News

Important updates for Cyprus jurisdiction and bank system

25.06.2013

Cyprus reached recently this year according with the recent agreement, a series of measures regarding the tax rates.Since 1st of January 2013 the corporation tax in Cyprus is levied at a flat rate of 12.5%. Till 2013, the corporation tax rate was 10%, but in 2013 the new rate is 12.5% following the agreement for a bailout plan reached by Government of Cyprus and the European Commission, the European Central Bank and International Monetary Fund.Also, the Special Defence Contribution on interest income has been increased from 15% to 30% effective as from 29 April 2013. SDC on interest income is payable by Cypriot tax resident individuals or companies. Non tax residents are exempted from SDC. In addition, interest income arising from the ordinary carrying on of ... Read More »

Cyprus the new gateway for EU citizenship

3.04.2013

There is great news regarding the new options to get an EU citizenship for non-EU citizen.The latest open door to Europe is by obtaining permanent residence in Cyprus. In order to do that the non-EU nationals have to spend at least EUR 300,000 on a real estate property subject to certain requirements, prove that they have no criminal record, carry sufficient financial resources and deposit EUR 30,000 in a local bank for a period of 3 years. In just 45 days, anyone who meets these conditions can expect the permanent residence card in his mailbox. Quite simply, this means you will be able to enjoy the same advantages as everyone else in Cyprus without having to apply for any permits or renewals.Cyprus is already renowned that ... Read More »

The Ultimate Asset Protection Tool - The Belize Limited Liability Company (LLC)

18.03.2013

Last year Belize introduced a new form of company - LLC. These types of companies are also progressive and intelligent, acting as an ideal tax planning and asset protection tool. The Belize LLC's are dictated by the operating agreement, first and foremost. According to the International Limited Liability Companies Act, 2011, a Limited Liability Company or an LLC is a hybrid between two familiar business structures, namely, a corporation and a partnership. An LLC combines the best of both worlds by offering the advantage of both a corporation and a partnership without the disadvantage of either form.An LLC, on the other hand, has distinct advantages over both corporation and a partnership in that it not only avoids multiple level of taxation, it also limits the ... Read More »

Ireland is expanding its network of double tax treaties

6.03.2013

Ireland is expanding its network of double tax treatiesEven if Ireland is not officially an offshore jurisdiction and the term of offshore company is not found in Irish legislation describing company forms, Ireland is renewed as one of the best countries in the world in which to incorporate a company. One of the most compelling reasons for this is the extensive list of tax treaties that Ireland has in place.Till now Ireland has signed comprehensive double taxation agreements with almost 68 countries, of which 64 are already in effect. The agreements cover direct taxes, which in the case of Ireland are income tax, corporation tax and capital gains tax.During the last period of time Ireland is underway to negotiate new agreements and to update the existing ... Read More »

Obtaining an online gambling license

20.12.2012

During our work experience with online offshore gaming industry we can tell you that it requires significant effort and attention to details. Obtaining an online gambling license usually is a complex process involving research, documentation and certification. Dema Partners LTD can guide you and offer for you the best license option for your business through our personal network of international relations. We can propose you the best option for casino, betting, lottery and bingo license - since the gambling company may conduct business worldwide through the internet securing clients from all over the globe. We will try to offer you a basic legal overview of what is entailed in setting up a fully functional online gambling website.We know that many entrepreneurs start their adventure without ... Read More »

Offshore bank accounts hold assets worth of over $ 21 trillion

5.10.2012

Offshore company formation, offshore banking, legal and tax consultancy are the industries that grows on peoples and companies need to maximize profits by legally reducing the amount of taxes paid for their investments.Estimations shows that world's richest people and companies has transferred to offshore bank accounts and offshore companies in various tax heavens between $ 21 trillion and $ 32 trillion, an amount larger that the entire economy of USA. International offshore financial centers are the main beneficiary of these funds, offering in return to investors zero or low tax regime, asset protection, confidentiality and the safety of their funds.The analysis was made by James Henry, former chief economist at consultancy company McKinsey, a well known expert on tax heavens, by studying data from Bank of ... Read More »

Mauritius Signs DTA with Nigeria

1.10.2012

Mauritius Signs DTA with Nigeria On 10 August 2012, the Republic of Mauritius and Nigeria have just signed a new treaty for the avoidance of double taxation.The new Double Tax Agreement (DTAA) between Mauritius and Nigeria comes as part of Mauritius's wider strategy to develop a large treaty network across Africa up to 17 countries (out of which 13 have been ratified) in order to promote Mauritius as the ideal offshore location to channel direct investments into Africa. Mauritius is also expected to sign an Investment Promotion Protection Agreement with Nigeria in the near future. According to the World Bank/ IFC Doing Business Report 2012, Mauritius has been ranked as being the leading country for doing business in Africa. Also Mauritian Finance Minister Xavier-Luc Duval has also recalled ... Read More »

Swiss Inheritance Tax Deal with France Challenged In Switzerland

26.09.2012

The economy commission of the Swiss National Council has rejected the new draft Double Tax Convention (DTC) between France and Switzerland. This new DTC between France and Switzerland which revise the applicable inheritance tax regime has been negotiated but not yet signed. The new treaty provides a punitive tax treatment of companies operating in non-cooperative jurisdictions to companies operating in low-tax jurisdiction and has been criticized mainly for bringing advantage only to France and none to Switzerland. According to the new changes in the law, a French resident taxpayer controlling directly or indirectly at least 50% of a offshore company based in a low-tax jurisdiction is now required to prove that the foreign company is carrying on honest business activities abroad, and that the business structure has "main ... Read More »

Changes in the regulation of Seychelles IBCs – Companies Act Amendment 2011 (Accounting Records)

7.09.2012

  A new announcement by the Seychelles Government was recently made in relation with companies incorporated there. According to the new rules Seychelles offshore companies are now required to keep full accounting records and supporting documents for a full seven years. Many users of such companies will find these new rules add unnecessary cost and time commitment to the Seychelles' offering of offshore vehicles. The main reasons of this change in IBC accounting are: to show and correctly explain the IBC's transaction, to enable the financial position of the International Business Company to be determined with reasonable accuracy at any time and to enable the accounts of the IBC to be prepared. The modified part of the Act is Section 65, by virtue of the Act No 20 of 2011. The new regulation is applicable within all existing IBC by 31st of ... Read More »

Cyprus increase of VAT from 15% to 17%

7.09.2012

  Cyprus was the EU country with the lowest VAT level of 15% till this year. The VAT raise at 17% for supply of goods and services, has been implemented since 1 March 2012. The growth of 2%, still situate Cyprus as the best tax environment for business. The new VAT value does not affect the services and products that fall under the reduced VAT rates of 5% or 8% or zero VAT rate, according to the VAT legislation. According to the Article 55 of the Vat Law there are some cases when a taxable person selling goods or providing services has the choice of applying the old VAT rate or the new one    ... Read More »