UAE announces significant changes to foreign ownership and visa rules   On 20 May 2018, the United Arab Emirates (UAE) Cabinet of Ministers approved a decision to allow foreign investors to hold 100% ownership of UAE companies, as well as announced significant changes to the UAE visa system as they pertain to specific categories of...Read More

The New Double Taxation Agreement Between Cyprus And Andorra   On May 18, 2018, Cyprus and Andorra signed a double taxation agreement, the first between the two countries. The agreement is closely based on the latest OECD Model Convention and, in line with the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent...Read More

Switzerland seeks study of state-backed “e-franc” cryptocurrency   Switzerland’s government has requested a report into the risks and opportunities of launching its own cryptocurrency, a so-called “e-franc” that would use technology similar to privately-launched coins like bitcoin but have backing of the state. The lower house of the Swiss parliament must now decide whether to...Read More

US: Lawyers request voluntary disclosure regime for cryptocurrency assets   American Bar Association has written to the US Internal Revenue Service, asking it clarify whether assets held as cryptocurrencies such as Bitcoin are subject to the Foreign Bank Account Reports (FBAR) and Form 8938 reporting rules. IRS Notice 2014-21 asserted that cryptocurrencies were ‘property’ rather...Read More

US: Corporate trustees can be company beneficial owners Law firms are issuing analysis of the customer due diligence rules now enforced on American banks by the US Treasury’s Financial Crimes Enforcement Network (FinCEN), mandating the identification and verification of beneficial owners of legal entity customers. One point is that the trustee of a trust that...Read More