Sovereign Europe Focus January 2020

Date: Feb 2020

Time to review your Brexit planning

After three years of uncertainty, the UK is poised to leave the European Union on 31January 2020 with a withdrawal deal. But that will not be the end of the Brexit story. >> Read more

Guernsey stronger after Economic Substance implementation

One year on from the implementation of economic substance requirements in Guernsey in January 2019, it is evident that the jurisdiction has emerged stronger as a result. Guernsey was moved onto the European Council’s ‘whitelist’ of cooperative jurisdictions at the earliest opportunity in March 2019. Not all jurisdictions were able to satisfy the requirements so efficiently. >> Read more

Sovereign Insurance secures book of insurance business due to Brexit

Sovereign Insurance Services has secured a book of insurance business from Gibraltar-based intermediary Apex International. Apex has decided not to continue providing insurance services to clients in Spain after Brexit. The transfer will take effect on 3 February 2020. >> Read more

Guernsey set to introduce secondary pensions regime in 2022

The Guernsey government has passed proposals that will make it a mandatory requirement for all Guernsey-based employers to enrol their eligible employees into a qualifying employer sponsored pension scheme under what is being called the ‘Secondary Pensions’ regime. >> Read more

Sovereign Pension Services granted Occupational Scheme Licence in Malta

Sovereign Pension Services (SPS) Limited in Malta has been granted an occupational scheme licence from the Malta Financial Services Authority. Following the success of our occupational scheme products in Gibraltar, we are looking to expand into the Maltese market and we anticipate a launch in mid-2020. >> Read more

Cyprus extends incentive for Investment in Innovative and Start-up Companies

The Cyprus Ministry of Finance announced, on 8 January 2020, an extension of the incentive for investment in innovative and start-up companies for independent private investors by a further 18 months. >> Read more

European Commission approves maritime transport support schemes in Cyprus

The European Commission approved a prolongation of the tonnage tax and seafarer scheme in Cyprus on 16 December 2019. It was one of five separate decisions in respect of schemes to encourage ship registration in Europe and contribute to the global competitiveness of the sector without unduly distorting competition. >> Read more

UK government to take new actions on loan schemes following Morse review

The UK government announced on 20 December 2019 that the so-called Loan Charge – introduced in 2010 to combat Disguised Remuneration schemes – would only apply to loans taken out on or after 9 December 2010 rather than from 1999. The Loan Charge is a tax on loans outstanding in April 2019, and was designed to tackle individuals who paid themselves through loans, often routed via offshore trusts, which never had to be repaid. >> Read more

Cyprus now a major EU investment fund jurisdictions

Cyprus has established itself as one of the major EU investment fund jurisdictions over the past few years. As of 30 June 2019, the Cyprus funds industry has risen to a total of €6.8 billion worth of assets. Investment funds are vehicles, registered or domiciled in Cyprus that offer eligible investors significant benefits in terms of tax neutrality, speed, flexibility and pragmatic regulation. >> Read more

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