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Post-Brexit Trading Between the EU and UK – the Art of Compromise

Anyone who has been in a long-term marriage will understand the word ‘compromise’.  The UK was married to the EU from 1973 until 2020 so you would have thought the two sides, faced with an unwelcomed hiatus[...]

Date: 03 Oct 2022

Economic substance in the BVI: a guide for directors and operators of BVI companies and limited partnerships

The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) was introduced in the BVI, effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on Harmful Tax Practices regarding economic substance. Related[...]

Date: 16 Sep 2022

British Virgin Islands economic substance – ITA investigation and enforcement powers

The BVI International Tax Authority (ITA) is responsible for monitoring entities’ compliance with the economic substance (ES) compliance and reporting requirements. The ITA is now investigating entities and taking further action, where appropriate. This guide summarises the[...]

Date: 15 Sep 2022

Law Commission proposes revolutionary rules for ownership of crypto tokens and NFTs

There is a major earthquake happening in the sphere of digital assets, which is expected to create shockwaves that will impact tech not only in the real world but also in the metaverse. These potentially revolutionary changes appear in an innocuous-looking, if lengthy,[...]

Date: 09 Sep 2022
Jurisdiction:

Overview of US sanctions laws and regulations

Given the continuing rapid pace of change in the US sanctions landscape, it is now more important than ever for companies—both US and non-US—to understand various types of US sanctions and their potential influence on the global matrix of business risks, as well as to stay[...]

Date: 08 Sep 2022
Jurisdiction: United States of America

Spotlight on Foreign Ownership of UK Property – the Register of Overseas Entities

Companies House and the Land Registry have announced that the Register of Overseas Entities will come into effect on 1 August 2022. In this note, we look at the background to this new register, the obligations for overseas entities that own, acquire,[...]

Date: 08 Sep 2022
Jurisdiction: United Kingdom

Cyprus adopts 2022 OECD transfer pricing guidelines

On 30 June 2022, the House of Representatives passed Law 101(I)/2022 to align the Income Tax Law 2002 (ITL), as amended, with the Organisation for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines for Multinational Enterprises[...]

Date: 08 Sep 2022
Jurisdiction: Cyprus

Modernisation of the Luxembourg Financial Collateral Law

Since its adoption, the Luxembourg law on financial collateral arrangements, dated 5 August 2005 (the Financial Collateral Law), has been the key to facilitate,[...]

Date: 08 Sep 2022
Jurisdiction: Luxembourg

Favourable Tax Planning Opportunities for UK residents

As an IBSA member for the last 10 years, I thought I would share my story as a financial planner to perhaps help other IBSA members as well as their clients. In 2016, my wife and I chose to relocate from central London to the Portuguese island of[...]

Date: 07 Sep 2022
Jurisdiction: Portugal

Is Crypto Regulated in the UK?

Crypto. Blockchain. Stablecoins. NFTs. DeFi. The always fast-moving world of finance is expanding at an ever-increasing pace. Within this maelstrom of innovation, what are the financial regulatory implications? Is regulation keeping pace, playing catch-up or barely even[...]

Date: 13 Jul 2022
Jurisdiction: United Kingdom