Recent News

Hong Kong is preparing for the introduction of a special licensing system for the exchange of cryptocurrency for fiat. Hong Kong's main difference is the absence of capital gains tax on cryptocurrencies and other virtual assets. With its tax advantage, Hong Kong's crypto market can attract more investors. Therefore, such a move is aimed at making the city an attractive place for investments in virtual assets thanks to a favorable tax policy. For investors who prioritize yield, Hong Kong's low tax regime is a significant advantage. The attitude of the banking sector to virtual assets also plays a decisive role. Hong Kong may soon introduce a licensing system for cryptocurrency exchanges. The government has already taken steps to combat money laundering and cyber threats, demonstrating its commitment to promoting standardization and exploring regulatory options for this market. Unlike jurisdictions such as Singapore and the US, where licenses typically cover either cryptocurrencies or security tokens, Hong Kong licenses allow trading of both at the same time, so this dual capability simplifies transactions compared to the need to obtain separate licenses for...

FATF has removed Turkey and Jamaica from its list of jurisdictions that are under enhanced surveillance - the "grey list". This decision was made at the FATF plenary meeting held in Singapore from June 26 to 28, 2024. But the “gray list” was replenished with new countries: Monaco and Venezuela were included in it. To make a decision, a majority of the organization's members, including 37 jurisdictions and two regional organizations, including the European Commission, must vote. The “grey list” includes about twenty countries that are considered risky by the FATF. In February, the UAE was removed from the list. FATF sanctions have serious consequences: they affect the banking system, since transactions with a country on the “grey list” require more careful control. This also has an adverse effect on the investment climate, as foreign investors are afraid to do business in such...

Compared to 49 people last year, their number has now increased to 91 people. In addition, the number of cases handled by HMRC's dedicated crime investigation service has increased from 437 last year to 539 this year. The Tax Office pays increased attention to those with a net worth of more than £10 million. HMRC's success in tax investigations has increased its budget from £975 million to £1.1 billion. Improved information exchange between tax authorities of other countries thanks to the Connect system, which operates on the basis of artificial intelligence, has led to such...

Failure to pay taxes on time will result in penalties and problems with the tax office. All companies that conduct business in the UAE must register as a taxpayer. Companies that received permission to operate in March or April must apply for registration. In addition, residents whose income exceeded AED 1 million during the year must also submit an application no later than March 31, 2025. And non-residents who received an income of 1 million dirhams in 2024 must also register within 3 months from the date of receiving 1 million. There is a special platform “Emarat Tax” for filing a corporate tax payer application. A fine of Dh10,000 will be applied to anyone who is not...

The first automatic exchange of financial data with other countries will occur in 2024. This is one of the obligations to the EU on the path of integration. First reporting period: 07/01/2023-12/31/2023. Recently, the State Tax Service published a list of countries that participate in data exchange. The list includes 118 countries: Albania, Andorra, Anguilla, Antigua and Barbuda, Argentina, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil, Virgin Islands, Brunei Darussalam, Bulgaria, Canada , Cayman Islands, Chile, China, Colombia, Cook Islands, Costa Rica, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Dominica, Ecuador, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guernsey, Hong Kong (China), Hungary, Iceland, India, Indonesia, Ireland, Israel, Isle of Man, Italy, Jamaica, Japan, Jersey, Kazakhstan, Kenya, Korea, Kuwait, Latvia, Lebanon, Liberia, Liechtenstein, Lithuania, Luxembourg, Macau (China), Malaysia, Maldives, Malta, Marshall Islands, Republic of Mauritius, Mexico, Moldova, Monaco, Montenegro, Montserrat (UK), Morocco, Nauru, Netherlands, New...

Among the countries that cooperate with Ripple in the development of central bank digital currencies are Georgia, USA, Bhutan, Palau, Montenegro, Colombia. Each country is partnering with Ripple on a separate initiative. For example, in Georgia, work is underway on the Digital Lari pilot project, which is aimed at strengthening the financial sector. And in the US, Ripple is helping with the development of the digital dollar. Ripple plans to take a leadership position in the development of digital currency around the world, and make its transactions as fast and secure as possible. In addition, the company focuses on environmental friendliness, introducing technologies that require less energy consumption. The concept of digital currencies and their introduction at the state level causes a lot of controversy among citizens. Some believe that in this way the state will be able to gain greater control over the finances of the country's residents and thus jeopardize the concept of financial...

The proposal for a reduction came from the Ministry of Internal Affairs of the country. It is proposed to lower the bar by 50,000 euros. Thus, the government will try to attract new foreign investors to Cyprus who will be able to guarantee their financial stability while living on the island. Therefore, the terms of consideration of this proposal may be delayed. The text of the draft law can be submitted for approval by the entire composition of the parliament before the beginning of the summer parliamentary vacation in the fall or at the beginning of the winter of 2024. The new bill stipulates that a citizen of a third country must buy real estate worth at least €250,000 + VAT. The foreigner must also have an annual guaranteed income of €40,000 and €10,000 per year for each family member (husband/wife and minor children or adult university student...

The country plans to introduce restrictions on the purchase of real estate by foreigners due to rising rents and social tensions. At the same time, in April 2024, the issuance of "golden visas" was already stopped. Raising rents and restricting sales can reduce speculation and make housing more affordable. Also, one of the positive points for the Spaniards is the possible increase in the fund of social housing. At the same time, a decrease in foreign investment may have a negative impact on the construction and tourism sectors. So, for example, in 2022, foreigners invested €6.35 billion in the Spanish economy. The EU prohibits complete bans on the purchase of housing for citizens of member countries. But the nationalist party is in dire need of...