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Draft BVI guidance on economic substance requirements expected April
Industry Alert: Draft BVI guidance on economic substance requirements expected late April 2019 Earlier this year, the government of the British Virgin Islands (BVI) enacted the Economic Substance (Companies and Limited Partnerships) Act of 2018 that came into effect on 1 January 2019. In a nutshell, the Act aims to…
Financially emigrating from South Africa? Let us help you
Financially emigrating from South Africa? Here’s why you should consider living in Mauritius… Following recent changes in the South African Revenue Service’s stance on foreign services tax exemption from offshore salaries, many people are unsure how this could affect them going forward. Let’s explore who could benefit from financial emigration…
The Africa Board: How the Mauritius Stock Exchange innovates!
With a strong growth record and increasingly substantial international presence, the Mauritius Stock Exchange has become an attractive platform for Africa-focused ventures. Now, with its sights firmly set on future growth and innovation, the launch of the new Africa Board continues to position it as a preferred partner for companies…
Cryptocurrency: tax treatment and exchange controls in South Africa
The South African Revenue Service (SARS) is of the view that the current tax framework and normal income tax rules are wide enough to apply to cryptocurrencies – see the SARS media release of 6 April 2018. SARS’S stance on the tax treatment of cryptocurrencies. SARS has not published an…
Four reasons Mauritius is becoming the fintech hub for Africa
With recent developments in the financial services space, investors are looking for increasingly sophisticated ways and marketplaces to transact in a digital world – without unnecessarily taking on extra risk. Let’s look at four initiatives Mauritius is putting in place to position itself as an innovation and fintech hub. The…
BVI is the world’s second-largest cryptocurrency market.
British Virgin Islands and Cayman Islands offer opportunities for cryptocurrency issuers and investors For both investors in and issuers of cryptocurrency tokens, the British Virgin Islands and Cayman Islands offer a flexible regulatory environment that makes them attractive territories for this market … for the time being, at least. Here’s…
Italian fixed tax regime or “res-non-dom” scheme
Following on from the UK’s assault on the resident non-domiciled rules, Italy has introduced a very attractive alternative for those seeking certainty at a reasonable cost right in the heart of Europe. From 1st January 2017 individuals can transfer tax residence to Italy and gain benefit from a fixed flat…
Re-engineering of the Mauritius Financial Services Sector
The Honourable Prime Minister, Pravind Kumar Jugnauth, in its recent declaration, affirms all stakeholders that Mauritius International Financial Centre (‘IFC’) is substance driven and fully supports the application of best practices recommended by globally recognized institutions. He stated that Mauritius is being transformed from a treaty centric to a substance…
South African Yachting Crew. How to plan your affairs
The world’s yachting management business is large and attracts staff from around the world. The South African contingent has been growing considerably of late, not least because it offers an opportunity to work with limited passport and visa issues. The question arises though, as to how to optimize that opportunity…
BVI Limited Partnership Act, 2017 improves partnership offering.
In early 2018 the new BVI Limited Partnership Act, 2017 (the “LPA”) was brought in to force with the Registry of Corporate Affairs in the British Virgin Islands accepting the registration of limited partnerships under the LPA. The LPA was intended to provide a platform for subscription finance transactions and…
BVI modernises AML requirements to recognise new technologies
Following consultation with the Joint Anti-Money Laundering and Terrorist Financing Advisory Committee (JALTFAC), the Anti-Money Laundering Code was amended on 19 July 2018 by means the Anti-Money Laundering and Terrorist Financing (Amendment) (No. 2) Code of Practice, 2018. The amendments came into force as of 1 August 2018. The major…
BVI amends Segregated Portfolio Companies to Investors advantage
SPC’s (Segregated Portfolio Companies) in the BVI have long been popular as entities to use as a professional or private fund and also as an insurance company. From 1 October, 2018, however, the list of uses to which it has been allowed has been significantly increased.Segregated Portfolio Companies will now…
EU proposal of substance requirements for zero tax territories
Proposed introduction of substance requirements for certain companies in the crown dependencies In response to pressure from the EU, Jersey, Guernsey and the Isle of Man have published consultations on the introduction of substance requirements for certain companies that are tax resident in those jurisdictions. Recently issued guidelines extend the…
Introduction of the new CGT charges for non-UK residents
Introduction of the new CGT charges for non-UK residents Further to recent consultations held and announced during the Autumn 2017 Budget speech, the UK Government will be introducing a new taxation of Capital gains tax (CGT) taxes on non-UK residents on disposals of any UK property (i.e. including commercial property)…
South African REIT rules change for new Stock Exchange
South African REIT’s rules to be amended by 2018 South African Income Tax Act. The draft Taxation Laws Amendment Bill of 2018 has brought in new rules to allow the 4 new exchanges licenced in South Africa to also qualify for REIT status. Previously, in order to qualify as a…
Forced Heirship and Succession Rules in Mauritius
Succession rules In most jurisdictions, one of the following two succession routes is adopted in respect to succession and inheritance law. The first route is where there is freedom of testation whereby residents of that country have the right to donate, in a will, their assets to whoever they wish.…
Mauritius Finance Bill 2018 – Critical Amendments to Global Business Sector
Further to the budgetary speech of 2017/2018 on 14 June 2018, the Finance (Miscellaneous Provision) Bill 2018 (“the Bill”) has been released for consultation. The bill incorporates the various measures announced by the Minister of Finance and this newsletter covers the key amendments to be brought to the Global Business…
Mauritius Introduces Citizenship Scheme
The 2018-19 budget presented by the prime minister included as one of its priorities, to enhance the economic growth in Mauritius, by attracting high net worth foreign investors and their families to the country. This budget now allows foreign nationals to benefit from enhanced existing schemes and also the introduction…
Mauritius Budget Brief 2018/2019
Recently the Mauritian Government unveiled it’s latest budget. Osiris has analysed the detail of the budget and how it can impact you. Please download the presentation here
New Frontier Properties Ltd. wins 2018 PwC Corporate Reporting Award
New Frontier Properties Ltd (“New Frontier”), for which the Osiris Group has acted as company secretary and administrator from inception, has won the PwC Corporate Reporting Award 2018 for Listed Global Business Companies. Tinesh Ramprusad, of Osiris, and Financial Director, Nigel Gurkin, both directors of New Frontier, were backed by…