Draft Law regarding banking secrecy amendments, Tax transparency in Uruguay in relation to Ultimate beneficial owner registration In 2004, Uruguay started to change its policies with the announcement of the Law against money laundering in order to emerge from ambiguity and open up to international economic insertion. Uruguay’s development strategy aims to adopt measures to […]
Read MoreThe spirit that connects us As these significant dates of the year arrive, it is essential for us to reflect on the twelve months that have already gone by to keep on improving as a team and as a company. In good spirit it is necessary for us to understand which are the changes that […]
Read MoreTypes of shares in Uruguayan companies Shares are equal parts in which the capital of a company is divided. In Uruguay, according to the Commercial Companies Act No. 16.060, all shares must be indivisible and have a nominal value. According to this Act the types of shares of Uruguayan companies maybe classified following the following […]
Read MoreBill of Law on the Modification of the Banking Secrecy and Tax Transparency in Uruguay regarding the Final Beneficiaries Registry This past July 15, the Uruguayan Executive Power sent to Congress a Bill of law with modifications to the banking secrecy and tax transparency norms. With this Bill the Uruguayan government not only set the […]
Read MoreBarbados advantages in estate planning For purposes of estate planning, Barbados Island offers the following advantages to take into consideration: Follows international standards in tax and tax information exchange matters: Barbados is a signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2015, which will enter into force on the month […]
Read MoreFATF Recommendations on the fight against money laundering and terrorism financing The Financial Action Task Force (“FATF”) through its recommendations aims to establish and promote standards to fight money laundering, financing of terrorism and proliferation of massive destruction arms, as well as any other threat to the international financing system. Said recommendations are a series of […]
Read MorePanama´s Petition to enter the Multilateral Convention on Mutual Administrative Assistance in Tax Matters The Multilateral Convention on Mutual Administrative Assistance in Tax Matters emerged from the joint effort between the Organization for Economic Co-operation and Development (“OECD”) and the Europe Council 1988 and suffered an amendment in 2010 to adjust it to the new […]
Read MoreBearer shares in Panama Until last year, companies in Panamá could issue bearer shares, i.e., shares are held by the person whose name is on the share certificate and no record of such information is recorded thus hiding the identification of the person. The use of bearer shares in effect caused Panama to enter into […]
Read MoreRatification by Uruguay of the Multilateral Convention on the Mutual Administrative Assistance in Tax Matters On June 1st, 2016, Uruguay signed, in Paris, the Multilateral Convention on the Mutual Administrative Assistance in Tax Matters of the Organization for the Cooperation and Economic Development (“OCDE”) within the frame of the Latin America and the Caribbean Regional […]
Read MoreBrexit : The impact on Latin America On the 23th June, United Kingdom, underwent a referendum by which 52% of British citizens voted for the “Brexit option, i.e., to withdraw from the European Union. However, the United Kingdom must follow the procedure set in article 50 of the Lisbon Treaty, which sets a term of […]
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