Seychelles establishes beneficial ownership registers
Since March, the Beneficial Ownership Act 2020 is effective in Seychelles. It established centralised beneficial ownership registers with confidential regime of data storage for the first time. The Act is applicable both to legal persons incorporated in Seychelles (as resident companies of any legal form, so IBC companies) and to legal arrangements, such as partnerships, trusts and other similar structures.
Ukraine includes Panama in offshore zone list
On May 27 Government of Ukraine has included Panama in the list of offshore zones. Earlier, Panama was only considered offshore zone per EU ruling, which was not directly relevant to Ukrainian regulations.
Hong Kong became less secure haven for offshore business
The U.S. Hong Kong Human Rights and Democracy Act, requires a certification of political autonomy status each year. The U.S. administration just said Hong Kong is certified no longer. Such a decision opens window to visa restrictions, asset freezes for top officials, possible imposing tariffs on exports from Hong Kong. It also means the U.S. is going to treat Hong Kong as mainland China.
The EU offshore blacklist now includes 12 jurisdictions
The European Commission updates its blacklist of non-cooperative jurisdictions for tax purposes. This list was initially formed in December 2017. It includes states and territories which do not comply with tax transparency, fair taxation and real economic activity standards.
At the moment the list includes following entities:
- American Samoa
- Cayman Islands
- Trinidad and Tobago
- US Virgin Islands