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bermuda Digital Asset license
The Digital Asset Business Act 2018 (the "DABA") in bermuda became operative with effect from 10 September 2018, creating a legislative framework for digital asset business and services to be operated within a regulated environment in or from within bermuda.Timeframe: : contingent upon the complexity of the applicant's business and the collation of the documents needed for the license applicati...
Path: Licensingbermuda warns: virtual currency shall not pass
...ecisions on the matters of **cryptocurrency business**. We have already informed you about the countries whose reception of blockchain is mostly positive and the new legal initiatives are giving business space to work. However, it is not about **bermuda**. Currently, this territory is not against cryptocurrencies, but the bermuda Monetary Authority has already expressed its position about cryp...
Path: BlogRepeal of the bermuda tax reform as the general service tax got denied
Even though the financial regulators of **bermuda** had extensive plans regarding the **tax reform**, a lot has changed since then. Previously, we informed our readers about the implementation of a general service tax, however, it is dismissed from now on. The 2018\19 pre-budget report declares **tax amnesty** in controversy to the old plans. This amnesty will consist of a cancellation of la...
Path: Blogbermuda became the first government to accept digital currency payments
**This week the bermuda Government announced that the country is ready to accept digital currency for government taxes, services, and fees payments.** bermuda thereby became the first government providing such an opportunity. This means that around 60,000 residents of the island will be able to pay their taxes using the cryptocurrency. **For government services payments, bermuda will accept U...
Path: BlogGod Save the Queen. Paradise Papers Revelation
... is not a big secret that the UK admires its Queen - a lot. Considering this, **Paradise Papers** become real shock for the British citizens. The Duchy of Lancaster, one of the Queen’s income providers, has been revealed as the Cayman Islands and bermuda investor. Investment amount is about £10 million, which is equal to $13.1 million. It is important to understand that this investment mean...
Path: BlogWhy Moving Your Business Offshore Sounds Reasonable
..., moving your business offshore allows you to lower tax burden. Try to compare taxation level in the UK or the USA and in offshore territories - where property, capital gains, dividend and other taxes are very low. Furthermore, Bahamas, Isle of Man, bermuda, Bahrain and the Cayman Islands don’t have any corporation taxes at all. In contract, the corporate tax in countries with advanced economies...
Path: BlogOffshore jurisdictions introduce strict requirements for tax residents
... pressing demands from the EU, **well-known offshore jurisdictions will legally require tax residents to open physical offices and hire employees within their territories**. Tax residents of popular offshore jurisdictions such as the Cayman Islands, bermuda, the Isle of Man, Guernsey and Jersey will be required to open "real" offices and hire employees starting from 2019. Earlier this year, in Nov...
Path: BlogTax storm. British Virgin Islands ceased to be a "haven" for shall companies
.... In case of non-compliance with the new requirements, both administrative and criminal liability can be applied. **Who is next?** In coordination with EU, new requirements were introduced in all dependent territories of the United Kingdom (bermuda, Cayman Islands, Isle of Man) and its crown possessions (Jersey, Guernsey). It is also known that other well-known offshores, such as the Baha...
Path: BlogLuxembourg has just passed the law providing a legal framework for blockchain securities
... Exchange, in an effort to enhance the security of digital assets. The above-mentioned cooperation was aimed at creation of higher levels of network security for digital assets. The small European country is one of several nations, such as Malta, bermuda, and Switzerland, that are at the center of attention when it comes to blockchain adoption and regulation. Read our blog to keep abreast of...
Path: BlogEU Has Amended The List Of Non-Cooperative Tax Jurisdictions
... Up until today, there were five territories blacklisted by the EU: American Samoa, Guam, Samoa, Trinidad and Tobago, as well as the US Virgin Islands. **The updated list contains the following countries:** -Aruba -Barbados -Belize -bermuda -Fiji -Marshall Islands -Oman -United Arab Emirates (UAE) -Vanuatu -Dominica Over the course of last year, the Commission...
Path: BlogOmega Dark, the first regulated dark pool in digital assets is launched
...r launch of Omega Dark, the first regulated, fully autonomous dark pool in the digital asset marketplace.** As reported in a recent press release, Omega Dark is the first company to be approved for a provisional Digital Asset Exchange License in bermuda in accordance with the country’s new Digital Asset Business Act. CEO Gordon-Brander stated: *"Dark pools matter so much for crypto beca...
Path: BlogBritish Virgin Islands announces a dollar-backed digital coin
...s with everyday essentials. LifeLabs is currently developing a Rapid Cash Response program that will offer aid in the event of a national emergency. It seems that there is a tendency among the island territories to develop digital coins. Just as bermuda and Marshall Islands, the BVI is boosting crypto technologies on its territory. Read our blog to keep abreast of all actual and interestin...
Path: BlogVanuatu International Business Company Formation
...w Zealand, consisting of a chain of 13 principal and many smaller islands. When it comes to offshore businesses and tax havens, Vanuatu ranks among the most popular. In fact, it features amongst the most sought out locations such as the BVI, bermuda, Cayman Islands and Jersey. An Offshore or International Company, is commonly set up in an offshore financial centre like Vanuatu, where th...
Path: Companies