Nevis | Update on New Government Fees
We would like to inform you that the Government of Nevis has approved legislation that modifies the fees applicable to entities registered in Nevis, including Nevis Business Corporations (NBCs), Limited Liability Companies (LLCs), and Trusts. The new fees will take effect on April 1, 2025.
British Virgin Islands | Amendments to Business Companies and Limited Partnerships Act and Regulations
On 2 January 2025, the BVI Business Companies (Amendment) Act, 2024, BVI Business Companies (Amendment) Regulations, 2024 and BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024 came into force; on 10 December 2024 the BVI Limited Partnership (Amendment) Regulations, 2024 and certain provisions of the BVI Limited Partnership (Amendment) Act, 2024, came into force, aiming to enhance the territory’s reputation as a leading offshore finance center, in keeping with the recommendations of the CFATF Mutual Evaluation Report, following the inspection conducted to the BVI jurisdiction in 2023. Key updates include:
Panama Corporate Registry: Registry of Final Beneficiaries everything you should know
During the years 2020 and 2021, several key pieces of legislation were passed in the Panama Corporate Registry.
Cayman Islands | Beneficial Ownership Regime – The Beneficial Ownership (Amendment) Act, 2023
The Cayman Islands Beneficial Ownership Transparency Act, 2023, which took effect on 31 July 2024, marks a significant regulatory shift aimed at increasing transparency in corporate ownership. This new legislation enhances accountability by mandating that previously exempt entities disclose their beneficial owners. The Ministry has confirmed that enforcement of the Act will not commence until early 2025, at which point all affected legal entities will be expected to be compliant.
BVI || 2024 Amendments – Business Companies and Limited Partnerships Act and Regulations
On 2 January 2025, the BVI Business Companies (Amendment) Act, 2024, BVI Business Companies (Amendment) Regulations, 2024 and BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024 came into force; on 10 December 2024 the BVI Limited Partnership (Amendment) Regulations, 2024 and certain provisions of the BVI Limited Partnership (Amendment) Act, 2024, came into force, aiming to enhance the territory’s reputation as a leading offshore finance center, in keeping with the recommendations of the CFATF Mutual Evaluation Report, following the inspection conducted to the BVI jurisdiction in 2023.
Registry of Final Beneficiaries – Panama
During the years 2020 and 2021, several key pieces of legislation were passed in Panama. One of the most important pieces of legislation in Panama’s increasing arsenal of Anti-Money Laundering, Anti-Terrorist Financing and Anti-proliferation of weapons of mass destruction legislation during this period was law 129 of March 2020.
Panama Passport Climbs 5 Positions in Global Passport Ranking, Boasting One of the Most Powerful Passports in the Region
Panama has recently celebrated a significant achievement in the global passport arena.
BVI removed from EU list of non-cooperative jurisdictions
The British Virgin Islands (BVI) has been removed from the European Union (EU) list of non-cooperative jurisdictions for tax purposes on October 17th, 2023.
US Tax Compliance Requirements for US Entities: A Comprehensive Guide
In the United States, US tax compliance is not only an obligation for businesses but also a key aspect
Panama: 25% discount for early payment
We are pleased to inform you that the government of the Republic of Panama has enacted Law No. 401 on October 5, 2023 which establishes a special temporary measure providing a 25% discount on the Annual Government Tax for Panamanian private interest foundations and corporations that render their payment before November 30, 2023.Article 21