SOUNDBITES 2016 -2017


THE NEWS FROM BRUSSELS AND TAX AFTER BREXIT


There was a time when you could get a tax ruling out of an EU tax authority and be very pleased when it was extremely advantageous. Now… tax rulings… can be contrary to EU State Aid law, and therefore we all have to be extremely careful when we get a ruling now from an EU tax authority, to ensure that it can be justified in an objective way.


TIMOTHY LYONS QC, CYPRUS, MARCH 2017


CYPRUS, A RELIABLE PARTNER: A CLOSER LOOK AT THE CYPRUS ‘NON-DOMICILE’ CONCEPT AND THE YACHT VAT LEASING SCHEME


… and Cyprus is now one of the most attractive jurisdictions in the EU (for the acquisition of a yacht) … reducing the effective VAT rate to 2.4% through the use of the yacht leasing scheme.


ANNAMARIA VASSILIADES, CYPRUS, MARCH 2017


CITIZENSHIP BY INVESTMENT: CYPRUS AND ELSEWHERE


Whereas in Malta, you have to wait at least one


year, in Cyprus you can get EU citizenship in less than three months if necessary.


This bugs the EU. However, Cyprus has managed so far to withstand the pressure


from Brussels and it operates a successful programme that recently was trimmed to be even more attractive.


CHRISTIAN KÄLIN, CYPRUS, MARCH 2017


UK-RESIDENT NON-DOMS: THE NEW RULES


The UK is not the only country to tax its new immigrants more generously than its long-term residents. Italy is proposing to bring in something similar. Malta and Ireland have the pre-2008 (UK) system, which is more generous than what the United Kingdom now has. Belgium has fictitious non-residence. In Switzerland, some Cantons will give you the forfait basis and Israel has New Olim status. We can go on – with Portugal, Luxembourg and France, which are all competing for the same people


RICHARD CITROEN, ROME, NOVEMBER 2016


UNDECLARED ASSETS AND THE COMMON REPORTING STANDARD: THE NEW URGENCY


On one occasion, I asked for accountancy information to be sent to me from Monaco. The Monegasque authorities were more than happy to cooperate, once I had written ‘money laundering’ on the Letter of Request. I asked that the accountancy firm be raided and that the computers were imaged, which is what HMRC would do. The Monaco authorities were very cooperative: not only did they raid the premises, they ripped out the computers and sent them back in diplomatic bags.


TESSA LORIMER, ROME, NOVEMBER 2016


TAX PLANNING AFTER BREXIT


(Brexit) provides an opportunity for Britain to conclude agreements with emerging powers and possibly to conclude agreements more quickly than the European Union would. The problem is, the United Kingdom has no negotiators. Because they lack the language skills, British civil servants have tended to sit behind the French and German negotiators and whisper in their ear as they conduct their dialogue. They’re estimated to require 500 negotiators and they have virtually none. RICHARD HAY, ROME, NOVEMBER 2016


BREXIT NEGO TIA TIONS


INTERNATIONAL FAMILIES WITH US MEMBERS


A lot of people buy US stock because they think it is a good investment, but if they buy directly, that is not good planning, because if they buy through another entity – through a foreign corporation, or a trust, so that they do not have direct ownership of the stock, the stock could not be includable in their estate.


BETH TRACTENBERG, CYPRUS, MARCH 2017


THE ITPA GREEN BOOK 2018 www.itpa.orwww.itpa.org


The ITPA Green Book 2017


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