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Changes have been made to ensure that only wealthy investors and individuals who value the citizenship of Saint Kitts and Nevis are attracted to the Program. The changes include the introduction of a new investment option called the Sustainable Island State Contribution (SISC). The SISC replaces the previous Sustainable Growth Fund (SGF), and investors contributing to this option will transform St. Kitts and Nevis into a sustainable island nation. Fees start at $250,000 for a single applicant and increase as a spouse or dependents are added. For a family of two, the contribution increases to $300,000 and for a family of three or four, the minimum contribution is $350,000. The minimum amount to invest in real estate is $400,000. The property must be owned for seven years and can be resold once to another buyer who wants to apply for citizenship by investment. To obtain citizenship through the purchase of a private house, the value of such real estate must be at least...

On July 31, 2023, the European Sustainability Reporting Standards (ESRS) were approved. Source:https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_4043 The ESRS will be mandatory for companies that are required by the Accounting Directive to share certain sustainability information (these are listed public companies). The Accounting Directive, as amended by the CSRD in 2022, aims to ensure that companies in the EU report comparable and reliable sustainability information. Based on these two directives, ESRS is introduced. The ESRS is based on a strategy of "double materiality", that is, they oblige companies to report both their impact on people and the environment, and how social and environmental issues create financial risks and opportunities for the company. There are 12 areas of the ESRS covering the full range of sustainability...

The Serbian Parliament adopted amendments to the laws on foreigners and their employment. Now you can apply for citizenship after three years of living in the country. According to the amendments, it is possible to obtain a (residence permit) and a work permit at the same time by issuing a “single permit” document at the Ministry of Internal Affairs of Serbia. What other changes: the work permit will be valid for three years (currently one year); the maximum period of validity of a residence permit has been increased from one year to three years; a foreigner will be able to obtain a permanent residence permit (permanent residence) in Serbia after three years of residence in the country (now after five years); visas to Serbia will be issued in electronic format; it will be possible to apply for citizenship after three years of living in Serbia (now after five years). In the first version of the bill, which appeared in March this year, the Ministry of Internal Affairs of Serbia wanted to allow foreigners to apply for citizenship after a year of residence on a residence permit and with official employment in a Serbian company. However, the...

Bitget has partnered with Cointracking to develop a cryptocurrency tax management solution. Source:https://ffnews.com/newsarticle/cryptocurrency/bitget-partner-up-with-cointracking-to-provide-crypto-tax-solution-to-its-users/ Cryptocurrency taxation is a process that often confuses users. Bitget aims to simplify the complex procedure by offering users a convenient and comprehensive solution for taxing cryptocurrencies. The Cointracking platform will allow Bitget users to efficiently manage their tax obligations, ensuring compliance and optimizing their overall tax experience. “We are excited to partner with Cointracking to provide our users with an increased level of convenience and simplicity,” said Gracie Chen, Managing Director of Bitget. “Tax compliance is a critical aspect of the cryptocurrency landscape, and our collaboration with Cointracking underscores our commitment to providing end-to-end solutions that simplify the cryptocurrency trading process for our users.” The partnership with Cointracking opens the door to user trading opportunities. The integration of innovative trading products, including copy trading, will allow users to copy the trades of...

Many Ukrainian entrepreneurs who were/are in group 3 of the single tax with a rate of 2% are concerned about the question of whether the amount of income received during the period of stay at 2% will be taken into account in the annual limit, and how the limit itself will be calculated. It is worth noting that the income received during the period of application of group 3 with a rate of 2% is not included in the amount of income determined by the PKU for the corresponding group of single tax payers. However, Bill No. 8401 reduces the limits in proportion to the period of stay/refusal from 2%. If the FOP in 2023 was a single tax payer of group 3 with a rate of 2%, then after returning from August 1, 2023 to the group/rate of the single tax in which it was before the transition to 2%, the income limit for the period August - December 2023 is for single tax payers: for 1 group – UAH 466,208.33; for the 2nd group – UAH 2,328,250; for the 3rd group - UAH 3,257,875. The amount of income received before August 1, 2023 for the period January-July 2023 is not included in the limits. If the FOP refused the 3rd group with the 2% rate before August 1, 2023,...

On July 19, the Federal Reserve Board issued a $186 million fine for Deutsche Bank's failure to comply with regulator directives to improve AML mechanisms and sanctions compliance. It also found that Deutsche Bank had made insufficient progress in correcting the situation in accordance with the 2015 and 2017 orders. Deutsche Bank also maintained deficient internal controls and anti-money laundering management processes related to its previous relationship with the Estonian branch of Danske...

The Bahamas has introduced a bill that introduces taxation for international business companies (IBC) and their income received abroad. Previously, such enterprises enjoyed a number of tax benefits and paid only for a license to conduct business activities in the Bahamas, therefore they were popular with many businessmen. The bill provides that IBCs registered in the Bahamas will be required to pay tax on income received abroad from January 1, 2024. The updating of the legislation is caused by the country's obligations to the EU and the OECD. In 2022, the Bahamas were included in the list of non-EU countries. The Bahamas has agreed to end the practice of preferential treatment for international business in order to meet the demands of the international community for increased business transparency, deoffshorization and combating tax evasion. The bill repeals and replaces the Bahamas Business Licensing Act of 2010. It provides: new rules for applying the business license fee; new tax rates depending on the amount of income; a list of activities from which income would be classified as "derived from operations in the Bahamas". What taxes will an IBC have to...

The new program is mostly aimed at IT specialists who plan to live in the Czech Republic but work for foreign companies. Source:https://www.expats.cz/czech-news/article/czech-govt-greenlights-residence-permit-program-for-digital-nomads%20 Currently, the program is limited to eight countries. Citizens of Australia, Japan, Canada, South Korea, New Zealand, Great Britain, USA and Taiwan will be able to participate. An IT specialist usually works on several projects in different parts of the world at the same time. Due to the nature of their work, digital nomads cannot be in classic labor-legal relations both due to the one-time nature of assigned tasks and from the point of view of possible conflicts of several labor relations and related duties. The program applies to employees of a foreign company who work long-term remotely in the Czech Republic with the help of telecommunications. In this case, the foreigner remains in labor relations with his foreign commercial company all the time and does not enter into labor relations in the Czech Republic. The government's statement does not contain information on minimum wage...

The Financial Stability Board (FSB) recently published a global regulatory framework for crypto assets to promote comprehensiveness and international consistency in regulatory and supervisory approaches. Source:https://www.fsb.org/2023/07/fsb-finalises-global-regulatory-framework-for-crypto-asset-activities/ The Global Standards Body is concerned that further development of ties to traditional finance could increase the spillover effect of crypto assets on the wider financial system. Since the events of the past year have highlighted the inherent volatility and structural vulnerability of crypto assets and related players. The framework consists of two separate sets of recommendations: Recommendations for monitoring the activities and markets of crypto assets. Reviewed high-level recommendations on regulation, oversight of "global stablecoin" agreements. The recommendations focus on addressing financial stability risks and do not fully cover all specific categories of risks associated with dealing with crypto assets. Central bank digital currencies (CBDCs), which are treated as digitized central bank liabilities, are not subject to these...