Based on the global standards on fair taxation and anti-money laundering promoted by the Financial Action Task Force (FATF), Caribbean Financial Action Task Force (CFATF), Organization of Economic Cooperation Development (OECD), and the European Union (EU), Belize has adopted the Economic Substance Act, 2019 (“ESA”) to ensure improved provisions for substantial economic presence to be fulfilled by certain commercial entities (‘entity’) that are registered and conduct business in Belize.
During the past few months, it was highly under discussion the matter raised by the Russian President, Vladimir Putin for the changes he is willing to make in the Russian Double Tax Treaties with various countries by increasing the withholding taxes on dividends and interests to 15%.
Cyprus is ready to introduce an updated and more attractive Citizenship by Investments Program (Cyprus Investment Program, CIP). On July 31st the Cyprus Parliament voted the revised legislation and regulations of the Cyprus Investments Program (CIP).
