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For two years, the citizenship by investment program was unavailable. Previously introduced restrictions have been revised, and the acceptance of applications has been resumed. Representatives of the Department of Citizenship by Investment emphasize the importance of comprehensive verification of persons wishing to obtain citizenship. They should not be under sanctions and not be associated with sanctioned organizations. However, the program is not available to Russians and Belarusians. At the moment, the cost of joining the program is 100 thousand dollars, and the registration time will take 3-6 months. Ukraine also has a visa-free agreement with Antigua, which will allow potential immigrants to get to know the country. Some experts believe the cost of citizenship by investment may...

On March 14, amendments to the DIFC Law were adopted, which formally establish the supremacy of DIFC laws, prohibiting the enforcement of a foreign judgment if it does not comply with DIFC laws. These provisions ensure that foreign courts or parties who do not wish to submit to the jurisdiction of the DIFC courts cannot circumvent the DIFC Trusts and Foundations Law. They provide that a fund or trust officer must cease to act with respect to the fund or trust if a foreign judgment has been entered against it, thereby preventing it from exercising the authority to manage assets under the foreign judgment. The amendments provide additional guarantees regarding the prior transfer of property by the founder to the trust or foundation. A creditor of a trust or foundation must prove that the settlor intended to defraud the creditor in transferring property to the trust or foundation and that the transfer resulted in the settlor's insolvency. Without this proof, the trust or foundation will be obligated to settle the creditor's claim only to the extent of the share that previously belonged to the settlor. A new protection was also the introduction of a three-year statute of...

The Bank of France has tapped a special reserve fund to cover losses of 12.44 billion euros in 2023 after the ECB's rapid rise in interest rates pushed up the cost of servicing deposits. Source:https://www.reuters.com/business/finance/french-central-bank-taps-provisions-cover-12-bln-euro-loss-2024-03-15/ Many central banks are reporting losses as they raised rates over the past two years, leading to large interest payments on the excess liquidity commercial banks parked with them. Anticipating such circumstances, the Bank of France has built up rainy day reserves in recent years to cover potential losses, reaching €16.4 billion in 2022 before being used to offset pre-tax losses in 2023. Villeroy promises that the Bank of France will not need taxpayer help. Future losses could be covered by about 18 billion euros held in another reserve fund and potential asset...

At the moment, inheritance in Switzerland is not subject to tax. But members of the Swiss Socialist Youth movement and environmental activists have already collected 108,988 signatures in support of the initiative to introduce a 50% inheritance tax on assets exceeding 50 million francs. The initiators calculated that the innovation would bring in about 6 billion francs annually. In their opinion, this amount should be spent on climate protection and green transformation of the economy. A referendum is due to take place soon, where voters will be able to express their views. Let us remind you that consultations are also underway in Switzerland on the implementation of new rules to combat money...

MiCA rules are due to be introduced in Cyprus by the end of 2024. They are designed to protect investors, increase the level of transparency of transactions on crypto exchanges and combat money laundering. The Chairman of the Cyprus Securities and Exchange Commission, Giorgos Theocharides, recommends that all companies involved prepare for innovation. All companies should begin implementing the KYC procedure and, if necessary, hire additional staff for this. All investors are urged to be careful when conducting any crypto transactions to avoid financial risks, as at this stage, until the implementation of the MiCA rules, their interests are not...

In this way, leader Nayib Bukele seeks to attract capital and wealthy foreigners to the country. Previously the rate was 30%. The tax is waived regardless of the amount of money deposited. Source:https://www.bloomberg.com/news/articles/2024-03-13/el-salvador-eliminates-income-tax-on-investment-from-overseas?srnd=undefined Some cryptocurrency enthusiasts have moved to El Salvador in recent years after Bukele made bitcoin legal tender. In addition, the crime rate in El Salvador has decreased significantly due to some actions taken. The country's dollar bonds have risen in recent weeks after Bukele told investors the country was working to reach an agreement with the International Monetary Fund. El Salvador recently achieved credit rating upgrades from S&P Global Ratings and Fitch...

The Directive is awaiting approval by the EU Council. In this way, it will be possible to confiscate Russian assets due to violation of sanctions and the onset of criminal liability. The bill concerns all restrictions that Brussels will introduce. Bypassing sanctions will be considered a punishable act. The initiative guarantees criminal liability and even imprisonment, and companies may be subject to fines. The European Parliament believes that there is now a practice of searching for sanctions violators in EU countries “with the weakest law enforcement.” The new law aims to establish “consistent definitions of violations,” including not freezing funds, violating travel bans or arms embargoes, or transferring money to sanctioned individuals. It will also be a crime to provide financial services or legal advice in violation of...

Back in November 2022, a lawsuit was filed in the United States by the National Small Business Association. Thus, they made a request to block the requirement to register beneficiaries for small businesses. The law has already come into force since the beginning of this year and is designed to prevent criminal abuse by anonymous shell companies. The petitioners argue that the beneficiary disclosure rule violates the Constitution, is burdensome on small firms, violates privacy and free speech protections, and infringes on states' business management powers. A few days ago, the court ruled that the Corporate Transparency Act was unconstitutional and that Congress had exceeded its authority, making the resulting requirements...

At the G20 meeting, Brazil's finance minister proposed a global tax on the super-rich to combat “rampant tax evasion.” Fernando Haddad suggested that the problem of tax evasion could be solved through international cooperation so that “these few people can contribute to our society and to the sustainable development of the planet.” Brazil is pushing for G20 members to adopt a declaration on international taxation, which could be ready in July. At the press conference following the meeting, the minister indicated that the path will not be easy. When planning long-term, you need to take into account that the introduction of such a tax may be quite...