Recent News

Today we are looking at how different EU member countries are introducing language proficiency requirements into their rules for obtaining citizenship. In Hungary, it has long been necessary to know the language in order to restore citizenship by roots. Latvia has already begun to use the criterion of language proficiency even for a radical measure - deportation from the country. Bulgaria has developed a bill under which applicants will soon be able to face such a requirement. Cyprus has introduced changes to the law that requires a written language proficiency test to be passed for naturalization, extending the requirement even to previous applicants. Italy has also introduced a bill that will require those wishing to obtain citizenship to know the language at level B1 and above. Until last year, Portugal did not impose language requirements only for the repatriation of Sephardic Jews. The program is now completely closed. But in Romania, for now you only need to take an oath in the state...

The tax forces platforms such as eBay, Airbnb and Etsy to report their sellers' earnings directly to the IRS in an effort to curb tax evasion. Source:https://news.sky.com/story/new-side-hustle-tax-targets-britons-making-money-online-13040927 Those who earn more than £1,000 a year through online transactions, such as selling clothes, delivering takeaways or renting out homes, must submit information. Once the seller exceeds this threshold, he must register as a sole proprietor and file a tax return at the end of the year. HMRC could already request information from online firms based in the UK, but digital platforms will now be required to report sellers' financial details directly to the taxman. Bank account details and the number of transactions made by each user will be required to be reported, with large fines and other penalties for companies that do not...

In March 2023, a bill was published that provided for obtaining Serbian citizenship after one year of residence in the country on the basis of a residence permit. But the European Commission, in response to the bill, said that in this case there is a high probability of suspending the visa-free regime with Serbia. They did this “with the aim of preventing and mitigating possible risks to the security of the EU.” Thus, the European Commission was asked to refuse or refrain from adopting citizenship by investment schemes. And it was decided to abandon the bill. Thus, according to current legislation, in order to obtain a Serbian passport, you need to live in the country for three years and renounce your original...

In October 2023, the bank had more than 35 million customers in 37 countries. This rapid growth has attracted the attention of regulators. In December, the European Central Bank decided to add Revolut to its supervisory list. Now two Lithuanian companies are subject to monitoring – Revolut Holdings Europe UAB and Revolut Bank UAB. It is worth noting that the introduction of supervisory measures does not mean that Revolut has any financial or regulatory difficulties. This suggests that the bank is ripe for direct control by the ECB. In the same list you can see Deutsche Bank, BNP Paribas and other large...

On December 27, the Cabinet of Ministers adopted the National Revenue Strategy for 2024-2030. These are certain changes that should take place in the tax and customs sphere and ensure revenue to the state budget. If this document is adopted, the changes will be implemented gradually, starting in 2025. What changes does the strategy envisage? The status of an individual entrepreneur will be acquired by an individual automatically, after opening an account in a bank with the status "for conducting business activities", and it will be possible to close the FOP automatically when the bank account is closed. The list of types of activities will be revised for FOPs of the I group, and the tax will be paid from the received income, instead of a fixed one. FOPs of II and III groups will be combined into one (II group). In addition, rates will vary from 3% for trade to 17% for some services. And the use of PRO will be...

The new electronic portal is designed to search for information about registered companies and submit documents using a single integrated online platform. The previous site no longer works. In addition, a new unique business identification code (Unique Business Identifier, UBI) was introduced for all companies, instead of a registration number. The companies' UBI will be the first eight digits in the business license. Before the introduction of UBI, the Registrar of Companies updated 117 official forms for filing applications and submitting information to the registry. The new forms are applied from December 27, while the Registrar of Companies undertakes to accept the previous registration forms NNC1, NNC1G, NNC5, NN1 for the period until January 25, 2024, as well as other forms of documents provided for by the Ordinance “On Companies” - within six months from the beginning of the use of new forms of...

The agreement between the countries provides for joint access to markets for banks and insurance companies that manage exchange markets. The agreement is designed to increase trade turnover, mutual recognition of rules and supervisory authorities. The so-called Berne Agreement is still awaiting parliamentary approval. Once all the rules come into force, financial companies from both countries will be able to operate in each other's markets with simplified licensing and supervision procedures. The agreement applies to investment services, asset management, banks, and corporate insurance. And the rules for servicing clients from the “partner country” are...

We are talking about the Capital Investment Entrant Scheme. The so-called “golden visa” will be available from 2024, and the minimum investment threshold is set at $3.8 million. The updated version of the program has a number of conditions for applicants. Firstly, applicants must be over 18 years old. The program does not have a limited number of people who can apply. Cash investments must be invested for a minimum of 7 years and in sectors that are strategically important for Hong Kong. These can be securities, deposits, shares of the Hong Kong Stock Exchange, etc. At the same time, you can invest in land and non-residential buildings, but not in residential real estate. Investors must be reliable, have no criminal record and prove the legal origin of the capital. By resuming the program for the first time since 2015, Hong Kong authorities are trying to provide new opportunities for economic growth and...

The rules will come into force on May 1, 2024 and will apply to all payment organizations that process payments for Chinese customers. Depending on the availability or inability to open accounts and accept deposits, all payment organizations will be divided into two types: deposit account operators and payment processors. The issuance of prepaid cards is exempt from the new rules and will be regulated separately. Detailed rules for the classification and supervision of different types of payment institutions will be separately determined by the People's Bank of China. The activities of payment organizations require a license from the People's Bank of China. The minimum registered capital of a payment organization is 100 million yuan and must be fully paid by participants at the time of obtaining a license from their own capital; Depending on the type, territory and scale of activity, the People's Bank of China has the right to establish an increased amount of authorized capital to obtain a license. If fraud in the payment of the authorized capital is detected when submitting an application for a license, the applicant will be deprived of the right to re-submit the...