• IN541 - Key Features of the New Double Tax Agreements between the UK and Guernsey, and the UK and the Isle of Man

    At the start of July 2018 three new Double Tax Agreements (DTAs) were announced between the UK and the Crown Dependencies (Guernsey, Isle of Man, and Jersey). The three DTAs (from each of the islands) are identical, which was a key aim of the UK Government.   

    Each of the DTAs cover clauses relating to Base Erosion and Profit Shifting (’BEPS’) and they comply with new international tax standards, … more

  • IN540 - The Taxation of UK Residential Property - What is the Current Situation?

    The past few years have seen dramatic changes to the taxation of UK residential property in respect of both UK and non-UK residents and detailed below is a summary of the current position (as of July 2018) and proposed changes. 

    It is important that existing structures (particularly those with foreign company ownership) are continually reviewed to ensure that the anticipated benefits of such … more

  • IN539 - Recent and Forthcoming Changes: UK Commercial Real Estate and Foreign Ownership

    The attractive tax regime for investment into UK commercial real estate by foreign investors is changing.  Foreign investors and their advisers should now consider if traditional structures remain effective, in light of new UK Government proposals being introduced in both April 2019 and 2020.

    Tax on Rental Profit

    Overseas investors who are not tax resident and do not carry on a trade in the … more

  • IN536 - Advantages of Cyprus Foreign Interest Companies - Including the Right for Employees to Reside in Cyprus

    Background and the Cyprus Permanent Residence Scheme

    Cyprus offers a Permanent Residence Scheme whereby individuals are granted permanent residence by acquiring property in Cyprus with a minimum value of €300,000. The Dixcart office in Cyprus can provide comprehensive details regarding the Cyprus Residence Scheme.

    This programme is proving popular but is not always appropriate as individuals … more

  • IN538 - Imminent Introduction of the Portuguese Tonnage Tax Scheme for Ships - What benefits will it offer?

    The Portuguese tonnage tax and seafarer scheme was approved by the European Commission on 6 April 2018, in line with EU State aid rules, in particular the Guidelines on State aid to maritime transport. The Portuguese measures will enhance the competitiveness of the Portuguese shipping sector and, simultaneously, protect know-how and jobs in the EU maritime transport sector.

    The law proposal had … more

  • IN537 - Moving to the UK and the Opportunities Provided by the UK Investment Visa and the UK Entrepreneur Visa

    Why the UK?

    The UK is a very popular destination for many individuals. The legal and education systems are of high quality and there is an excellent choice of property, both residential and commercial. It offers a rich culture, traditions and history and has a distinctive “British way of life”, which many people feel comfortable with

    The UK has a number of international airports; Heathrow, … more

  • IN535 - Consideration of the Jurisdiction of Nevis for the Control and Management of Companies outside the EU

    The Requirement for Substance

    In recent times a number of leading European countries have sought to limit the use of holding or associated companies outside the EU.  

    The main reason given has been the lack of real substance being demonstrated in the countries outside the EU.

    A Workable Solution to the Problem

    Advantages continue to exist through the use of holding companies outside the EU. … more

  • HN - Three Bills on ‘Distributed Ledger Technology’ (relating to Crypto Currency and Bitcoin) have been Approved by the Malta Parliament

    On 26 June 2018, the Maltese Parliament unanimously approved three Bills.

    The Virtual Financial Assets Bill -which provides regulation on virtual currencies and initial coin offerings (ICO)

    The Technology Arrangements and Services Bill - which is concerned with the registration and certification of technology service providers

    The Digital Innovation Authority Bill– which will establish the … more

  • IN534 - Dixcart Business Centres - An Efficient Way to Establish Companies Abroad

    Corporate entities are established and managed in a number of countries across the world for a variety of reasons. The location chosen for the incorporation and management of a company is a vital factor and integral aspect of the international, commercial planning process.

    Business Centres are becoming an increasingly popular feature within international trading centres. They provide an … more

  • IN533 - The Cyprus Start-Up Visa Scheme - An Attractive Scheme for Technological Entrepreneurs from Non-EU Countries

    Cyprus is already attracting global technology companies from all over the world, especially from EU countries, due to relatively low operational costs and its competitive EU-approved regimes for non-domiciled individuals. In addition, entrepreneurs from the EU do not require a resident visa to reside in Cyprus.

    In February 2017, the Cypriot Government established a new scheme designed to … more

  • IN532 - Maltese Shipping, Tonnage Tax System and the Advantages for Shipping Companies in Malta

    Over the last decade, Malta has consolidated its status as an international, Mediterranean centre of maritime excellence. Currently Malta has the largest shipping register in Europe and the sixth largest in the world. In addition, Malta has become a world leader in terms of commercial yacht registration.

    In order to avoid the risk of shipping companies relocating or flagging to low-tax countries … more

  • IN531 - The Importance of a Will - International Clients Need To Consider Their Position Across Jurisdictions

    As families become increasingly international, with family members located in different countries, it is vital that appropriate wills are drafted and, subsequently, regularly reviewed and amended to reflect variations in circumstances. Often the jurisdictions where assets are located and/or where family members reside will be subject to change.

    Writing A Will

    There is no doubt that a will is an … more

  • IN530 - Portuguese Double Taxation Agreements, Particularly Attractive Agreements and the Madeira International Business Centre

    Companies licensed to operate within the legal framework of the Free Trade Zone of Madeira are Portuguese companies. The double taxation agreements (DTAs) concluded between Portugal and its treaty partners generally apply to Portuguese companies registered in Madeira. Not only is access to most of the agreements available, but also access to EU Directives, for instance the Parent-Subsidiary … more

  • IN529 - Representative of Overseas Business and the Advantages Available when Moving to the Isle of Man

    The Isle of Man, United Kingdom, Channel Islands and Republic of Ireland collectively form a ‘Common Travel Area’. In effect this means that travel between each jurisdiction is deemed to be an internal domestic journey and there are no separate immigration controls in place.

    This, of course, is not the case for foreign nationals journeying to members of the ‘Common Travel Area’ from overseas. It … more

  • IN528 - The Annual Dixcart Seminar April 2018: Gaining a Foothold in Europe Ahead of Brexit

    The Annual Dixcart London Seminar was held in the City of London, at the Institute of Chartered Accountants in England and Wales (ICAEW). Further details regarding Brexit are emerging virtually continuously and these impending changes, as well as others within the UK, have provided an incentive for certain individuals to explore moving elsewhere.

    The seminar started by attempting to evaluate the … more

  • IN527 - Malta Issues New Rules for Collective Investment Schemes Investing in Virtual Currencies

    In October 2017 the Government of Malta published a public consultation paper, proposing a new set of rules to regulate collective investment schemes using virtual currency. Further to industry responses, a feedback statement was issued in January 2018.

    The Malta Financial Services Authority (MFSA) has developed and published a ‘rulebook’ to regulate Professional Investor Funds (PIFs) which … more

  • IN526 - Isle of Man and e-Gaming: Supporting e-Gaming Companies to Relocate

    The Isle of Man has been attracting e-Gaming companies to set up their business on island for almost 20 years. This initiative was based on the need to develop and diversify the island’s economy and to build on the very successful finance sector. The Isle of Man Government and the private sector have spent time and energy to create a ‘fit for purpose’ regulatory framework for e-Gaming companies … more

  • IN525 - Important Changes to the St Kitts and Nevis Economic Citizenship Programme

    On 5 April 2018, the St Kitts & Nevis, Citizenship by Investment Unit (CIU) made an exciting announcement regarding permanent changes to the Economic Citizenship Programme. 

    Two new options have now been introduced, as detailed below:

    Option 1: The New Sustainable Growth Fund

    We are delighted to announce the introduction of the New Sustainable Growth Fund (SGF). 

    This fund has been … more

  • IN524 - Central Register of Beneficial Ownership Shared Across EU Member States

    The 5th EU Anti-Money Laundering Directive

    In December 2017, the 5th Anti-Money Laundering Directive, a revision of the 4th Directive, was launched after the Panama Papers leaked the extent to which anonymously owned companies were facilitating money laundering and tax evasion. The aim of the 5th Directive is to further improve transparency in relation to beneficial ownership.

    Requirements of … more

  • IN523 - What is the UK Remittance Basis of Taxation and How Can It Be Of Benefit?

    The UK continues to offer significant tax advantages for individuals who are resident but not domiciled in the UK. This is due to the availability of the remittance basis of taxation. The availability of the remittance basis for longer term residents was restricted from April 2017 and additional details are available on request.

    Non-UK domiciliaries who are resident in the UK (whether on a short- … more

  • IN522 - The Importance of Having a Will - An Interview with Paul Flude, Dixcart Family Office Adviser

    As families become increasingly international, with family members located in different countries, it is vital that appropriate wills are drafted and, subsequently, regularly reviewed and amended to reflect any variation in circumstances. Often the jurisdictions where assets are located and/or where family members reside will be subject to change.

    Paul Flude, Dixcart Family Office Adviser, has … more

  • IN521 - The Importance of Having Non-Executive Directors (NED)

    What is a ‘NED’?

    Non-Executive Directors (NEDs) can play an important role within a business. They sit on the board of a company but are not part of the executive team and can therefore bring an impartial view without the conflict of having to manage the day to day operations of the company.

    NEDs can monitor the executive directors, become involved in strategic policy making and, of course, act … more

  • IN520 - Malta Tax Regime: Approved by the OECD and Compliant with EU Non-Discrimination Principles

    The Malta tax system is an efficient fiscal regime which, in particular when used in combination with Malta’s network of double tax treaties, offers a number of benefits to companies that are domiciled in Malta. Historically, however, this tax regime has suffered criticism and the labelling of Malta as a potential tax ‘haven’, resulted in an investigation by the European Investigative … more

  • IN519 - The Madeira Free Trade Zone – The Beginning of Portugal’s International Business Identity

    The Madeira archipelago is part of Portugal and is located in the Atlantic Ocean, 978km southwest of Lisbon. The island of Madeira was discovered in 1419 by the Portuguese navigator João Gonçalves Zarco; the first Portuguese Discovery during Europe’s Age of Discoveries and Exploration, and the start of a period in history where Portugal became one of the key players in global trade and commerce. … more

  • IN518 - Why the Madeira International Shipping Register (MAR) is so Attractive and the Advantages of Registering a Vessel in Madeira

    The International Shipping Register of Madeira (MAR) was established in 1989 as part of the Madeira International Business Centre (“MIBC”) “package” of taxation benefits. Vessels registered with MAR carry the Portuguese flag and are subject to the International Treaties and Conventions entered into by Portugal.

    Over half a million vessels are now registered with MAR and it is ranked the fourth … more

  • IN517 - Portuguese Holding Companies and the Benefits of Registering a Company in Madeira

    A number of significant benefits are available through using a Portuguese holding company. Portugal offers an internationally competitive tax framework that is both transparent and compliant.

    As an alternative to being registered on the mainland, Portuguese companies can, in the correct circumstances, be registered on the island of Madeira. The Madeira International Business Centre (MIBC) offers … more

  • IN516 - Obtaining a Portuguese Golden Visa by Investing in a Portuguese Venture Capital Fund

    The Golden Visa includes an investment route option. Individuals can use this route to gain a Golden Visa, by investing in a Portuguese Venture Capital Fund.

    The specific criteria details are:

    Investment of a minimum €500,000 to purchase shares in investment funds or venture capital companies that are being used to support small and/or medium sized companies in Portugal that have generated … more

  • IN515 - The Portuguese Golden Visa and the Application Procedures

    Portugal is an increasingly attractive jurisdiction for relocation, due to the lifestyle, cosmopolitan cities, good weather, local hospitality, excellent food and great ambience. With the introduction of Portugal’s Golden Visa scheme and a special tax regime for Non-Habitual Residents, Portugal has become a popular choice for many EU and non-EU nationals.

    The Portuguese Golden Visa provides the … more

  • IN514 - Portugal - Introduction of a Specific Start Up Visa for Entrepreneurs from Outside Portugal

    Framework

    The Portuguese Government launched the “Start Up Visa for Entrepreneurs” at the Web Summit it was hosting in November 2017. This summit was one of the major international, technological gathering events of the year.

    The Start Up Visa is specifically designed to attract foreign investment to Portugal.

    Advantages

    The Start Up Visa comprises a residence visa for entrepreneurs, who: … more

  • IN490(P) - Reasons Why Companies and Individuals are Relocating to the UK and a Case Study for the UK Entrepreneur Visa (Portuguese version)

    RAZÕES POR QUE TANTO EMPRESAS COMO INDIVÍDUOS SE ESTABELECEM NO REINO UNIDO E UM “CASE STUDY” SOBRE O VISTO DE EMPRENDEDOR NO REINO UNIDO

    Considerações

    O Reino Unido é um destino atraente para indivíduos não residentes na Uniao Europeia que considerem alterar a sua residência. Eles não são atraídos para o Reino Unido apenas pela sua cultura variada e pelo "modo de vida" britânico, mas também … more

  • IN489(P) - A New Residence Scheme in Malta and Favourable Changes to the Existing Residence and Visa Programme (Portuguese version)

    NOVA VIA DE OBTENÇÃO DE RESIDÊNCIA EM MALTA E MUDANÇAS FAVORÁVEIS AO ACTUAL PROGRAMA DE RESIDÊNCIA E VISTOS

    Resumo

    O novo programa, denominado "Iniciativa para Empregados Essenciais"/”Key Employees Initiative” em Malta permite a emissão de autorizações de trabalho e residência a futuros funcionários (desde que não residentes na UE) no prazo de cinco dias úteis a contar da data do pedido.

    As … more

  • IN486(P) - Portugal New Golden Visa Investment Routes (Portuguese version)

    PORTUGAL - NOVAS ROTAS DE INVESTIMENTO PARA O “GOLDEN VISA”

    Considerações

    15.000 pessoas de patrimônio elevado e suas famílias estabeleceram a sua residência em Portugal desde 2009.

    Portugal está na moda, com belas paisagens e cidades como Lisboa, Porto e Funchal para explorar. As famílias que se mudaram para Portugal são atraídas pelo programa de imposto sobre pessoas singulars, o Programa de … more

  • IN481(P) - Why Consider Using a Nevis International Business Company for Wealth Planning and Holding International Investments? (Portuguese version)

    RAZÕES PARA CONSIDERAR O USO DE SOCIEDADES DE INVESTIMENTO INTERNACIONAL (“INTERNATIONAL BUSINESS COMPANIES”) DE NEVIS PARA FINS DE PLANEAMENTO PATRIMONIAL E REALIZAÇÃO DE INVESTIMENTOS INTERNACIONAIS

    Considerações

    Nevis é um importante centro financeiro internacional situado nas Caraíbas, gozando de boa reputação e excelentes padrões de “compliance”, o que o torna adequado para a realização de … more

  • IN470(P) - Malta Holding Companies - Why are they so Attractive? (Portuguese version)

    SOCIEDADES “HOLDING” DE MALTA - PORQUE SÃO TÃO ATRAENTES?

    Vantagens para a localização de uma sociedade “holding” internacional

    A localização de uma sociedade “holding” é uma consideração importante em qualquer estrutura internacional, onde um dos objetivos é optimizar o imposto cobrado sobre o fluxo de rendimentos.

    Idealmente, a sociedade “holding” deve estar localizada numa jurisdição que: … more

  • IN378(P) - Uses of Private Trust Companies and Private Trust Foundations (Portuguese version)

    Razões para a Utilização de “Private Trust Companies” e “Private Trust Foundations”

    Considerações

    Um fideicomisso ou “trust” é instituido quando um indivíduo (o “settlor”) transfere a propriedade de certos ativos para outro indivíduo ou sociedade (o “trustee”) que controla e gere esses ativos e os usa em benefício de um indivíduo específico ou de um grupo de indivíduos (os beneficiários). … more

  • IN354(P) - The Benefits of a Swiss Holding Company (Portuguese version)

    VANTAGENS DA UTILIZAÇÃO DE UMA SOCIEDADE “HOLDING” SUÍÇA

    Por que são tão populares as sociedades “holding” suíças?

    Há varias razões pelas quais a Suíça se tornou um local privilegiado para negócios internacionais. Entre essas incluem-se:

    Estabilidade política, financeira, social e econômica.

    Ambiente fiscal favorável.

    Genebra e Zug são os principais centros de comércio de matérias primas. … more

  • IN326(P) - Reasons to use a Cyprus Company (Portuguese version)

    Razões para Considerar a Utilização de uma Sociedade do Chipre

    Considerações

    Chipre é uma jurisdição atraente a nível internacional com um excelente regime para sociedades “holding”. A Dixcart mantem um escritório em Limassol desde onde oferece serviços de incorporação e gestão de empresas em Chipre.

    Foram registradas aproximadamente 13,000 novas empresas em 2017, elevando o numero de … more

  • IN316(P) - The Isle of Man the Benefits for Business and Family (Portuguese version)

    A ILHA DE MAN - VANTAGENS PARA INDÍVIDUOS E SOCIEDADES COMERCIAIS

    Considerações

    A Ilha de Man oferece um conjunto de infra-estruturas altamente atraentes para sociedades comerciais bem como um ambiente estável, seguro e acessível para indivíduos e famílias.

    a ilha acolhe uma série de indústrias diversas dos sectores aeroespacial, bancário, de serviços financeiros, industriais, matricula de … more

  • IN490(S) - Reasons Why Companies and Individuals are Relocating to the UK and a Case Study for the UK Entrepreneur Visa (Spanish version)

    RAZONES POR LAS CUALES EMPRESAS E INDIVIDUOS SE TRASLADAN AL REINO UNIDO Y UN CASE STUDY PARA LA VISA DE EMPRENDEDOR EN EL REINO UNIDO

    Resumen

    El Reino Unido es un destino atractivo para la reubicación de individuos de fuera de la UE. No solo se sienten atraídos por el Reino Unido debido a su rica cultura y al "way of life" británico, sino también por las ventajas fiscales que están disponibles … more

  • IN486(S) - Portugal New Golden Visa Investment Routes (Spanish version)

    PORTUGAL - NUEVAS RUTAS DE INVERSIÓN PARA LOS “GOLDEN VISA”

    Resumen

    15,000 personas de alto patrimonio y sus familias se han mudado a Portugal desde 2009.

    Portugal se puso de moda, con hermosos paisajes y ciudades como Lisboa, Porto y Funchal para explorar. Las familias que se han trasladado a Portugal se sienten atraídas por el programa de impuestos personales: el Programa de Residentes No … more

  • IN481(S) - Why Consider Using A Nevis International Business Company For Wealth Planning And Holding International Investments? (Spanish version)

    ¿POR QUÉ CONSIDERAR EL USO DE UNA “INTERNATIONAL BUSINESS COMPANY” DE NEVIS PARA LA PLANIFICACIÓN DE PATRIMONIO Y TENENCIA DE INVERSIONES INTERNACIONALES?

    Resumen

    Nevis es un centro financiero internacional líder en el Caribe, con una buena reputación y excelentes estándares de “compliance”, por lo que es ideal para realizar inversiones internacionales por familias con patrimonios substanciales. … more

  • IN470(S) - Malta Holding Companies - Why are they so Attractive? (Spanish version)

    EMPRESAS “HOLDING” EN MALTA: ¿POR QUÉ SON TAN ATRACTIVAS?

    Características ventajosas para la ubicación de una empresa “holding” internacional

    La ubicación de una empresa “holding” es una consideración importante en cualquier estructura internacional, donde uno de los objetivos es minimizar el impuesto aplicado sobre el flujo de ingresos.

    Lo ideal sería que la empresa “holding” sea residente en … more

  • IN354(S) - The Benefits of a Swiss Holding Company (Spanish version)

    LOS BENEFICIOS DE UNA EMPRESA “HOLDING” SUIZA

    ¿Por qué son tan populares las compañías “holding” suizas?

    Hay muchas razones por las cuales Suiza es un lugar privilegiado para los negocios internacionales. Éstas incluyen:

    Estabilidad política, financiera, social y económica.

    Un entorno fiscal favorable.

    Ginebra y Zug son los principales centros de comercialización de “commodities”. … more

  • IN378(S) - Why Use Private Trust Companies and Private Trust Foundations? (Spanish version)

    ¿POR QUÉ UTILIZAR “PRIVATE TRUST COMPANIES” Y “PRIVATE TRUST FOUNDATIONS”?

    Resumen

    Un fideicomiso se establece cuando un individuo (el fideicomitente) transfiere la propiedad de ciertos activos a otro individuo o corporación (el fideicomisario) que controla y administra esos activos y los utiliza en beneficio de un individuo o grupo de individuos específicos (los beneficiarios).

    Dilemas … more

  • IN326(S) - Reasons to Use a Cyprus Company (Spanish version)

    RAZONES PARA USAR UNA COMPAÑÍA DE CHIPRE

    Resumen

    Chipre es una jurisdicción internacional atractiva con un régimen muy favourable para empresas “holding”. Dixcart tiene una oficina en Limassol y, por lo tanto, puede organizar eficientemente la incorporación y gestión de empresas en Chipre.

    Aproximadamente 13,000 nuevas compañías se han registrado en 2017 en Chipre, que totaliza en este momento … more

  • IN316(S) - The Isle of Man - The Benefits for Business and Family (Spanish version)

    LA ISLA DE MAN: BENEFICIOS PARA SOCIEDADES Y INDIVIDUOS

    Resumen

    La Isla de Man ofrece una infraestructura comercial muy atractiva, proporcionando un entorno estable, seguro y accesible para individuos y familias.

    La isla es hogar para una serie de industrias diversas, que incluyen; aeroespacial, banca, servicios financieros, fabricación, registro de buques y aeronaves, industria espacial y … more

  • IN512 - The Isle of Man Aircraft Registry: 10 Years of Success

    The Isle of Man Aircraft Registry was established by the Isle of Man Government in 2007, primarily to bring additional economic prosperity to the Isle of Man’s private sector. From a very small beginning, the team now comprises around 20 aviation specialists with the business ethos of ‘Safety and Service’.

    Currently led by the Director of Civil Aviation, Simon Williams, the registry continues to … more

  • IN513 - Worldwide Disclosure, UK Tax Liabilities and a Three Month Extension in Certain Circumstances

    The Worldwide Disclosure Facility (WDF) runs from 5 September 2016 to 30 September 2018. It is designed to enable taxpayers to disclose a UK tax liability which relates wholly or partly to an offshore matter.

    All other offshore disclosure facilities have now closed and this is the final opportunity for UK taxpayers to come forward before the Common Reporting Standard (“CRS”)  information … more

  • IN511 - New Malta-Ukraine Double Taxation Agreement Now Ratified and Additional Attractive Malta DTAs

    A new Double Taxation Agreement between Malta and the Ukraine was ratified in 2017 and was made effective as from 1 January 2018.

    As a result of this DTA, tax advantages for both countries are available and the Maltese holding company regime may prove attractive to Ukrainian investors. This DTA allows for dividends to be taxed in the country of source, at a withholding tax rate of 5%, if the … more