Posts in English Terminology

Our special posts in English language terminology.

Cayman joins Barbados and Bermuda with Global Citizen Programme

The programme, which covers a two-year period of residence, is only open to individuals earning a minimum annual income of $100,000.

The two-year Global Citizen Certificate will be granted to successful applicants subject to approval from the director of Workforce Opportunities and Residency Cayman once they provide evidence of their income and employment, and are confirmed to be of good character.

Applications are also open to couples earning a combined minimum income of $150,000 and families with an annual income of $180,000 or more.

The annual fee for the certificate for an applicant and one dependant is CI$1,230, while each additional dependant will cost $420.

Cayman now joins a number of its island…

Read more

Bahamas removed from EU blacklist

The Bahamas has been removed from the European Union's watch list after being deemed fully compliant with the bloc's tax standards

EU finance ministers made the decision this Tuesday, while at the same time adding the island's offshore rival the Cayman Islands to its blacklist of countries deemed to be noncooperative on tax matters.

«The move by the EU underscores The Bahamas’ commitment to adhere to global regulations and international best practices as a premiere international financial centre», - the BFSB and AIBT said in a joint statement.

«The decision acknowledges that The Bahamas has implemented all the necessary reform to address concerns regarding economic substance, removal of preferential…

Read more

EU removes Marshall Islands, UAE and Switzerland from tax blacklist

The European Council has removed the United Arab Emirates and the Marshall Islands from the EU’s list of non-cooperative jurisdictions for tax purposes after the jurisdiction agreed to ban letterbox companies

The decision was made in recognition of the country’s reforms to implement the commitments they had made to improve by the end of 2018 their tax policy framework.

«The amended regulations have been recognized, through this removal, as fulfilling the Republic of the Marshall Islands (RMI)’s commitments with respect to the EU’s tax policies», Minister of Finance said. «This news has been very well-received and we welcome the fact that the EU sees the RMI as a reliable partner», he told local media.

The Council…

Read more

OECD helping states make most of new CbC data

Following the first exchanges of country-by-country (CbC) reports, work is underway to support the effective use of CbC reports by tax administrations in assessing transfer pricing and other BEPS-related risks, the OECD has said, in releasing a new progress update.

The OECD has released the outcomes of the second phase of peer reviews of the BEPS Action 13 Country-by-Country (CbC) reporting initiative.

CbC reporting, one of the four minimum standards of the BEPS Project, requires tax administrations to collect and share detailed information on all large MNEs doing business in their country. Information collected includes the amount of revenue reported, profit before income tax, and income tax paid and accrued, as well as the stated…

Read more

Switzerland to expand AEOI network

The Swiss Government will exchange financial account information with 33 other countries' tax authorities for the first time in September.

The exchanges are intended to support international efforts to tackle tax evasion and other fiscal crime.

The announcement comes after approval from the Swiss Economic Affairs and Taxation committees of the Swiss parliament. During an earlier review process, they had sought to ensure that the necessary safeguards and processes are in place in these territories to ensure the confidentiality of information exchanged.

The Government said, although various questions were raised during their reviews that concluded in July 2019, both committees refrained…

Read more

Moldova suspends citizenship by investment scheme

The Moldova Citizenship-by-Investment (MCBI) program, developed in partnership with its service provider Henley & Partners, has been temporarily suspended due to «questions about the companies that are involved in this program» after a Dubai developer used it to entice investors.

The Kleindienst Group, which is selling properties in the Heart of Europe development, a group of man-made islands 2.5 miles off the coast of Dubai, had promised they would be eligible for Moldovan citizenship.

As part of the offer, those who invest $1.36m into the project are eligible to apply for the MCBI, which is subject to a multi-stage due diligence procedure. Moldova is not an EU member but its citizens enjoy visa-free…

Read more