Recent News

USA Introduces '$5M Golden Card': New Opportunities for Business and Investors The U.S. government has introduced a new investment immigration program – the "Golden Card", a premium alternative to the traditional green card. The initiative aims to attract substantial investments into the country and stimulate economic growth through job creation. Under the program, foreign investors can obtain U.S. citizenship by investing at least $5 million in the economy. A key condition is that the investment must contribute to creating or preserving jobs for American citizens. Permanent U.S. citizenship without standard visa restrictions. Access to the largest economy in the world and full business freedom. Tax incentives for investments in priority industries. Simplified banking and financial service access. Eligibility to participate in government contracts and tenders. The program details will be clarified soon, and businesses should prepare accordingly to maximize its...

The U.S. Internal Revenue Service (IRS) has officially announced the beginning of the 2024 tax filing season. Over 140 million individual tax returns are expected to be submitted before the April 15, 2025 deadline. Taxpayers are encouraged to file their returns electronically and use direct deposit to speed up the refund process. The IRS estimates that those who file electronically can expect their refunds within 21 days. Filing deadline: April 15, 2025. Filing methods: electronic filing or paper return. Benefits of e-filing: faster processing, reduced risk of errors, and quicker refunds. Penalties for late filing: 5% of the unpaid tax amount per month of delay. Taxpayers who owe taxes to the IRS may also face additional penalties and interest charges for late payments. More information is available on the official IRS...

As of January 1, 2025, new personal income tax (PIT) rates have come into effect in Latvia. This government decision aims to increase tax revenues and ensure a fairer distribution of tax burdens among citizens with different income levels. Up to €105,300 per year – the base tax rate has increased from 23% to 25.5%. From €105,300 to €200,000 per year – the rate is now 33%. Over €200,000 per year – an additional tax of 3% applies. How will this impact citizens and businesses? For employees with an average income: the increase to 25.5% may result in lower net wages after tax deductions. For high-income individuals and entrepreneurs: the new rates may lead to higher tax burdens, prompting businesses to adjust their financial strategies. For foreigners working in Latvia: non-residents earning income in Latvia should take these new tax rates into account. What’s next for Latvia’s tax policy in 2025? The Latvian government states that these changes aim to create a more sustainable tax system and boost budget revenues. However, the business community fears that this may negatively impact the country’s...

On February 1, 2025, the DAC8 directive came into force in the European Union, fundamentally changing the rules for crypto asset holders and international businesses. Financial authorities now have expanded powers to monitor digital assets, offshore accounts, and international transactions. Let’s break down how this affects businesses. What Has Changed? Crypto platforms and banks must report all client transactions to tax authorities. This applies not only to exchanges but also to crypto wallets, DeFi platforms, and even NFT marketplaces. Stricter reporting requirements for individuals with offshore assets. All EU residents must now declare cryptocurrency transactions and foreign bank accounts. Failure to report could result in severe penalties. Expanded automatic tax information exchange between EU countries and third-party states. This means tax authorities will be able to track assets even outside the European Union. Risks and Opportunities for Businesses Risks: Crypto businesses must adapt to new reporting requirements or seek jurisdictions with more lenient regulations. Companies using cryptocurrencies for transactions will face increased scrutiny...

Spain Plans to Impose 100% Tax on Property Purchases by Non-EU Buyers Spanish Prime Minister Pedro Sánchez has announced the government's intention to introduce a tax equivalent to 100% of the property's value for buyers who are not citizens of the European Union. This initiative aims to address the housing crisis exacerbated by rising property prices and rents in the country. According to government data, in 2024, non-EU residents purchased approximately 27,000 residential properties in Spain, often for investment or vacation purposes. This trend has contributed to increasing prices and reduced housing availability for local residents. The proposed tax seeks to limit speculative purchases and prioritize housing access for citizens of Spain and the EU. However, experts have raised concerns about the measure's effectiveness and its potential impact on the real estate market. Details regarding the implementation of the tax and its mechanisms are currently being developed by the government. Additional measures, such as constructing state-owned housing and increasing taxes on short-term rentals, are also expected to be part of the strategy to resolve the housing...

The world of offshores is changing again. Starting in 2025, the OECD updated the list of jurisdictions now under close scrutiny. For businesses, this may seem like a challenge, but in reality, it’s a new opportunity. As experts in offshore structures, we aim to help you adapt to these changes and even benefit from them. What has changed The updated OECD list includes new jurisdictions that do not meet international standards of tax transparency. Some companies may face additional checks and restrictions. However, with properly constructed strategies, you can minimize risks and continue to enjoy the advantages of low-tax zones. Why this is not a problem for your business We know where opportunities remain: Even with stricter regulations, there are still countries and territories offering legal and safe tax optimization solutions. We know how to work with these jurisdictions and can guide you on where to establish a business today. Adapting to new standards: For many of our clients, transparency and compliance have become integral to their operations. We help implement processes that meet OECD requirements, so you can rest easy. ...

The Lithuanian government has approved a proposal by the Ministry of Social Security and Labour to increase the minimum wage effective January 1, 2025. Key Changes: Minimum Monthly Wage: The gross minimum monthly wage will rise from €924 to €1,038, marking a 12.3% increase. After taxes, this equates to approximately €777, providing minimum wage earners with an additional €69 in disposable income. Minimum Hourly Wage: The gross minimum hourly wage will increase from €5.65 to €6.35. Implications for Employers: Employers are required to adjust their payroll systems to accommodate these changes and ensure compliance with the updated wage standards. Social insurance contributions, both employer and employee portions, must be calculated based on the new minimum wage thresholds. Exceptions apply for certain categories of workers, including pensioners, individuals with disabilities, workers under the age of 24, and those receiving maternity, paternity, or child care benefits. Economic Context: This decision aligns with Lithuania's ongoing efforts to enhance living standards and reduce income inequality. The increase follows a...

British neobank Revolut has launched a beta test of its application in Ukraine, providing a limited group of users with access to international financial services with Ukrainian language support. Key features of the beta version: Multicurrency operations: Users can conduct transactions in over 30 currencies within a single application. International transfers: Ability to send money abroad without fees. Virtual card: Free virtual card for use in over 150 countries. Account opening: Registration without a fee under the Standard plan. Verification and account replenishment: New users can verify their identity through the state application "Diia". Account replenishment is available from foreign currency cards in dollars or euros. Replenishment from hryvnia cards is currently unavailable due to NBU regulatory restrictions. Revolut provides services to Ukrainian residents on a cross-border basis through Revolut Bank UAB in Lithuania. For more details on the beta test, visit...

10 Trends That Will Influence the Payment Sector by the End of 2025 MasterCard, one of the world’s leading payment companies, has outlined key trends that are transforming the approach to transactions, particularly regarding their security, speed, and convenience. 1. AI in Fighting Fraud By 2025, artificial intelligence will become a powerful tool in combating financial threats. By analyzing vast amounts of data, models will predict threats and respond instantly. This approach could triple the level of security for financial operations. 2. New Opportunities for Small Businesses Small enterprises will gain access to new platforms that automate routine processes, help create marketing strategies, and make data-driven decisions. 3. Integration of Local Digital Wallets The ability to link cards to local digital wallets will simplify international transactions, eliminating the need to top up accounts. 4. Biometric Authentication Passwords and one-time codes will gradually become obsolete. They will be replaced by biometric technologies and machine learning algorithms, making authentication faster and more...