Recent News

Supporting the plan could be the first step toward potentially using blocked assets to rebuild Ukraine. It still awaits formalization in the coming weeks. Source:https://www.ft.com/content/a0200868-282c-4ff6-a37b-8a38ddd04c4a The document states that the profit received by the European depositary Euroclear from these assets (€191 billion of the €260 billion that are frozen are stored there) will be accounted for separately and will not be paid as dividends to shareholders until the EU countries make a decision on the creation of “a financial contribution to the EU budget, which will be received from this net profit to support Ukraine.” The European Commission estimates the plan will generate about 3 billion euros ($3.2 billion) a year, or 15 billion between 2023 and...

By Decree of the President of Ukraine No. 36/2024 of January 29, 2024, a public register of sanctions is created in Ukrainian and English. Source:https://www.president.gov.ua/documents/362024-49589 The register will be maintained under the management of the National Security Council. It is assumed that this register will intersect with other information systems of the state. According to the provisions of the Decree, the register will display information about individuals regarding whom sanctions have been adopted, as well as information, for example, about blocking assets received from other information systems. Personal data of sanctioned individuals is not confidential and is considered to be made public in the interests of national...

The President of France unveiled a large package of amendments to French immigration legislation. Thus, those wishing to obtain resident status will need to demonstrate support for French values, such as gender equality, tolerance of sexual orientations, and freedom of speech. Support is expressed by signing an affidavit. In addition, the requirements for language proficiency have been changed. Those wishing to obtain a long-term residence card, after staying in the country for three to five years, will need to pass a language test. Those who will receive an initial annual residence card will be offered to take language courses, but there is no requirement to pass a test. Those who want to get their first resident card need to demonstrate knowledge of French at level B1, not A2. To apply for citizenship, you need to speak the language at level B2, instead of...

On January 25, PayPal CEO Alex Criss unveiled 6 new products, “innovations to revolutionize commerce,” based on artificial intelligence. Chriss joined the company in September 2023 and is trying to leverage AI tools as much as possible to grow the company. What are these new features that should appear in PayPal? Example: The "smart receipts" feature should use AI to predict the next purchases from the merchant. In this way, the merchant will provide personalized recommendations and cashback offers in electronic receipts. Fastlane is a one-click payment feature. Customers simply save their details in Fastlane for one-touch checkout. The advanced offers platform will provide merchants with unique customer data based on their previous purchase history. Thus, the company believes that knowledge about its customers, the history of their transactions, as well as merchants' orientations - will help to open new opportunities for the company in symbiosis with artificial...

The 1961 Hague Convention, which entered into force in Canada on January 11, 2024, abolishes the requirement for legalization of foreign public documents. Now, for a power of attorney certified in Canada by a local notary, it will be enough to affix an apostille to present the power of attorney in Ukraine. We are talking about an apostille - a stamp on a document confirming its authenticity and legalization in 125 countries that have joined the Convention. An apostille is often required when concluding international marriages, obtaining foreign education, registering international investments, obtaining citizenship or a residence permit. Due to differences between the provinces, Canada was unable to accede to the Convention earlier. However, after reaching agreement, the complex procedure of consular legalization is replaced by a clear...

Changes to the preferential tax regime were approved by the Portuguese Parliament in December 2023. For which categories of persons will the preferential tax regime continue to apply? First, these are persons who are already registered as non-permanent residents on the date of entry into force of the new law, provided that the 10-year benefit period has not been exhausted. Also persons who were already tax residents of Portugal on December 31, 2023. Individuals who became resident for tax purposes before December 31, 2024 and apply for the NHR regime and meet certain criteria are also eligible for benefits. The criteria include the presence of a previous employment contract, employment contract or secondment contract concluded before December 31, 2023, with the performance of duties on the territory of Portugal; concluded lease agreement or other agreement granting the right to use or own real estate in Portugal until October 10, 2023; a signed reservation agreement or promissory note agreement for the acquisition of ownership of real estate in Portugal by October 10, 2023; and some others. Family members of taxpayers mentioned above also fall under the preferential...

Australia has suspended applications for people investing more than A$5 million ($3.3 million) in the country as part of a broader immigration policy reform aimed at attracting more skilled migrants. Source:https://www.bloomberg.com/news/articles/2024-01-22/australia-halts-golden-visa-under-broad-migration-overhaul?srnd=wealth&embedded-checkout=true&leadSource=uverify%20wall All applications for the Significant Investor or Golden Visa program have been stopped. Investor visas like Australia's have come under fire around the world amid accusations that they have been abused by wealthy people and have failed to benefit the countries themselves. The key issue is that the funds involved are often directed into real estate or financial assets rather than into productive areas of the economy. Home Affairs Minister Claire O'Neill said the visa was one of "many aspects" of Australia's migration system that the government plans to change to "create a system that benefits our...

Revenue grew 23% compared to a year earlier. Payment volume reached £30.6 billion, up from £26.4 billion. Source:https://www.fnlondon.com/articles/wise-account-sees-40-growth-in-income-as-active-customers-reach-7-5-million-20240116 Wise currently has 7.5 million active users. The figure, which includes 392,000 business customers, is up about 30% year-on-year. Wise CEO Christo Käärmann said he was "pleased" with the company's results for the latest quarter, despite a 1% decline in sales per customer. “We have accelerated global payments in US dollars by optimizing payouts with one of our banking partners, and expanded the Wise Interest Asset [money market fund] offering in seven European markets, including France and Spain,” Käärmann said. Wise raised its full-year revenue growth forecast. The fintech expects revenue to grow 44% in the financial year ending March 2024. Wise expanded its partnership in the most recent quarter. During the quarter ended December 31, 2023, the firm partnered with UK business bank Allica Bank, travel platform Agoda and global expense management solutions company...

According to the new legislation, citizenship can be applied for after 5 years of permanent residence. This period can be reduced to 3 years if the applicant speaks German at level C1, volunteers and takes an active part in public life. In this case, retention of original citizenship is allowed without restrictions. Lifting the ban on dual citizenship, which also applies to children born in Germany and acquiring German citizenship. Children born in Germany will also be able to obtain German citizenship if their parent has been a legal resident of the country for more than 5 years. Persons over 67 years of age no longer require a written test in German; an oral confirmation of language proficiency will be sufficient. It is important that obtaining the status of a tax resident in Germany with all that it entails is...