Contributed Articles

NEWSLETTER: Pensions post 6.4.12 – the new Rules explained
Contributed by MW Pensions

Now that we are past 6th April 2012, we thought it might be useful to remind advisors what the rules are as they now apply to Registered Pension Schemes. Read More

Why you should consider Switzerland as part of your international tax planning arrangements?
Contributed by CO-Handelszentrum GmbH

Switzerland is not normally considered as an offshore tax haven but is well known for its pro-business attitude and low tax environment. Read More

A Different Style : VISTA Trusts 8 years later
Contributed by O'Neal Webster

March 1 2004 marked the beginning of a new era in BVI trust law with the coming into force of the Virgin Islands Trust Act, 2003. The vision for this Act, commonly known as VISTA, came from the BVI trust industry and the need for BVI trust practitioners to meet the changing needs of their clients. The traditional trust structure was often seen as too rigid or as not the right fit for clients. Read More

Securities and investment business regulations in the British Virgin Islands
Contributed by O'Neal Webster

It has been almost two years since the Securities and Investment Business Act, 2010 (‘SIBA’) in the British Virgin Islands (‘BVI’) was established – coming into effect on May 17th 2010. The BVI is the world’s largest offshore corporate domicile, and is known for its corporate flexibility, global acceptance and compliance with international standards. Read More

VAT Yacht Leasing Scheme
Contributed by Fiducenter (Cyprus) Ltd

The Cyprus VAT Authorities issued Circular 163 on 13 March 2012, providing guidelines on the practical application of the Yacht Leasing Scheme. Read More

Contributions Of The Panama Canal
Contributed by Icaza

The Panama Canal Authority contributed to the Panamanian Government, during the last fiscal year that ended September 30th, 2011, the sum of 1,043 million dollars. This amount breaks down to $366.9 million for fees for net ton, $1.9 million public service duty and $674.2 million for surplus. This contribution exceeded 28% for the corresponding fiscal period 2010 and the Canal has budgeted for the year 2012 a contribution of 950 million. Read More

International Trust Law of 2012
Contributed by Fiducenter (Cyprus) Ltd

On March 2012 the Cypriot parliament voted the reform of the International Trust Law of 1992, a reform that the professionals and investors were longing for since the general view has been for the past few years that the particular legislation was in need of an update and modernisation. Read More

Cyprus Hydrocarbons Exploration and Exploitation: the Legal Framework and Licensing for hydrocarbon reserves in Cyprus' Exclusive Economic Zone
Contributed by Andreas Neocleous & Co LLC

Cyprus has found itself at the epicentre of the oil and gas industry due to the recent discovery of hydrocarbons within its Exclusive Economic Zone and the wider potential emerging in relation to natural resources exploitation in the Eastern Mediterranean region. Cyprus has legislated to afford parties interested in prospecting, exploring and exploiting hydrocarbons with an efficient legal framework, which is also fully aligned with International Law and European Union (“EU”) Law. Read More

Cyprus Investment Firms
Contributed by Dioratico

Cyprus Investment Firms (CIF) are companies established in Cyprus and licensed by CySEC to provide one or more investment services to third parties or/and perform one or more investment activities under the applicable laws and regulations. Accordingly, an Investment Firm licensed in Cyprus, can be used for the provision of investment services from Cyprus in all EU markets by simply passporting its license, while it can also offer investment services to third countries. Read More

Trade Marks in Cyprus: Registration, Protection and Infringement of Trade Marks and Community Trade Marks in Cyprus
Contributed by Andreas Neocleous & Co LLC

The legislative framework governing the registration and protection of trade marks in Cyprus consists of the Cyprus Trade Mark Law, Cap. 268 (“Trade Mark Law”) and the Trade Mark Regulations (“the Regulations”), as amended from time to time. Amendments to the existing framework were effected in order to transpose European Union instruments into the Cypriot legal order. Read More

The Professional's Toolkit - Shelf Companies
Contributed by A.C.T. - Offshore Limited

Shelf companies are companies that have been previously incorporated and can be purchased “off the shelf”. They are also called ready-made companies and when they have been on the shelf for more than a year they are called ‘aged shelf companies’ or ‘vintage shelf companies’ (as in wine). Many types of companies from a number of jurisdictions can be bought from the shelf and the term ‘shelf’ only refers to the fact that the company has already been registered and is sitting ‘on a shelf’ waiting to be purchased. Read More

International Financial Centre Profile
Contributed by A.C.T. - Offshore Limited

Using a Seychelles entity a client can do almost anything they could do elsewhere for less cost and for less effort because regulations and procedures in Seychelles are straightforward and modern. International companies can be setup with the directors having extensive powers removing the need for frequent shareholder approval. Registrations and licencing are typically very fast and documents can quickly and easily be authenticated by notaries, the Supreme Court and by consulates and embassies. Read More

Cyprus Private Funds (ICIS)
Contributed by Dioratico

Cyprus Private Investment Funds, known as private International Collective Investment Schemes (ICIS), are private funds that can be formed under the laws of Cyprus. A private ICIS fund can have up to 100 investors, also known as unit-holders. The purpose of a private ICIS fund is the collective investment of funds injected in such schemes by the unit-holders. It provides an arrangement that enables a number of investors to add collectively their assets, have these professionally managed and invested by independent managers/entities and, in case of successful investment, extract their profits in a tax efficient manner. Read More

Cyprus Merger Control
Contributed by Andreas Neocleous & Co LLC.

The Control of Concentrations Between Undertakings No. 22(I) of 1999 (the Law) is the legislative instrument regulating concentrations in Cyprus. The Law provides the legal framework for pre-merger notifications and merger control procedures. Read More

The Overtime Regulations (Legal Notice 46 of 2012)
Contributed by EMD Advocates

Legal Notice 46 of 2012 (the Regulations) has recently been enacted in order to clarify the situation in relation to overtime under the current legal framework and also to introduce certain notions which previous legislation failed to address. The Regulations are in fact without prejudice to any other law issued under the Employment and Industrial Relations Act (EIRA) regulating part-time employment and the Organization of Working Time Regulations and can therefore be said to have a supplementary role. Read More

Hong Kong Property Market Trends: A Bubble which you are not part of?
Contributed by Laveco Ltd

Hong Kong is, beyond doubt, one of the most cosmopolitan cities, with a very distinctive atmosphere, and a property market which has the experts very much divided. Real estate prices have increased by approximately 70 percent since the start of 2009. According to the Hong Kong Rating and Valuation Department, property prices in 2011 were up 20,6% from 2010. Read More

Company Formations in Cyprus
Contributed by Patrikios Pavlou & Associates LLC

Cyprus is situated at the crossroads of three continents; Europe, Asia and Africa. This strategic geographic location, together with its excellent infrastructure, the strong pro-business attitude of the Cyprus people, the highly skilled human resources and the comprehensive double tax treaty network, have established Cyprus as a reputable International Financial Centre and an excellent place to establish tax efficient set ups. Read More

IP Holding Structures in Hungary
Contributed by The Company House

In the middle of Europe, today Hungary is one of the IP Holding premises with the lowest tax rates. In Hungary royalty - income deriving from the exploitation of intellectual products - has been subject to a low effective tax rate for several years, and even the stormy tax changes of recent years have not terminated or tightened this tax benefit. Read More

The The Highly Qualified Persons Rules
Contributed by Chetcuti Cauchi Advocates

In a bid to bolster the development of the Maltese financial services and gaming sectors, a favourable tax scheme has been introduced to attract highly qualified individuals. The scheme applies to individuals who enter into employment contracts to occupy eligible offices with companies licensed and/or recognized by the Malta Financial Services Authority (MFSA), in the case of individuals employed in the financial services industry, or the Lotteries and Gaming Authority(LGA), in the cases of gaming professionals. Read More

The New Beneficial Maltese Tax Regime To Attract Highly Qualified Professionals
Contributed by EMD Advocates

By means of Legal Notice 106 of 2011 ‘Highly Qualified Persons Rules, 2011’, new rules have been issued by virtue of which individuals in receipt of employment income from an ‘eligible office’ will be subject to a flat rate of tax of 15% on their employment income instead of the progressive rates of tax which are capped at 35%. The new rules came into force with effect from 1 January 2011 and apply to employment income which is subject to income tax in Malta as from year of assessment 2012 (basis year 2011) and subsequent years. Read More

The Maltese Family Office - a Buttress to Successful Family Governance
Contributed by EMD Advocates

With its ever-growing reputation as an interdisciplinary financial services centre, Malta is establishing itself as an attractive jurisdiction for family business governance. Financial services practitioners in Malta service clients and their future generations via the wealth of legal institutes available both under domestic law, as well as via the adoption of apposite solutions in appropriate jurisdictions which are combined with local instruments. Matters such as structuring of assets, transference of family assets, succession planning and wealth protection are considered in a comprehensive manner to devise an effective governance structure. Read More