NEWS

Barbados is actively developing itself as a global offshore jurisdiction. The Government of Barbados is instituting several measures to develop Barbados into an attractive centre for offshore investors from afar. Barbados will be launching an international Stock exchange and international trading platform in 2011. This will enable local investors to carry on trading international securities. This project is currently being undertaken by the Barbados Stock Exchange. Barbados has inked bilateral double tax treaties with more than a score of countries, amongst which are, the United States, the United Kingdom, Canada, Switzerland, Sweden, Norway, Finland, last but not the least, China. Most...

NEWS 2020

In recent years, Jersey officials and business leaders have been stressing the importance of strengthening the island strategic and multi-facet business relations with the world second largest economy. Those directives have translated into numerous high level governmental visits between China and Jersey, along with a number of joint business conferences. The latest such occasion was in June 2011, when an official delegation from Jersey headed by Chief Minister Terry Le Sueur arrived to China. The delegation also included Assistant Chief Minister for International and UK Relations Senator Freddie Cohen, as well as figures from the Jersey Finance team. The eight...

NEWS 2020

By Anas Almasri Guernsey International Administration Group (IAG) has launched a joint service platform with Shanghai based Exceedor, allowing it to offer onshore RMB-denominated private equity fund administration services in China. The Guernsey group currently has $17 billion of assets under management, and has now strengthened its China presence after the set up of its Hong Kong office at the end of last year. Companies incorporated in Guernsey are from this year onwards allowed to be listed on the Hong Kong Stock Exchange (HKEx), which is sure to even further expand the island Asia related business. Managing director of IAG...

NEWS 2020

By Anas Almasri China Tax Information Exchange Agreement (TIEA) with the Isle of Man went into full effect August 14th 2011. The agreement had been signed in October of last year, and the Isle of Man government ratified it in January. The Chinese authorities have informed their Isle of Man counterparts that they have now concluded their own ratification procedures, and hence the agreement entered into force a few days ago. The Isle of Man has inked a total of 25 TIEAs, including agreements with seven out of the world 10 major economies. More specifically, it has done so with...

NEWS 2020

By Anas Almasri Representatives from Guernsey Finance have just concluded yet another visit to China, aimed at increasing business cooperation between the island and the world second largest economy. The visit is expected to accelerate efforts on the signing of a Memorandum of Understanding (MoU) between the China Banking Regulatory Commission (CBRC) and the Guernsey Financial Services Commission (GFSC). Peter Niven, the Guernsey group chief executive, and his deputy Fiona Le Poidevin held meetings in both Beijing and Shanghai. In addition to talks with the CBRC, they also met with a number of Chinese Banks, and officials from the Shanghai...

NEWS 2020

By Leo Zhang British Virgin Islands has amended its taxation law to meet the European Union's tougher requirement on the exchange of information on savings income, as part of efforts to promote good governance in tax matters. The British Virgin Islands' government in July introduced a new Order, which alters the manner in which the jurisdiction complies with EC Directive 2003/48 on the taxation of savings income in the form of interest payments. Starting the tax year between January and December, 2011, BVI will follow the Directive via an automatic exchange of information system with tax authorities in EU member countries....

NEWS 2020

By Leo Zhang Jersey, one of the highest ranked offshore financial centers, has introduced two new types of limited partnership this year, which could be of interest to Chinese investors seeking flexibility and tax efficiency. The innovative Separate Limited Partnership (SLP) and Incorporated Limited Partnership (ILP) are modeled on popular limited partnerships available under the Limited Partnerships (Jersey) Law 1994. Both structures added a new legal status of limited partnership, which has already been frequently used as collective investment tools by non-Jersey residents, offering a more diversified pool of options. The SLP form, which started to take effect on April 20,...

NEWS 2020

By Adam Skuse Fears that a recent tax reclamation deal between the UK and Switzerland will impact the latter country's reputation for maintaining bank client confidentiality are unfounded, an expert in China-Switzerland cross-border banking and investment has told Asia Outbound. Sam Leung, managing director of Fidinam R&T Consulting Limited, said the deal struck on August 24, and a similar one made between Switzerland and Germany earlier in the month, would allow taxpayers to keep their money deposited in Switzerland in compliance with UK and German tax law. witzerland represents even more today than in the past a safe harbor for...

NEWS 2020