June 20, 2022
Hungary blocked an EU directive that would impose a 15% minimum tax on multinational corporations, arguing the levy would deal a “low blow” to European competitiveness and endanger jobs. The tax reform is part of a global deal achieved last year at the Organisation for Economic Co-operation and Development (OECD). It has been endorsed by 136 countries representing more than 90% of global GDP. The coronavirus pandemic injected momentum into the talks as governments around the world have scrambled for…
read more
September 5, 2021
Last month, Malaysia placed new and more onerous compliance requirements on its MM2H (Malaysia My Second Home) program. As expected, this has resulted in significant concern in regards to future FDI (foreign direct investment) in the Malaysian economy. As I suggested a month ago in IMI Daily, it is critical in the investment migration industry that benefiting countries recognise that investors require stability and consistency. If provided with such, they will be more than willing to continue the FDI process,…
read more
May 24, 2021
An interesting quick read with respect to the Cyprus property market post-CIP. What the authors do not stress, and is evident on the ground, is the fact that when an investment migration program is artificially structured towards real property to the detriment of everything else, FDI is artificial as well. Invariably, any change to such a program immediately creates a negative externality. This effect is not only for developers and their financing banks, but also for real estate purchasers entered…
read more
May 1, 2021
Without trying to sound cliché, Karl Marx once wrote: “History repeats itself, first as tragedy, second as farce.” This seems to be the state Western liberal democracies find themselves in these days. Big governments with bloated bureaucracies, high taxes and insatiable demands for more revenues, massive public debt, political polarization and constant social unrest are now the ‘new normal’ for North America and Western Europe. The Biden Administration has announced an unprecedented ‘progressive’ spending program. Europe is not far behind. …
read more
April 7, 2021
I would argue that HNWIs both in Asia and the Americas should now start to look at effective investment migration strategies that allow one to hedge their bets. As this article in Asia Nikkei and the legislative proposals of Senators Warren and Sanders in the United States suggests, the wealthy are in for a period of great uncertainty. Governmental action everywhere over the last twelve months has pushed the world towards economic stagnation, and the tax man shall be quite…
read more
April 7, 2021
On March 25, 2021, Senator Bernie Sanders introduced legislation entitled “For the 99.5% Act.” The aim of the bill is to tax the fortunes of the top 0.5% of wealthy Americans. This is the first piece of legislation introduced since Joe Biden came into office and is designed to lower the U.S. federal estate tax exemption. Highlights include: regarding personal wealth: Reduce the U.S. federal estate tax exemption to USD $3.5m for U.S. citizens / domiciliaries (Note: There is no…
read more
