus Trusts In order to become a modern and prestigious financial center and trust territory, Cyprus has established the so called “Cyprus International Trusts” (“CIT”), which have the following features: The “settlor” and the beneficiaries must not be permanent residents of Cyprus, however they may become residents after the creation of the […]
Read MoreTreatment of BONT in the new Uruguayan legislation One of the changes introduced by the Tax Transparency Law (Law No. 19,484) enacted on January 05, 2017 is in regard to the treatment of the jurisdictions or regimes considered low-tax or no-tax (Baja o Nula Tributación, “BONT”, for its acronym in Spanish). Chapter III of said […]
Read MoreLife Insurance Regime in Puerto Rico Puerto Rico is an Associated State of the United States of America and although it has autonomy to issue certain regulations, due to the application of the Territorial Clause of the US Constitution, it is subject to certain rulings of the Congress. Therefore, matters such as banking and insurance […]
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