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By Leo Zhang Thanks to strong economic expansion and favorable policies, BRICS nations - Brazil, Russia, India, China and South Africa have seen the number of high net worth individuals (HNWIs) rise sharply in the past few years. The trend could continue though some challenges lie ahead. According to the latest report issued by research firm WealthInsight, the total number of HNWIs in the BRICS region is forecast to grow by 76 percent to reach 3.4 million by 2016. But the repot also noted that the ongoing global economic slowdown and weak stock market performance could have a significant impact...

NEWS 2020

By Anas Almasri On the backdrop of changing political parties at the helm of Bermuda's government, the island seems set to finally change a law banning all gaming and casino activities on the island as well as onboard of cruise ships docked in any of its ports. The only exception to that being in case the entertainment is provided by Bermudians. An attempt to adjust the regulation was rejected by Bermuda's Parliament in 2009. In December of last year however, the One Bermuda Alliance (OBA) won the elections and took the reins from the Progressive Labor Party (PLP), which had...

NEWS 2020

By Courtesy of Lorys Charalambous The Cyprus Parliament has voted to raise corporation tax by 2.5%, to 12.5%, to increase the bank levy on transactions by credit institutions by 0.04%, creating a new rate of 0.15%, and to double the tax rate collected via the Special Defense Contribution on bank deposit interest and dividends to 30%. The head of Cyprus's Economic Policy Council, Christopher Pissarides, indicated last month that Cyprus would be willing to accept the rise in corporation tax, so long as it did not rise any further for at least a decade. President Nicos Anastasiades also recently raised...

NEWS 2020

By courtesy of Ulrika Lomas European Union (EU) banks will be made to reveal details of their tax affairs as part of a legislative package voted in by the European Parliament.The rules will require all 8,200 EU banks to disclose profits made, taxes paid and subsidies received on a country by country basis. Turnover and the number of staff employed will also need to be divulged. The changes will apply from January 1, 2014, when banks will begin reporting these figures to the European Commission. The details will be made fully public from 2015. The legislation also places a cap...

NEWS 2020

By Anas Almasri On Monday April 15th, Iceland became the first European nation to ink a Free Trade Agreement with China. The deal came following almost six years of negotiations between the two sides. The agreement will remove tariffs on most traded goods and grant China a foothold in the Arctic as it aims to gain more influence in the northern territory by joining a new non-profit forum called the Arctic Circle, a venue to discuss the fate of the Far North. China's trade with Iceland is relatively small when compared to trade volumes with major European economies. The North...

NEWS 2020

Explosive Tax Haven Leaks Rock Financial Centers By Courtesy of ONE News Cook Island authorities are defending their banking system after being named as a top offshore tax haven in what is claimed to be the biggest financial leak in history. Millions of documents have been released exposing the identities of politicians, celebrities and business people out to avoid paying tax. Journalist Nicky Hager helped organize the investigation which revealed how thousands of government officials and wealthy families around the world have stashed cash in secret island trusts to avoid paying tax. "Tax havens are the great black holes of...

NEWS 2020

By Tendai Musakwa Guernsey started offering foundations on January 9, following approval of the relevant legislation by the UK Privy Council. Foundations are incorporated, self-owning, legal entities that are governed by a council. Foundations are legal entities that are created when a person sets aside assets for a specific purpose through a foundation charter. Offshore foundations, such as the foundations that are now offered in Guernsey can be used as vehicles for asset protection as they divorce the ownership of the assets from the founder. Registering a foundation in Guernsey takes less than 24 hours. To register, have a Guernsey-registered fiduciary...

NEWS 2020

By Frances Emery Significant growth in trade between China and the Arabian Gulf is helping to pave the way for Dubai to become an offshore trading center for the RMB. Projections published by global consultancy McKinsey and Company state that bilateral trade between China and the countries comprising the Arabian Gulf and the broader Middle East will rise to between US$350 billion and US$500 billion by 2020, with the vast majority being conducted by the Gulf Cooperation Council (GCC), which includes Saudi Arabia, Qatar, Kuwait, Oman, Bahrain and the United Arab Emirates (UAE). Dubai, the financial heart of the UAE,...

NEWS 2020