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Australian government declares on its official website that it will reduce the nation’s annual permanent migration intake from 190,000 to 160,000 and introduce new measures to steer new immigrants to middle-sized and small cities, away from big cities, which are confronted with shortage of public facilities and services. In the past, Australia capped its permanent immigrant intake at 190,000 each year. Now, Australia plans to slash it to 160,000, down by 15%. Besides lowering the cap, Australian government also introduces new immigration policies that day: 23,000 new regional visas places will be reserved for skilled immigrants in certain areas. Such...

NEWS 2020

The European Commission is set to reverse its decision of including the British overseas territory on a list of global tax havens after the jurisdiction amended its legislation in order to comply with EU standards. The European Union's tax commissioner, Pierre Moscovici, said the EU Code of Conduct (Business Taxation) Group (CCG) will receive a 'positive recommendation' regarding Bermuda's request for removal from the EU blacklist of non-cooperative jurisdictions.  "On this basis, Bermuda is confident that we will be removed from the list of non-cooperative jurisdictions for tax purposes at the earliest opportunity and we look forward to continued dialogue with...

NEWS 2020

China is considering tax breaks to attract more global funds to register in the country and reverse swelling outflows to international Low Tax Jurisdictions, people with knowledge of the matter said. The Ministry of Finance has enlisted a global accounting firm to conduct due diligence ahead of a potential feasibility study on a capital gains tax exemption, the people said, asking not to be identified discussing confidential information. The deliberations are at a preliminary stage, and there are regulatory hurdles that would need to be cleared first. Attracting international funds is a key part of President Xi Jinping’s push to...

NEWS 2020

The financial sector in the Organisation of Eastern Caribbean States (OECS) remained “broadly stable” last year and economic growth in the nine-member sub-regional grouping is projected at 3.1 per cent this year and 3.6 per cent in 2020. Grenada’s Prime Minister Dr. Keith Mitchell, who chaired the one-day meeting of the Monetary Council of the Eastern Caribbean central Bank (ECCB), said that the meeting had discussed the preliminary Financial Stability Report and that “developments in the ECCU banking sector through 2018 were largely positive”. He said that the insurance sector was assessed as being “broadly stable and solvent with an...

PRIVATE & INTERNATIONAL BANKING NEWS 2019

As the most important financial center and free port in Asia, Hong Kong attracts investors from all over the world and accordingly creates a currency transaction environment for the free exchange of currencies among different countries. Due to such reasons, many customers with demand for foreign exchange settlement go to Hong Kong to incorporate companies and open bank accounts. Meanwhile, well-developed financial industry and insurance industry in Hong Kong also attract a great number of customers from mainland China to purchase insurance in Hong Kong. Without a Hong Kong bank account, no insurance can be purchased in Hong Kong. However, just like bank accounts in...

CORPORATE & FIDUCIARY NEWS 2019

The global campaign to combat money laundering and prevent tax avoidance is in full swing. CRS makes every high net worth individual feel insecure. At the end of last year, the first external exchange of tax-related information of financial accounts owned by non-residents was conducted among mainland China, Hong Kong and Macao. Meanwhile, financial supervisory authorities strengthened the efforts to combat money laundering. As a response, all major banks began to conduct due diligence one after another, raise the threshold to open offshore accounts, and freeze a great number of offshore accounts with suspicious acts. At present, it is hard...

PRIVATE & INTERNATIONAL BANKING NEWS 2019

The number of small and medium-sized foreign trade enterprises increases sharply. For foreign trade enterprises, the best way to receive cross-border payment is to set up offshore account. Offshore account can only be opened in the name of offshore company. Hong Kong is the most effective springboard to enter international market. Besides, since Hong Kong is not controlled by the Foreign Exchange Bureau, foreign currencies can move into and out of Hong Kong freely. A number of small and medium-sized foreign trade enterprises choose to incorporate an offshore company and to an open offshore account in Hong Kong. Recently, a...

CORPORATE & FIDUCIARY OVERVIEW - EXECUTIVE SUMMARY 2019