Malta: Tax Transparency For Tax Advisors: The Mandatory Disclosure Rules – No More Hiding
Category: Visa
The Risks of Golden Visa Schemes
An exploration into the drawbacks to the very glossy 'Golden Visa Schemes' ... - Continue reading
Non-resident capital gains tax on UK commercial property ‘could block overseas investment’ – expert view
The Government’s changes to the tax treatment of overseas investment in UK commercial property will increase revenues in the short term but might prove short-sighted, write Craig Hughes and Russell Dickie There is, as they say, no place like home. However, in recent years, solid and steady capital growth and… – Continue reading
Kuwait eyes increased residence, work permit fees to reduce foreign population
The country could also increase the minimum salary for foreigners to sponsor family members Kuwait’s minister of social affairs and labour has said the country could increase the cost of residence visas and work permits for foreigners as it continues to focus on reducing the expat population. Responding to parliamentary… – Continue reading
St Kitts-Nevis joins Antigua-Barbuda in rejecting Illinois tax haven label
BASSETERRE, St Kitts (WINN) — Efforts by one American state to officially label St Kitts and Nevis a foreign tax haven are being strongly objected to by the federation’s foreign affairs minister, Mark Brantley, thus joining Antigua and Barbuda in a similar protest. A proposed House Bill 3419 in the… – Continue reading
10 ways you stand to gain from filing income tax return
Filing of your income tax return (ITR) is mandatory under the Income Tax Act, 1961 under certain circumstances. For instance, if someone’s income exceeds the maximum amount not chargeable to tax, one is required to file income tax return. Similarly, filing ITR is mandatory for ordinary residents having overseas assets… – Continue reading
Special tax regime for Non-Habitual Portuguese Resident individuals
Portuguese income tax law provides for a 20% reduced rate and, in respect to income obtained abroad, a full tax exemption, for certain types of income derived by individuals having the status of Non-Habitual Portuguese Residents (NHPR). Any individual that in a certain year becomes tax resident in Portugal will… – Continue reading
The favourable tax regime of new Italian residents
The 2017 Budget Law introduced (starting from fiscal year 2017) favourable provisions for people wishing to become tax residents in Italy. It is aimed at wealthy individuals who wish to bring in new capital resources. The regime is inspired by the non-domiciled resident regime which is in force in the… – Continue reading
Corporations paid no tax at Rio Olympics
Coca-Cola, McDonald’s, Visa and the rest of the corporate sponsors of the August 5–21 Olympic Games in Rio de Janeiro won’t be paying any taxes on the money they earn due to a tax exemption law that is set to cost Brazil hundreds of millions of dollars. The exemption, which… – Continue reading
EU considers blacklisting NZ over tax laws
Possible EU sanctions against New Zealand could make travel harder and have a massive effect on the economy. New Zealand is under investigation by the EU as it prepares a blacklist of global tax havens, Newshub revealed on Monday night. The grouping of 28 European nations has compiled a list… – Continue reading
Cyprus-India build on ties
Lobby groups and business associations from Cyprus and India are working to build trade relations between the two countries with an eye to a new double taxation agreement that is being negotiated. The two sides see mutual benefits to their cooperation. The Indian High Commissioner Ravi Bangar said in an… – Continue reading
Seychelles Low Tax or Tax Free Living?
Could you be one of the lucky expats who qualifies for tax free living in the Seychelles? Or would you have to pay the Seychelles flat tax on personal income? At first glance it looks as though the Seychelles levies a flat rate of personal income tax, and at only… – Continue reading
Expats face new tax on property bought and sold within two years in New Zealand
Expats who buy a property in New Zealand and sell it within two years could face a new property tax that citizens of the country will not have to pay. The Residential Land Withholding Tax (RLWT) is part of a Bill currently going through Parliament that is set to be… – Continue reading
Banks, MFs ask US NRIs to submit FATCA certificates
MUMBAI: Indian banks and mutual funds have in the past fortnight started warning NRIs who hold an American passport or are working in the US that their accounts could be frozen unless they get a tax-compliant certificate from US authorities, thanks to a treaty signed by New Delhi and Washington…. – Continue reading
Kenya and South Africa tax deal takes effect in January
The Kenya-South Africa double taxation agreement comes into force from January 1. An announcement in the November 19, South African government gazette says the agreement applies for taxes withheld at source. “A resident of Kenya will not be taxed on any South African business profits, unless it carries on business… – Continue reading
Mauritius and Morocco Sign Double Taxation Avoidance Agreement
PRESS RELEASE Mauritius and Morocco signed on November 25 in Port Louis a Double Taxation Avoidance Agreement (DTAA) that will provide for greater tax certainty for businessmen of the two countries. The signatories were the Minister of Finance and Economic Development, Mr Vishnu Lutchmeenaraidoo, and the Ambassador of the Kingdom… – Continue reading
Turkey launches golden visa residency scheme
Turkish Economy Minister Nihat Zeybekci says the country is set to follow in the footsteps of Spain, Portugal and Cyprus and launch its own Golden Visa scheme to grant citizenship to those foreigners who invest from €500,000-€1m in property, reports Property Showrooms. Leading Istanbul agent, Universal21, says the move could… – Continue reading
Expert guide to UK pension transfers overseas
Darion Pohl, chief executive of Prism Xpat provides an expert view on the factors an adviser needs to take into account when considering a defined-benefit pension transfer to a recognised overseas pension scheme for a UK retiree planning to retire overseas. This follows the introduction of the UK pension reforms… – Continue reading
NZ Introduces Property Tax Reform Bill
New Zealand introduced a tax bill on November 16, 2015, for a new withholding tax on sales of residential property by people who live overseas and go on to sell the property within two years of purchase. The proposed measure is the third part of the Government’s investment property tax… – Continue reading
Green card may no longer be a valuable asset for NRIs as Fatca sword hangs over their heads
MUMBAI: A US passport doesn’t look like such a priced possession anymore. Some Indians even want to surrender their hard-won green cards. India and the US are set to freely exchange financial information about their citizens, leaving no asset concealed. This could mean US tax officials imposing punitive levies on… – Continue reading
St Kitts & Nevis pursuing quiet diplomacy to recalibrate international relationships – PM Harris
The nine-month old Team Unity administration has been pursuing quiet diplomacy to recalibrate international relationships for the benefit of the people of St. Kitts and Nevis, reports SKN Vibes. So said St. Kitts and Nevis Prime Minister Dr. the Hon. Timothy Harris at last week’s press conference at government headquarters…. – Continue reading
Fair’s Fair: Balancing The Interests of the State and of Wealthy Migrants
Clare Maurice, Arabella Murphy and Sophie Mazzier, Maurice Turnor Gardner LLP For better or worse, the concept of “fairness” is here to stay in relation to taxation, whether domestic or international. Politicians of all persuasions like to insist that their respective policies will ensure that everyone pays his or her… – Continue reading
Qatar regulatory changes present risks and opportunities for CFOs, says ICAEW
Recent legal changes in Qatar must be understood by chief financial officers (CFOs) and finance professionals if businesses are going to be able to address potential risks, the Institute Of Chartered Accountants In England and Wales (ICAEW) said, reports the Gulf Times. The accountancy body partnered with international law firm… – Continue reading
Regulatory changes in Qatar present risks and opportunities for CFOs
Recent legal changes in Qatar must be understood by CFOs and finance professionals if businesses are going to be able to address the potential risks, according to ICAEW. The accountancy body partnered with international law firm Pinsent Masons to host a seminar about Qatar’s recent regulatory changes for senior financial… – Continue reading
India, US to keep talking about visa, double taxation issues
Washington, Oct 30 : India and the US have agreed to continue their engagement on the vexed issue of a totalization agreement for the purpose of avoiding double taxation of income with respect to social security taxes. “There is steady progress on the issue,” Minister of State for Commerce &… – Continue reading
Ukraine, Luxembourg to sign convention on avoiding double taxation
The convention between Ukraine and Luxembourg will be signed shortly, Ukrainian President Petro Poroshenko said at a joint press conference with Prime Minister of Luxembourg Xavier Bettel, who is now on a working visit to Ukraine. “As for the bilateral relations, I would like to note the significant progress that… – Continue reading
Trusts and the new tax statement rules for land transactions
From 1 October 2015, all parties to transactions which include a transfer of land or an interest in land have to complete a “tax statement” as part of the registration process. We summarise how the new rules apply to trusts. New requirements in brief The tax statement is a one… – Continue reading
US rejects India’s claim in talks on Totalization Pact
The United States has rejected India’s claim that schemes such as Atal Pension Yojana, Rashtriya Swasthya Bima Yojana, Employees Provident Fund Organization and others should be taken into account while determining the size of population covered under social security schemes. In recently resumed talks on Totalization Pact, the US said… – Continue reading
FACTA: Expect the unexpected (and the worst) in tax treatment and disclosure of offshore assets, particularly for Indian assets
On July 9, 2015, India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries starting on October 1, 2015. FATCA was signed by Revenue Secretary Shaktikanta Das and US Ambassador Richard Verma in New… – Continue reading
Worldwide: Governments Continue To Welcome Wealthy Foreigners
With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s… – Continue reading
Double taxation pact reflects growing importance of Oman: Swiss envoy
Muscat – H E Christian Winter, Switzerland’s Ambassador to Oman has said that the recently signed Double Taxation Agreement (DTA) between his country and the sultanate reflects the broader ties Switzerland seeks with GCC. “The conclusion of the agreement takes into account the growing economic and political importance of the… – Continue reading
IRS-State Information Sharing Agreements
The IRS published a list of Information Exchange agreements it has with state agencies, a copy of which is available here IRS State Information Exchange Table.pdf The disclosure of this list may help taxpayer’s and practitioner’s determine when and possibly whether to file late or amended state or municipal returns…. – Continue reading
India flags US visa, trade issues at high-level meet
New Delhi has proposed the setting up of a bilateral high-level group to discuss with Washington its concerns on the long-pending issue of US “visa restrictions” affecting the easy movement of Indian skilled professionals, especially in the IT sector. New Delhi has proposed the setting up of a bilateral high-level… – Continue reading
How NRIs can claim tax benefits under DTAA
Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax Act apply only… – Continue reading
Expats on retirement visas push for permanent Australian residency
Thousands of expats living in Australia, many of them British with temporary retirement visas, want to become permanent residents but are told they are unable to do so despite funding their own lifestyle. Some have lived in Australia for over 20 years but the visa they hold was withdrawn to… – Continue reading
Don McKinnon: China will be listening to our housing debate
New Zealand China Council chairman Sir Don McKinnon says we need to have a national debate on housing that avoids sending mixed messages to valued overseas partners. New Zealand is far from alone in having a red hot property market. Headlines in Australia, Britain and Canada paint a strikingly similar… – Continue reading
Lisbon treaty: Technical briefing with NDR
Portugal is an increasingly desirable destination, thanks to its tax-friendly stance. Portugal may not be top of everyone’s list in terms of tax-friendliness, particularly given the recent backdrop of the recession and bail-out, but it does have a history of running successful tax-friendly programmes, for example the Madeira and Azores… – Continue reading
700 people apply for Malta’s Citizenship scheme – Henley & Partners vice-chairman
Around 700 people have applied for Malta’s ‘cash-for-passports’ scheme, described as on the most popular schemes run by Henley & Partners, their vice-chairman Andrew Taylor said during a radio interview on a South African radio station, reports the Maltese Independent. Extolling the virtues of the scheme, Mr Taylor said that… – Continue reading
Portuguese minister to be charged in money-laundering “golden” visa scandal
Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as… – Continue reading
UAE tops in lighter tax burden
Dubai — The UAE ranked top in the world along with Malta and Monaco for lighter tax burdens placed on residents on both personal and corporate levels, according to a latest report. The annual report released by Henley & Partners revealed the outcomes of the Global Residence Program Index (GRPI)… – Continue reading
Retiring overseas: a checklist before heading for your dream home
We consider the retirement options for three top expat destinations – New Zealand, Bahrain and Singapore Retiring overseas is an aspiration for many expats, especially after they have spent much of their working life outside the UK. But while you may think you know what’s involved, there are many things… – Continue reading
Wall of Chinese capital buying up Australian properties
The “wall of Chinese capital” hitting property markets in Sydney and Melbourne will not ease up until the government introduces its anti-money laundering legislation, says an expert in ‘flight capital’. James Tee, an ethnic Chinese property developer whose business specialises in “capital expatriation” – that is, getting money out of… – Continue reading
Qatar’s Emir to approve an agreement for visa cancellation with Romania
Qatar’s Emir, HH Sheikh Tamim bin Hamad Al Thani, ratified a draft agreement on avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income between Qatar and South Africa as well as its attached draft protocol, which were signed in Pretoria on March 6, 2015…. – Continue reading
Income tax consequences of US visas
Newcomers to the United States on temporary visas may be unpleasantly surprised at the income tax consequences. A little advance planning with tax and immigration professionals can go a long way towards mitigating income taxes due. Many countries imposes taxes on income earned in that country (i.e., a territorial tax… – Continue reading
What Nigeria, Singapore stand to gain from investment promotion, protection pact –Ambassador Rajis-Opara
From today, negotiation on the Investment Promotion and Protection Agreement (IPPA) between Nigeria and Singapore will start in Abuja, aimed at enhancing business between the two countries. Revealing this in an interview with the African Independent Television (AIT), Nigerian High Commissioner to Singapore. Mrs. Nonye Rajis-Opara, said there would be… – Continue reading
UK banks named in football bribery scandal: Barclays and HSBC ‘handled millions in suspect transactions’
■ Barclays and HSBC have been named in legal papers filed in the US ■ Documents have also named London-based Standard Chartered Bank ■ Allegedly moved suspect transactions linked to Fifa through their accounts ■ Britain’s Serious Fraud Office is understood to be monitoring situation Two of Britain’s biggest High… – Continue reading
Malta’s credibility as financial centre takes another hit over battle for Gaddafi’s money
Malta’s credibility as a financial centre has taken another hit as news broke this week about a legal battle for the millions of euros accumulated by Mutassim Gaddafi – son of Libyan dictator Muammar Gaddafi – currently frozen in a Bank of Valletta account. Malta’s role in all this came… – Continue reading
Chairman Royce, Rep. Pallone welcome US-Amenia Trade & Investment Framework Agreement
The advantages of off-shore investments Two of the top reasons that South African investors are given to encourage offshore investments are that going offshore diversifies your portfolio and that it gives you access to sectors you could never find on the resource-heavy JSE. “While those are not reasons to be… – Continue reading
Vietnamese President begins official visit to Azerbaijan
President Truong Tan Sang arrived at Heydar Aliyev international airport in Baku on May 13 afternoon for a three-day official visit to Azerbaijan. The President was welcomed at the airport by Azerbaijani Deputy Prime Minister Eyyubov Yaqub, Deputy Minister of Foreign Affairs Khalaf Aly Oglu Khalafov, Azerbaijani Ambassador to Vietnam… – Continue reading
Kenya: Banks Say Stolen Money in Offshore Accounts Out of Their Reach
BANKS are unable to directly recover the huge sums of money stolen from their customers via online transactions if the cash is stashed in offshore accounts, its association said yesterday. The Kenya Bankers Association chief executive officer Habil Olaka said most countries like Mauritius or Switzerland where fraudsters hide the… – Continue reading
