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CHINESE HOUSEHOLD WEALTH AND THE WEALTH CONNECT PROGRAMME – WHAT IT MEANS FOR BVI AND CAYMAN
A recent article written by Thomas Hale and Tabby Kinder, published in the Financial Times on 5th July 2021 brought to light some of the tentative steps taken by Chinese authorities at liberalization of their capital markets and the effects of the strengthening of the renminbi. (For the full article,…
WHAT YOU NEED TO KNOW ABOUT THE LIBOR TRANSITION
Many financial markets have relied on Interbank Offered Rates (IBORs), the basic rate of interest used in lending between banks, as a basis for a variety of financial transactions and decisions for decades. The London Interbank Offered Rate (LIBOR), the most widely used interest rate benchmark, is reported daily in…
CHANGES IN THE LAW REGULATING ACQUISITION/DISPOSITION OF PROPERTIES IN MAURITIUS BY FOREIGNERS
Mauritius real estate market has seen an increasing number of foreigners during the last decade who have acquired immovable property. The government of Mauritius implemented various schemes through which such properties can be acquired and the necessary legislative framework to regulate such activity by providing that any such acquisition requires…
CONTRIBUTION SOCIALE GÉNÉRALISÉE: MAURITIUS
As from 1 September 2020, the National Pension Fund has been abolished and replaced by the Contribution Sociale Généralisée (“CSG”). The CSG is an uncapped contribution and it aims to aid the low earning, including self-employed individuals as well as Small and Medium Enterprises (SMEs). Every participant and every employer…
CAYMAN ISLANDS ECONOMIC SUBSTANCE UPDATES AND FILING EXTENSION TO 31 JANUARY 2021
The ministry of financial services, Cayman Islands government have advised industry participants of the following important economic substance (“ES”) updates; ES Year 2019 will remain available on CAP until 31 January 2021. This extension only applies to this first year. The DITC Portal is open for registrations of outsource service…
South African Reserve Bank relaxes rules relating to “loops”
After many years of this being the ultimate no-no in terms of South African exchange control rules, the prohibition on “loop” structures is finally to be relaxed. Please note, however, that such an investment does not come without supervision as well as changes to the tax rules to prevent tax…
Greece introduces a new tax system for High-Net-Worth Individuals
Greece has recently seen fit to follow in Italy’s footsteps and introduce a new non-dom regime. The scheme was introduced in December 2019 and came into effect on the 1 January 2020. In order to join the scheme individuals will opt to pay a flat tax of €100 000 pa…
SOUTH AFRICA 2020 MEDIUM TERM BUDGET POLICY STATEMENT: HIGHLIGHTS
South Africa’s Minister of Finance delivered the 2020 Medium Term Budget Policy Statement on 28 October 2020. Key tax highlights from the budget policy statement include: No new tax proposals were introduced. The Government continues to project R5 billion (b) of tax increases in 2021/22. Government spending remains too high for the…
UNEXPECTED TAX RELIEF FOR EXPATRIATES “STUCK” IN SOUTH AFRICA
South African expatriates who were unable to leave South Africa on account of the lockdown will be relieved to learn that the requirements of the foreign employment exemption (Section10(1)(o)(ii)) will be relaxed. On 13 October 2020, National Treasury and SARS published their draft Response Document on the latest tax Bills, wherein…
MAURITIUS ON THE NEW EU LIST
On 7 May 2020, the European Commission announced the adoption of a new list of third countries which, according to the Commission, had strategic deficiencies in their anti-money laundering and counter terrorism financing (AML-CFT) regimes. On the very same day, the Commission announced that it had come up with a…