News

Hong Kong & Russia Strengthen Ties for Trade & Investment

Chief Executive of Hong kong Carrie Lam met with Russian Foreign Minister Mr Sergey Lavrov last week at the Government House in Hong Kong to discuss the two nations continued collaboration. The Secretary for Commerce & Economy, Mr Edward Yau, was also in attendance at the meeting.


CySEC Brings all ICOs Under Cyprus Anti-Money Laundering Regulations

CySEC (The Cyprus Securities and Exchange Commission) have issued proposals to bring virtual currency and crypto asset activities under the sphere of the jurisdiction's anti-money laundering (AML) regime, as per the provisions of the EU Fifth Anti-Money Laundering Directive (5AMLD).


WIPO: Hong Kong Enacts Trade Mark (Amendment) Bill 2019

The Hong Kong Trade Mark (Amendment) Bill 2019 amends the Hong Kong Trade Marks Ordinance to bring the international registration system under the Protocol Relating to the Madrid Agreement into national law.


Cyprus Court Systems Require a Judicial Reform: Civil Procedure & Litigation Update

A team of UK legal experts have arrived to the Republic of Cyprus is on the island to give guidance and support a continuing programme for reforming the justice system, judicial review and parliamentary proceedings on the island.


Bank of Cyprus: Project Helix & Non Performing Loans in 2019

Results for Bank of Cyprus’ 2018 annual profit-loss report was recently published, showing losses after tax of just over EUR €100 million, which, even though is a negative figure, experts have been quick to point out noteworthy improvements on the 2017 fiscal year losses of EUR €549 million.


EU parliament Votes to Repeal to EU Golden Visa Schemes

EU thinktank TAX 3 Committee have suggested a number of significant improvements to which the European Parliament have voted overwhelmingly in favour of. One of which being the most controversial legislation amendments in the financial sphere at the moment: the phasing out of EU Member States investment-based citizenship and residency schemes.


BVI Update on EU Blacklist Process on Economic Substance

In December of 2017, the European Union created and set forth a list of "non-cooperative" taxation jurisdictions, popularly referred to as the 'EU Blacklist'. As part of this exercise, several of the traditional offshore jurisdictions, including the BVI, the Cayman Islands, Jersey and other crown dependencies, have been believed by the EU to be a part of such list.


Reporting Deadline for the Availability of a CFC: March 20 2019

We would like to recall that according to the legislation on controlled foreign companies in Russia, a controlled foreign company (or CFC) is a foreign entity or a foreign structure not forming a legal entity that has a Controlling person - tax resident of the Russian Federation.


Key Changes to Company Secretary: Cyprus Companies Law 2018

There have been some recent amendments to the Cyprus Companies Law 2018 which introduced certain changes some of which come into force at of the date of publication of the amending law; whereas others come into force by the end of 2019 or upon announcement with more guidance from the Cyprus Registrar of Companies.