Blog
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…