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… Read More »Hungary blocks global minimum tax
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… Read More »Why Malaysia’s failure on MM2H will result in decreased FDI interest
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… Read More »When Investment Migration Programs Go Wrong.
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… Read More »The Pending Paradigm Shift
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… Read More »Wealthy beware
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… Read More »For the 99.5% Act
U.S. Treasury Secretary Janet Yellen argued this week for the imposition of a global minimum corporate tax rate. Her comments were set in the context of increasing U.S. corporate taxes to fund Joe Biden’s USD $2… Read More »US attempts to create a global tax baseline
Cyprus has made some changes to its permanent residency by investment program. Quite a good step in the right direction. However, in order to be competitive, Cyprus must align its offering with that of Portugal… Read More »Cyprus changes permanent residency program to reflect fund options
Saw an interesting piece on crypto-currencies and tax regimes in Wealth Management. Worth the read.
In the waning days of the Trump Presidency a little known act – the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2019” – was passed into law as part of the reconciled National… Read More »FATCA and Foreign Bank Accounts
Came across an interesting piece in the New York Post regarding NY state legislature proposing an additional USD $7bn in new and increased taxes on businesses and the ultra wealthy. What legislatures continually fail to… Read More »NY Beware. Americans are looking elsewhere.
The United States has never had a wealth tax. European nations have had such things, but many of repealed them over the last few decades. Simply put, wealth taxes don’t work for they spur capital… Read More »Democrats push for a ‘Wealth Tax’
With the more onerous tax burdens coming into play, the wealthy of India are looking for options. Many are still looking to the UK but with Brexit now a reality, a new and exciting opportunity… Read More »Rich Indians are set to leave
Nigerians are increasingly looking for additional options when it comes to global travel and relocation. The most popular options are the citizenship by investment (CBI) programs – the Caribbean primarily. Here, foreign nationals can legally… Read More »Options for Wealthy Nigerians
With the Democrats now controlling Congress and the Presidency, the new Biden Administration is set to fundamentally change the nature of tax. How this will impact Americans and business remains an open question. What is… Read More »US taxes set to rise
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… Read More »US ends UBO privacy
Very nice to be featured in IMI Daily’s “Ten On The Weekend”.
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… Read More »UK wealth tax
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… Read More »Argentina and taxes
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… Read More »UK starts to tax wealth
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… Read More »India introduces citizenship based taxation
A very nice development in Portugal this week. Birthright citizenship will be henceforth allowed for those that are born in Portugal to parents that have been permanent residency for at least one year. Coupled with… Read More »Portugal to allow birthright citizenship
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… Read More »Real Estate Collapse in Cyprus
Very nice to have my article featured in IMI Daily. My supposition is that the Cypriot economy cannot be so heavily real property focused, as it leads to not only stratification of wealth but also… Read More »Structural impediments to the Cyprus economy
It seems that many in the financial industry are starting to push the notion that somehow the pending global real estate correction will be limited in scope. In my opinion, this is a dangerous fallacy.… Read More »Global Real Estate Collapse
IMI Daily today requested my feedback to the Al Jazeera investigation of the Cyprus citizenship-by-investment program and related corruption. Although there have been significant problems in the past, today the Cyprus CIP is one of… Read More »“Neither fair nor helpful” – Thoughts on Al Jazeera’s investigation
With the Democrats now solidifying around a Biden-Harris ticket, the U.S. faces a real choice. Continue with the Trump-Pence paradigm or reject it in favour of something just as earth shattering. Never has politics been… Read More »Tax their obscene wealth.
Epidemics are related to population mobility. COVID-19 is special in that today’s global economy is intrinsically linked to unprecedentedly prevalent and frequent population mobility. Today, a virus can spread unabated. Free-traders have always argued that… Read More »How COVID-19 will change the World Economy and CBI Programmes
The Republic of Cyprus has recently amended its Naturalization by Exception Programme. The changes become effective as of 15 May 2019. Highlights include: A minimum investment of € 2.5m +VAT, compared to € 2m +… Read More »Cyprus amends naturalization program
On 12 September 2019, the advocate general of the European Court of Justice held that Hungary’s advertisement tax legislation based on which Google was fined HUF 1 billion (approx. EUR 3 million) constitutes an unjustifiable… Read More »Hungary vs. Google
As the oil and gas industry strengthens with eyes on rising commodity prices, costs and emerging technologies, there are certain trends developing for 2018 that the industry should also keep in mind. Will 2018 be… Read More »Oil and gas industry strengthens