ARTICLES
EU-UK Adequacy Agreement For Data Protection
As the UK is currently in the EU it is subject to the GDPR regime adopted by the European Union with regards to data protection standards. The UK has expressed that it intends to diverge from the current EU data protection standards. This means that in order to prevent complications the UK should implement an adequacy [...]
Tax Residence Concerns as a Consequence of Travel Restrictions
The arduous travel restrictions in response to the Covid 19 outbreak have no doubt affected every single person in some way or another. In particular international freelancers and contractors have specific concerns. Whether due to an existing contract they found themselves cut off from home or indeed the opposite which saw them unable to take new contracts [...]
30% Ruling Granted by Dutch Tax Authorities
This special tax regime is applicable for inbound employees providing certain requirements are met whereby the employee is entitled to a maximum of 30% of their income to be tax free. This is of particular interest to international freelancers and contractors as it is aimed at professionals with specific expertise within certain salary parameters which [...]
Foreign Investors to be Allowed to Invest in Debt Instruments in Saudi Arabia
Saudi Arabia has recently made announcements concerning both resident and non-resident foreigners which will enable them to be able to invest in both listed and non-listed debt instruments. It is hoped that this will open up its capital markets and therefore boost growth in the private sector in an attempt to widen the country’s economic [...]
Carried Interest Relief in Hong Kong
The Government in Hong Kong has released a consultation with regards to introducing tax concessions for carried interest distributed by private equity funds. If approved the relief will come into effect retrospectively from 1 April 2020. The consultation is in response to concerns as to uncertainty surrounding carried interest and calls for exemption or at least [...]
Dubai Family Joint Ownership Law
On the 13th August 2020 Dubai issued its ‘Regulating Family Ownership Law No.9 of 2020’. This allows family members to customise and enter into a legally binding contract to enable joint ownership and administration of a wide variety of property excluding publically quoted shares. The ability to tailor and proportion a wide variety of provisions makes this [...]
Positive Advantages of Setting up a Trust or Foundation
Recent studies and reports have shown that Foundations, Family Offices and Trusts are ideal vehicles in which to drive positive social change. The reason being is that investments and business operations in addition to having much more flexibility do not have ardent protocols and institutionalised decision making to content with. These types of vehicles normally have [...]
Mauritius
Mauritius is an island in the Indian Ocean which has become a popular location when dealing with offshore companies and structuring. Mauritius has several policies concerning tax that make it a focus when considering structures such as no capital gains tax. In addition Mauritius has concluded forty six double taxation agreements to date with several [...]
Hong Kong’s New Limited Partnership Regime
The Limited Partnership Fund Bill which was announced in March has been officially passed on the 9 July 2020 and will come into force on the 31 August 2020. The Limited Partnership Fund (LPF) regime enables funds to register in Hong Kong with a clear legal framework subject to certain eligibility requirements. The Hong Kong [...]
Bermuda Trust Firewall Provisions
Bermuda has announced amendments to it Trusts (Special Provisions) Act 1989 in an effort to strengthen its protective provisions and enhance its competitiveness with other jurisdictions. The amendments ensure that no foreign law applies to the determination of validity, construction, effects or administration of a Bermuda trust unless it specifically elects foreign law to apply [...]
UK Government to reform recognition of Foreign Qualifications
The Government in the United Kingdom is still undergoing many changes due to its exit from the European Union in anticipation in case sufficient bilateral agreements are not reached. One area of concern is that the country continues to benefit from skilled professionals from overseas. In light of this they have launched an open consultation which [...]
Grants Available for Contractors with Public Sector Engagements
We have reported repeatedly on the unpopular IR35 off-payroll rules that were introduced in the United Kingdom. However, as a result of the Covid-19 pandemic there may finally be a positive side to this. Employers are now entitled to claim a grant under the Coronavirus Job Retention Scheme including to pay contractors with public sector [...]
Ireland to Waive Withholding Tax on Income of Non-Resident Employees
In response to the international crisis that the world is experiencing Ireland issued their COVID-19 (No. 2) 2020 Bill on the 24 June 2020 in an effort to stimulate areas in the workforce. As a result of this self-employed individuals who had profit in 2019, but have suffered loss of earnings in 2020 will be [...]
Work Remotely from Barbados for Twelve Months!
We reported recently on working remotely from the Bahamas for one year. Bermuda has now followed suit. They are also offering a temporary one year residency certificate and it has also increased its maximum stay from ninety to one hundred and eighty days. The global pandemic has seen a number of countries tourism drop drastically with [...]
Wales reduce rate of LTT
We reported earlier in the month regarding the temporary increase in the SDLT nil-rate bank for England and Northern Ireland in response to the Covid-19 crisis and also the LBTT holiday announced in Scotland. Wales has also now followed suit. Reporting on the 14 July 2020 that the threshold for land transaction tax (LTT) will [...]
Temporary increase in Nil-Rate Stamp Duty Land Tax
Previously in England and Northern Ireland the nil-rate band for stamp duty land tax (SDLT) was £125,000. The government announced on the 8th July 2020 that it has now increased this to £500,000. This temporary reduction came into immediate effect until 31 March 2021. This applies to buyers owning no other residential property, neither in [...]
Work Remotely from Barbados for Twelve Months!
We often state that one of the most advantageous aspects of freelancing or self-employed contracting is that you can literally work anywhere in the world. But in reality this is often limited depending on job prospects. Not in Barbados, not anymore. If you have the luxury of being able to work remotely and not being [...]
Migration of Limited Partnerships into Jersey
Jersey is set to introduce a statutory migration process whereby provided that foreign limited partnerships are solvent and migration is not prohibited in their jurisdiction they can now relocate with ease. The Limited Partnerships (Continuance) (Jersey) Regulations 2020 which will be debated by the States of Jersey on the 14 July 2020 allows for a [...]
