January 8, 2021

As this year’s US defence appropriations act demonstrates, there seems to be a growing international trend on the part of governments to create a baseline in terms of disclosure of beneficial ownership. How a new Biden-Harris administration will act in its first 100 days will be quite telling indeed. All of this will have a profound impact for private wealth clients and tax structuring professionals. As governments become increasingly dependent upon sourcing additional tax revenues, investment migration will no longer…

December 12, 2020

With all due respect to the BBC, the imposition of such a “one-time” wealth tax would have a disastrous impact on the British economy. Capital flight would occur, much like what is happening already in Argentina (which brought in such a measure last week). Given the now noticeable shift in public discourse in favour of greater burdens being placed on successful business people, those with means should start thinking about reorganising their affairs. Second citizenship and permanent residency verticals are…

December 11, 2020

Argentinians normally look to Uruguay and then the United States when thinking about tax planning. Those routes seem now insufficient, given the political shift. Arguably, Latin Americans, and even North Americans, with means should now consider wealth planning options that utilise residency options, as tax matters are only set to get worse.

December 7, 2020

Like other major economies in 2020, the UK is facing a tax deficiency in light of covid-19 and the severe contraction of its economy. Governments are now looking to new tax revenue schemes and everything is on the table. The Portuguese Golden Visa Program tied to a fund investment is one such possibility, as it provides a functional result coupled with a financial product designed to create liquidity and ease of exit.

November 11, 2020

Like others governments facing revenue shortfalls, India has just recently introduced citizenship-based taxation. Henceforth, Indian nationals, irrespective of physical presence in India, will be deemed to be tax residents in certain circumstances. Although India is still quite flexible in terms of application, the fact remains that the tax system is slowly moving towards obtaining additional revenues from those living and working abroad. Indian citizens should expect that matters will only get worse. Governments rarely lessen the tax burden. As such,…

October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…

Steven is a director at Saratoga Capital Partners, a Nicosia based PE group focused on emerging markets. He is a partner in the Nicosia and Bucharest offices of Penenden, a CEE focused law, accountancy and advisory firm.

 

A lawyer by profession, he has over 20 years of experience in developed and emerging markets in both common law and continental civil law jurisdictions. Steven has been a member of, or has led, extensive deal teams in Canada, the United States, Eastern Europe and Central Asia.

 

© 2021 Steven M. Pepa

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Steven is a director at Saratoga Capital Partners, a Nicosia based PE group focused on emerging markets. He is a partner in the Nicosia and Bucharest offices of Penenden, a CEE focused law, accountancy and advisory firm.

 

A lawyer by profession, he has over 20 years of experience in developed and emerging markets in both common law and continental civil law jurisdictions. Steven has been a member of, or has led, extensive deal teams in Canada, the United States, Eastern Europe and Central Asia.

 

January 8, 2021

As this year’s US defence appropriations act demonstrates, there seems to be a growing international trend on the part of governments to create a baseline in terms of disclosure of beneficial ownership. How a new Biden-Harris administration will act in its first 100 days will be quite telling indeed. All of this will have a profound impact for private wealth clients and tax structuring professionals. As governments become increasingly dependent upon sourcing additional tax revenues, investment migration will no longer…

December 12, 2020

With all due respect to the BBC, the imposition of such a “one-time” wealth tax would have a disastrous impact on the British economy. Capital flight would occur, much like what is happening already in Argentina (which brought in such a measure last week). Given the now noticeable shift in public discourse in favour of greater burdens being placed on successful business people, those with means should start thinking about reorganising their affairs. Second citizenship and permanent residency verticals are…

December 11, 2020

Argentinians normally look to Uruguay and then the United States when thinking about tax planning. Those routes seem now insufficient, given the political shift. Arguably, Latin Americans, and even North Americans, with means should now consider wealth planning options that utilise residency options, as tax matters are only set to get worse.

December 7, 2020

Like other major economies in 2020, the UK is facing a tax deficiency in light of covid-19 and the severe contraction of its economy. Governments are now looking to new tax revenue schemes and everything is on the table. The Portuguese Golden Visa Program tied to a fund investment is one such possibility, as it provides a functional result coupled with a financial product designed to create liquidity and ease of exit.

November 11, 2020

Like others governments facing revenue shortfalls, India has just recently introduced citizenship-based taxation. Henceforth, Indian nationals, irrespective of physical presence in India, will be deemed to be tax residents in certain circumstances. Although India is still quite flexible in terms of application, the fact remains that the tax system is slowly moving towards obtaining additional revenues from those living and working abroad. Indian citizens should expect that matters will only get worse. Governments rarely lessen the tax burden. As such,…

October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…

January 8, 2021

As this year’s US defence appropriations act demonstrates, there seems to be a growing international trend on the part of governments to create a baseline in terms of disclosure of beneficial ownership. How a new Biden-Harris administration will act in its first 100 days will be quite telling indeed. All of this will have a profound impact for private wealth clients and tax structuring professionals. As governments become increasingly dependent upon sourcing additional tax revenues, investment migration will no longer…

December 12, 2020

With all due respect to the BBC, the imposition of such a “one-time” wealth tax would have a disastrous impact on the British economy. Capital flight would occur, much like what is happening already in Argentina (which brought in such a measure last week). Given the now noticeable shift in public discourse in favour of greater burdens being placed on successful business people, those with means should start thinking about reorganising their affairs. Second citizenship and permanent residency verticals are…

December 11, 2020

Argentinians normally look to Uruguay and then the United States when thinking about tax planning. Those routes seem now insufficient, given the political shift. Arguably, Latin Americans, and even North Americans, with means should now consider wealth planning options that utilise residency options, as tax matters are only set to get worse.

December 7, 2020

Like other major economies in 2020, the UK is facing a tax deficiency in light of covid-19 and the severe contraction of its economy. Governments are now looking to new tax revenue schemes and everything is on the table. The Portuguese Golden Visa Program tied to a fund investment is one such possibility, as it provides a functional result coupled with a financial product designed to create liquidity and ease of exit.

November 11, 2020

Like others governments facing revenue shortfalls, India has just recently introduced citizenship-based taxation. Henceforth, Indian nationals, irrespective of physical presence in India, will be deemed to be tax residents in certain circumstances. Although India is still quite flexible in terms of application, the fact remains that the tax system is slowly moving towards obtaining additional revenues from those living and working abroad. Indian citizens should expect that matters will only get worse. Governments rarely lessen the tax burden. As such,…

October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…

January 8, 2021

As this year’s US defence appropriations act demonstrates, there seems to be a growing international trend on the part of governments to create a baseline in terms of disclosure of beneficial ownership. How a new Biden-Harris administration will act in its first 100 days will be quite telling indeed. All of this will have a profound impact for private wealth clients and tax structuring professionals. As governments become increasingly dependent upon sourcing additional tax revenues, investment migration will no longer…

December 12, 2020

With all due respect to the BBC, the imposition of such a “one-time” wealth tax would have a disastrous impact on the British economy. Capital flight would occur, much like what is happening already in Argentina (which brought in such a measure last week). Given the now noticeable shift in public discourse in favour of greater burdens being placed on successful business people, those with means should start thinking about reorganising their affairs. Second citizenship and permanent residency verticals are…

December 11, 2020

Argentinians normally look to Uruguay and then the United States when thinking about tax planning. Those routes seem now insufficient, given the political shift. Arguably, Latin Americans, and even North Americans, with means should now consider wealth planning options that utilise residency options, as tax matters are only set to get worse.

December 7, 2020

Like other major economies in 2020, the UK is facing a tax deficiency in light of covid-19 and the severe contraction of its economy. Governments are now looking to new tax revenue schemes and everything is on the table. The Portuguese Golden Visa Program tied to a fund investment is one such possibility, as it provides a functional result coupled with a financial product designed to create liquidity and ease of exit.

November 11, 2020

Like others governments facing revenue shortfalls, India has just recently introduced citizenship-based taxation. Henceforth, Indian nationals, irrespective of physical presence in India, will be deemed to be tax residents in certain circumstances. Although India is still quite flexible in terms of application, the fact remains that the tax system is slowly moving towards obtaining additional revenues from those living and working abroad. Indian citizens should expect that matters will only get worse. Governments rarely lessen the tax burden. As such,…

October 25, 2020

As of November 1st, Cyprus will suspend its existing citizenship by investment programme. Although the benefits of such a programme are beyond question – FDI into the local economy and providing an opportunity for people and their families – the problem has been the misfeasance on the part of a few bad apples. What is certain is that on November 2nd all real estate in Cyprus associated with the citizenship programme will essentially be worth zero and real estate prices…