BVI introduces new fund products

British Virgin Islands (BVI), in continuing to establish itself as a premier offshore financial services jurisdiction, has created two new funds to complement its very popular existing funds offering with the bold intention of remaining on the cutting edge of the financial services market. The two new lightly regulated fund products, the "Incubator Fund" and the "Approved Fund" are aimed respectively at start-up managers and those managing funds for small groups of closely-connected investors, such as family offices. The Financial Service Commision has provided both of these new fund products with the further flexibility of being able to operate and commence trading after two days of submission of documents, assuming they are in order. Read more.

Anti-offshore changes to EU Directive on Parent and Subsidiary companies: What will change in 2016
In accordance with the Directive, subsidiaries are effectively exempt from withholding taxes on dividends and taxes on profit distributions in case of making payments to the parent companies. This option was often misused to minimize taxation. In order to prevent abuse, on January 27 2015, changes were adopted to the Directive. read more

Latest News

UAE as a Tax Efficient IFC: The UAE has conducted nearly 80 double tax treaties, many of them with OECD countries. Read more.

The new record-keeping regulation for BVI domiciled trusts entered into force and apply to all types of BVI trusts. Read more.

Panamanian Private Interest Foundations are considered as one of the best vehicles for international tax planning purposes due to their great flexibility. Read more

Update on Double Tax Treaties

Georgia is stepping up cooperation in taxation, customs affairs, double tax agreements and a number of other avenues with Cyprus, Liechtenstein and Iceland. Read more.

Guernsey and Liechtenstein Tax Information Exchange Agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and on capital, entered into force. Read more.

The UAE and Romania signed a new Income Tax Treaty on May 5th, 2015. Once the new treaty enters into force and becomes effective, it will replace the existing one of 1993.

The UAE and Ethiopia signed an Income Tax Treaty on April 12, 2015. Furthermore, the UAE signed a Double Tax treaty with Comoros on March 6, 2015.

On 9 March 2015, the Republic of Cyprus and the Kingdom of Bahrain signed a Double Tax Treaty (DTT) based on the OECD Model Convention for the Avoidance of Double Taxation on Income and Capital with the aim to help attract foreign direct investment to Cyprus. Read more.