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Dominica Blacklisted as a Non-cooperative Jurisdiction for Tax Purposes by the EU Council

By Dominica News Online   Dominica has been added to the list of jurisdictions that are considered non-cooperative for tax purposes by the European Union (EU) Council.   On Monday, February 22, 2021, the council announced that the tax blacklist was due to Dominica receiving a “‘partially compliant’ rating from the Global Forum and has not yet resolved this issue.”   According to a press release, a jurisdiction can be blacklisted if they have “not engaged in constructive dialogue with the EU on tax governance or failed to deliver on their commitments to implement the reforms necessary to comply with a set...

The Citizenship-Revocation Policies of 9 CBI-Jurisdictions: What it Takes to get “Kicked Out”

What is the difference between a disposable tourist and a real citizen? The simple answer is constitutional protection. Indeed, without clearly written and time tested constitutional protections, your citizenship is only a temporary travel pass exposed to the caprices of local politicians, foreign governments, assertive media, or anyone else who can throw their weight around and who wants to take a crack at you.   Before committing to a glossy CBI program advertisement, investors have to do competent due diligence on their preferred CBI program, which includes reading the applicable revocation clause in the country’s constitution and/or pertinent regulation. Independent...

Foreign Trust Jurisdictional Considerations

Foreign trusts have both benefits and risks, which vary from jurisdiction to jurisdiction. Jack Millhouse and Charles F. Schultz IV of FGMK look at examples from civil law jurisdictions in Europe, so-called “tax havens” in the Caribbean, no-longer popular New Zealand, and the unique situation in Malta.   In the process of forming a trust, the choice of jurisdiction, and its associated tax or legal regime may play a significant role in impacting the decision. The purpose of this piece is to provide a high-level snapshot of several noteworthy regimes and jurisdictions. Each of these regimes requires a different approach...

The Selection of Offshore Jurisdictions: A Case Study

'Offshore company' is no longer a strange term in China, but it is now a synonym for "tax-free". At present, China is also actively planning the construction of Shanghai into an international offshore financial center. There are already more than 60 tax planning areas around the world, but do they meet the business or commercial needs of the Chinese consumer? This is the issue that will be explored in this article. Rather than discussing the tax systems and policies of various regions, this article hopes to reveal the other functions of offshore companies in terms of commercial purposes. Mr. He...

Malta – The EU Trust and Foundation Jurisdiction

Certainty and Security.  Malta is, as a civil law country within the European Union with a distinct Anglo-Saxon heritage, well placed to offer the benefits of both systems in a trust and foundation context. The Maltese Trusts and Trustees Act, together with the relevant provisions in the Maltese Civil Code, offers a robust framework for both trusts and foundations. Together with the Maltese Companies Act which regulates limited liability companies and partnerships, Malta can provide the legal entities and structures needed in international financing, wealth management, trading and other areas of business. International Finance Centre Malta has quietly emerged as...

The Premium Offshore Jurisdiction in the West

By Scott Lines, LOM Securities Limited Located 640 miles east of the USA,   Bermuda is an Atlantic island that provides superb access to all of the West major cities.  With daily flights to the island from New York, Boston, Atlanta, and Miami in the US, Toronto in Canada and London in the UK, Bermuda is at the flight crossroads of the West and immensely accessible. Our infrastructure is first class. Bermuda is the giant among the offshore jurisdictions in the Caribbean. A full British colony, originally settled in 1609, it became self governing in regards to domestic matters in 1620...

Euro Jurisdictions Your Alternative Option

By Adam Skuse. While traditional offshore options such as the Cayman Islands hold more of an allure for many Chinese investors due to their reputation, there are many options in Europe that can be considered viable that often get left out of consideration. For Chinese business people, investors and corporations with strong interests in Europe, many of these are worth looking at, particularly if geographic proximity is of importance and trusted expert advice can be found. The economic tumult across the region in recent years also means that many jurisdictions are vying to attract investment, particularly from Asia. This is...

Offshore Jurisdictions Praised For Adherence to Global Standards

Offshore centers continue their pursuit in attaining worldwide recognition and acceptance as an important and cooperative mechanism in the international investment system. A goal not reached cheaply for some. By Anas Almasri A recent initiative undertaken by the Financial Stability Board (FSB) to encourage the uniform adherence of countries to specific regulatory standards on international cooperation and information exchange concluded that many ffshore jurisdictions were in fact highly cooperative on such matters. The assessment was primarily focused on whether evaluated jurisdictions met the global standards in three areas: banking supervision, insurance supervision and securities regulation. The Board was essentially envisioned...