Sovereign Europe Focus November 2019

Date: Nov 2019

Sovereign scoops International Retirement Provider award

Sovereign Group is delighted to have won the ‘International Retirement Provider’ category at the influential International Adviser Global Financial Services Awards 2019, which identify excellence across the industry. >> Read more

Sovereign Trust (Cyprus) relocates to Soboh House

Sovereign Trust (Cyprus) Ltd has relocated to new offices on the fourth floor of the prominent Soboh House building on 28th October Avenue, the seafront boulevard that is Limassol's most prized address.>> Read more

Gibraltar agrees new Double Tax Agreement with UK

The governments of Gibraltar and the UK signed a Double Tax Agreement (DTA) on 15 October to ensure that people with income or interests in both jurisdictions do not pay tax twice on the same income. It will position Gibraltar’s offering on a secure footing as Gibraltar exits the European Union alongside the UK. >> Read more

Cyprus to strip 26 investors of “citizenship-by-investment” passports

The Cyprus Council of Ministers recently approved the withdrawal of 26 passports obtained through the country’s citizenship-by-investment (CIB) scheme. Interior Minister Constantinos Petrides said the move was a result of a lack of rigour in the original regime, an issue that was now being addressed. >> Read more

Malta announces 34 prospective Virtual Financial Asset (VFA) Service Providers

The Malta Financial Services Authority (MFSA) said it had received letters of intent from 34 prospective Virtual Financial Asset (VFA) Service Providers, 21 of which related to crypto-asset exchanges. >> Read more

European Union removes UAE from non-cooperative ‘blacklist’

The European Union’s Code of Conduct Group on Business Taxation announced that it had removed the United Arab Emirates (UAE) from its blacklist of non-cooperative jurisdictions on 10 October following the UAE’s introduction of Economic Substance Regulations and the issue of specific guidance on those regulations by the UAE Ministry of Finance. >> Read more

Why we could all do with ‘Friends’ …

I recently came across a post on LinkedIn that said the cast of Friends makes more money in syndication today than they did in the show’s final season in 2004 when they each earned $18 million for 18 episodes, writes George Ayiomamitis, Managing Director of Sovereign Trust (Cyprus) Ltd. >> Read more

Guernsey consults on limited liability companies

The Guernsey government concluded, on 18 September, a public consultation designed to gauge the level of demand for the introduction of a Limited Liability Company (LLC) structure in Guernsey. >> Read more

‘Domicile of Choice’ and losing your UK ‘Domicile of Origin’

Your ‘domicile of origin’ is, in most circumstances, the country where you were born. Knowing where you are domiciled is vital for taxation purposes and it might be possible to lose your domicile of origin for a new domicile of your own choice. However, it is complicated. >> Read more

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