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An amendment to the double taxation avoidance agreement between
Austria and Cyprus was signed on behalf of the two countries on 21
May, according to an announcement by the Austrian Federal Ministry
of Finance. The amendment has not been published, but according to
the announcement it modifies the existing double taxation avoidance
agreement, which was concluded in 1990, to align it with the
current OECD standard, providing greater transparency and
protection against tax evasion. We will provide further details in
a later issue.
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The Foundations Law 2012 came into force on 8 January 2013 and the Guernsey Registry has been accepting applications for registration since 9 January 2013.
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
New market entrants, the return of traditional market players, and changing regulations once again have the world's insurance providers' eyes set on Bermuda.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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