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International Banking Update – Cyprus

Cyprus banks opened last Thursday, albeit with stringent capital restrictions imposed to stave off a run on the banks following the new bailout plan. Since then, depositors have been allowed to withdraw no more than €300 in cash daily, while transactions over €5,000 now require central bank authority. Overseas...

Trouble in Cyprus

The Cyprus parliament has rejected the controversial bailout deal which was announced on Saturday, sending Cyprus President Nicos Anastasiades back to the drawing board. At first glance, news that a bailout plan for Cyprus has been reached sounds like a good thing. The Cypriot government reached out to the...

How to choose the perfect offshore jurisdiction

There are a lot of offshore jurisdictions that promise special incentives to foreign investors. Some offer complete tax exemption, while others have extensive network of double tax treaties, promote business flexibility or protect the privacy of the shareholders. So, how do you choose the jurisdiction that is most suitable...

International Tax Update

Bailout takes its toll on Cyprus Cyprus’ Parliament has passed legislation that will raise corporate taxes to 12.5% (up from 10%), increase levies on transactions by credit institutions by 0.04%, and double the tax on bank deposit and interest and dividends collected via the Special Defence Contribution to 30%....

Week of News in Review – 28 November 2012

Southeast Asia Maybank sees growth for Southeast Asia: Maybank, Malaysia’s largest lending bank, plans to expand in South East Asia, with a presence in every Asean nation by 2015. Currently, it has branches in 14 nations around Asia. In a recent interview with Wall Street Journal, Maybank’s chief executive,...