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  • IN589 The Definition Of And Approach To The Taxation Of Crypto-Currencies In Malta

    Background

    Malta is one of the countries most advanced in terms of legislation regarding crypto-currencies and has developed a pragmatic approach in relation to the taxation of this asset type.

    The Malta Commissioner for Revenue has issued three guidelines regarding the tax treatment of distributed ledger technology (‘DLT’) assets. Each of the guidelines relates to a different tax: income tax, … more

  • IN588 Increasing Demand For Malta Freeport Services And Regulation Of Malta Free Zones To Promote Further Expansion

    Malta’s Strategic Location in the Mediterranean

    Malta is a country located in a strategic position in the middle of the Mediterranean. Due to its location Malta has been a major centre for maritime operations for generations. This historical heritage and robust transport links, via air and sea, help to make Malta an ideal hub to establish an international company.

    Malta’s strategic geographical … more

  • IN587 Key Changes To The Cyprus Citizenship By Investment Programme

    In February 2019 the Cyprus Council of Ministers approved revisions to the Cyprus Citizenship by Investment Programme. These changes include the addition of contributions to research and development within Cyprus and to fund affordable housing on the Island.

    Changes with Immediate Effect

    Three changes to the programme came into effect immediately:

    The minimum amount of time for which the … more

  • IN586 Why Use A Family Investment Company?

    What is a Family Investment Company and Why Have One?

    As anti-avoidance legislation aimed at trusts, is increasing, people are looking for alternatives to protect a family’s fortune.  Whilst many people are happy to pass ownership to others they often wish to retain control. 

    Family investment companies (“FICs”) are being used increasingly by wealthy families to protect their family fortunes. … more

  • IN585 Effective Family Wealth Planning

    Dixcart Expertise in Relation to Wealth Structures

    The Dixcart Group has over forty-five years’ experience in assisting clients to run and manage Family Offices.

    We are very familiar with the issues facing families in this ever-changing international world and have extensive experience in providing trustee services in a number of jurisdictions.

    We take time to establish and develop close … more

  • IN584 Annual Dixcart Seminar 2019 - The Future Of International Succession Planning

    Seminar Topic

    On Thursday 28 March 2019, Dixcart hosted its Annual Tax and Trust Seminar; this year titled: ‘The Future of International Succession Planning’.

    Sean Dowden, Managing Director of Dixcart Portugal, chaired the Seminar and began by introducing the Dixcart Group and covering some of the key reasons why succession planning is such a necessity.

    The transfer of wealth to the next … more

  • IN583 An Opportunity For Organisations To Legally Produce Medicinal Cannabis In Malta

    Background

    A new legislative initiative in Malta means that it is now possible to grow and process cannabis (marijuana) in Malta, as long as it is for medical use. This presents an opportunity for entrepreneurs and investors.

    Due to its geographical position Malta is also conveniently placed, as a potential distribution hub for medical cannabis.

    Entities need to apply to produce and/or process … more

  • IN582 How Can Individuals Move To Switzerland And What Will Their Basis Of Taxation Be?

    Background

    Many foreigners move to Switzerland for its high life quality, outdoor lifestyle, excellent working conditions and business opportunities.

    A central location within Europe with a high standard of living, as well as connections to over 200 international locations via regular international flights, also make Switzerland an attractive alternative residence.

    Many of the world’s largest … more

  • IN581 'SIGI' - A New Type Of Portuguese Real Estate Company And Its Benefits

    Background

    Recent interest from the international financial and investment community in  Portuguese real estate has motivated the Portuguese Government to introduce a new investment vehicle, exclusively dedicated to real estate investment.

    Introduced in February 2019, the ‘Sociedades de Investmento e Gestao Imobiliaria’, (‘SIGI') introduces a number of features generally associated with Real … more

  • IN580 Reforms to UK Investor Visa Category and New Entrepreneur Visa Routes

    On 7 March 2019, the UK Home Secretary laid Statement of Changes to the UK Immigration Rules before Parliament, with these changes being introduced from 29 March 2019.

    The changes primarily concern the closure of the Tier 1 (Graduate Entrepreneur) and Tier 1 (Entrepreneur) categories to new applicants, and these are replaced by the Start-up, and Innovator visa routes. The Tier 1 (Investor) … more

  • IN579 Guidelines: Determination of the Place of Supply - Hiring of Pleasure Boats in Malta

    The Malta Commissioner for Revenue has just published the guidelines that are to be used to determine the place of supply for the hiring of pleasure boats. These will be applicable, retrospectively, for all leases commencing on or after 1 November 2018.

    These new guidelines are based on the fundamental VAT principle of ‘use and enjoyment’ and provide the mechanism to determine the amount of VAT … more

  • IN578 UK Immigration - What Might Be Expected in 2019

    UK laws generally change at a fast pace and this is particularly the case when it comes to immigration.

    Brexit

    Brexit is very much a live issue and is still scheduled to take place on 29 March 2019. The terms of the UK’s departure from the EU are unclear but a few possibilities, in relation to immigration, are outlined below:

    the current draft Withdrawal Agreement is ratified by the UK and … more

  • IN577 Luxury Assets such as Aircraft and Yachts and Preparation for Brexit

    Aircraft and Yacht Registration and VAT Considerations

    The recent political upheaval with the United Kingdom leaving the European Union (Brexit) at the end of March 2019, has left many yacht and aviation owners with a potentially unquantified problem (both financially and legally).

    The VAT and registration (aircraft and/or yacht) arrangements in place before Brexit, may need consideration and … more

  • IN576 Key Measures Relating to EU ATAD Now Implemented in Malta

    As a member of the EU, Malta has implemented the EU Anti-Tax Avoidance Directive (ATAD) and has incorporated it into domestic legislation.

    Malta incorporated the ATAD measures into its domestic legislation at the beginning of December 2018 through implementation of Legal Notice 411, which includes the following:

    an interest limitation rule;

    general anti-abuse rules (GAAR);

    controlled … more

  • IN575 Increased Cash Rebates Film Production in Malta

    Background

    The Maltese Government is committed to promoting the film production sector and cash rebates can be claimed, as a financial incentive, to the growing Audio-visual Industry in Malta.

    What Rebates are Available?

    Starting from January 2019, qualifying companies can receive a maximum 40% cash rebate for film production in Malta.

    The cash rebates are rebates on the expenses in Malta, … more

  • IN574 Guernsey - Why Is It a Centre of Fintech Excellence?

    Background

    The current digital age brings with it new challenges and opportunities for the finance sector. As far back as 20th July 2015 the States of Guernsey released their report ‘A strategic vision for FinTech’ drafted by PwC and contributed to by more than 70 representatives of local industry and the FinTech sector including Dixcart Trust Corporation Limited.

    FinTech, as defined by the … more

  • IN572 Individual Taxation In The UK

    Liability to UK tax is broadly determined by the application of the concepts of "domicile" and "residence".

    Domicile

    UK law relating to domicile is complex and differs from the laws of most other countries. Domicile is distinct from the concepts of nationality or residence. In essence, you are domiciled in the country where you consider you belong and where your real and permanent home is. … more

  • IN571 Routes To UK Residence And Citizenship

    Individuals granted a Tier 1 (Entrepreneur) visa or Tier 1 (Investor) visa under the existing rules before/on 28 March 2019 are generally unaffected by the new rules effective from 29 March 2019. For more information, please refer to Dixcart Article: IN580 Reforms to UK Investor Visa Category and New Entrepreneur Visa Routes

    Who Can Move to the UK?

    EEA nationals and their family members have … more

  • IN570 Armed Guards To Be Allowed On Board Portuguese Flagged Ships - Where Piracy Is Prevalent

    New Law

    On 10 January 2019, the Portuguese Council of Ministers approved a law to allow armed guards to sail on Portuguese flagged vessels.

    This measure is long-awaited by the International Shipping Registry of Madeira (MAR) and by ship owners registered within it. The increase in financial loss due to hijackings and ransom demands, and the risk to human lives, as a result of hostage taking has … more

  • IN569 Using Switzerland For Asset Protection In An Increasingly Challenging World

    Background

    Switzerland is an incredibly attractive jurisdiction for international companies and high net worth individuals, seeking stability (political and economic).

    Taking into account the many factors that influence the choice of jurisdiction, the case for Switzerland is a strong one.

    Reasons Why Switzerland is a Favoured Location

    Political, financial, social and economic stability … more