On 2nd of November, 2020 the President of Indonesia signed the Law on Job Creation, popularly known as the Omnibus law. This law is the most significant reform in the legislation of Indonesia since the creation of the Civil Code of the country in 1847.
When investing in Latin America, businessman consider not only Mexico, which we discussed in our previous article, for company incorporation, but also Argentina. The most common forms of business registration for foreign investors in Argentina are the following:
Georgia has a special regime for High Net Worth Individuals (HNWI). According to the Tax Code of Georgia, high-income individuals can obtain a certificate of tax residency in Georgia without having to stay in the country for 183 days or more and meet other criteria traditionally used in determining tax residency (e.g. center of vital interests). For this purpose HNWI are persons who own assets in the amount of more than 3 000 000 GEL (approximately 975 000 USD) or whose annual income for the last 3 years was more than 200 000 GEL per year (approximately 65 000 USD).
Earlier, we have already talked about the regulation of activities related to cryptocurrencies in Cyprus (see the article), as well as the specifics of accounting for cryptocurrencies (see the article). It is time to talk about the taxation of transactions related to cryptocurrencies.
When choosing a country for relocation and establishing tax residency, high-income businessmen are mainly guided by the requirement that there is should be no taxation of income received from abroad in such countries.
Following our article about special tax regimes in Europe, we would like to introduce you some Asian countries that offer favourable tax conditions to their tax resident individuals.
In addition to the administrative aspects of having Singapore companies which we discussed in the previous article, it is also necessary to pay attention to their tax obligations in Singapore. Singapore has Goods and Service Tax (GST). In other countries analogue of GST is VAT (see VAT in Europe).
When choosing a jurisdiction to enter the Latin American market, businessmen often focus on Mexico. This is not only because of the large domestic market of Mexico (population 140 million), but for many other factors, such as relatively developed infrastructure, geographical location, etc. When choosing the legal form for a company in Mexico, most people choose the Sociedad de Responsabilidad Limitada de Capital Variable — which is very close in essence to companies in the form of LLC and is considered for tax purposes as non-transparent corporation.
When relocating abroad or investing in foreign assets, the interested person often faces the need to open a personal account with a foreign bank. The choice of a particular bank should be made taking into account many factors, including the reputation, the history of the bank and the possibility of working with non-residents. The minimum package of documents for opening a personal account is the following:
In 2013 Spain launched a visa for long-term stay in its territory for foreigners investing in Spain, popularly called as the Golden visa. Unlike the similar program in Portugal (which we discussed here), Golden visa in Spain can be obtained in a shorter time – the application for this type of residence is considered by the competent authority within 20 days.