Tuesday 19 April 2016

Transcription

1 Tuesday 19 April Introduction by the chairman of the conference AUTOMATIC EXCHANGE OF INFORMATION: WHAT DOES IT MEAN FOR TAX PLANNERS? 9.00 Mark Morris, Mark Morris Consulting, Zurich The OECD Common Reporting Standard and the EU DAC: looking through the technical complexities to identify the practical implications for clients, bankers, trust companies and corporate service providers in Cyprus OECD reaction to jurisdictions abusing bilateral option: Panama, UAE, Singapore... USA and Automatic Exchange of Information EU Parliament will force US reciprocal reporting as per the IGAs with mini FATCA against USA, imposing 35% withholding on gross EU source payments. Are you a reporting Financial Institution? Which accounts do you review? Which accounts are reportable? What due diligence is done on accounts? What information is reportable? Clarification by OECD on ambiguities and misunderstandings relative to trusts, underlying companies, corporate directors... Radical forthcoming amendments to close the remaining loopholes: synthetised tax residence certificates, irrevocable life insurance INVITED: Liana Charalambous, Chief Revenue Officer, Inland Revenue Department, Nicosia Implementation of the Automatic Exchange of Information: what is the action plan in Cyprus? Kobi Dorenbush, Advantage Insurance A.I., Puerto Rico The emergence of the USA and its Territories for global wealth planning George Savvides, President, Cyprus Friggo Kraaijeveld, Partner, Kraaijeveld Coppus Legal, Amsterdam Mark Morris, Mark Morris Consulting, Zurich Panel discussion: What to do before the Automatic Exchange of Information (AEoI)? What to do after disclosure through AEoI? What are the options for the clients: regularisation programmes, transfer of residence, restruc- What kind of tax planning could be done this card? What risks for the advisers? turing of companies, use of trusts, use of life after the start of the Automatic Exchange of insurance, use of funds, use of listed companies Information? and listed funds? Using the remaining loopholes in the OECD CRS and the DAC: is it safe to advise the client to play Lunch INTERNATIONAL TAX PLANNING: THE NEW RULES OF THE GAME Denis-Emmanuel Philippe, partner, Revised EU parent subsidiary directive and the new draft directive (28 January 2016): which necessary restructurations of your holdings in the new context? What is the practical impact of the new General - Can a holding still have its headquarter in a Anti Abuse Rule (GAAR) in the revised parentsubsidiary domiciliation company? directive? What is the most attractive jurisdiction for - Does the holding have to exercise a intra-group the holdings? Comparative table (Belgium, financing activity or to provide services to its subsidiaries? Netherlands, Luxembourg, Cyprus...) What is at stake with the mew package of anti - Should it hold several participations? evasion measures (draft directive of 28 January - Is it it necessary to document the economic 2016) for the holdings established in the EU? motives of holding structure in the European - CFC Rules Union? - Switch-over provision

2 14.45 George Savvides, President, Cyprus What will be the impact of the revised EU Parent Subsidiary Directive on the way Cyprus companies are managed? How to increase economic substance? The revised EU Parent Subsidiary Directive adds How to reconsider the way Cyprus companies a binding General Anti-Abuse Rule (GAAR) to prevent are managed? tax avoidance and aggressive tax planning by How to increase economic substance for: hold- corporate groups: which schemes will hold after ing companies, financing companies, IP/royalties the transposition of the directive in Cyprus law? companies, trading companies Denis-Emmanuel Philippe, partner, The impact of BEPS on private clients tax planning schemes George Savvides, President, Cyprus How will OECD BEPS plan will be implemented in Cyprus? What will be the impact on the solutions offered to the clients? What will be the effect on the corporate service industry in Cyprus? SOLUTIONS FOR ENTREPRENEURS Denis-Emmanuel Philippe, partner, INVITED: Friggo Kraaijeveld, Partner, Kraaijeveld Coppus Legal, Amsterdam BEPS compliant European solutions for European entrepreneurs LUXEMBOURG SOLUTIONS DUTCH SOLUTIONS The use of the Luxembourg SPF as a vehicle to New developments in the Netherlands: hold a private estate (securities portfolio) The principles of the Dutch international investment The use of the Luxembourg SOPARFI as a holding policy: enterprises vs passive investors (control participations in operational companies) New developments in the Dutch holding, financing, Luxembourg SICAV compartments royalty regime and tax ruling practice Elias Neocleous, Advocate/ Vice Chairman, The use of family foundations: Netherlands, future Luxembourg foundation, future Cyprus foundation (law in pipeline) End of the first day of the conference Cocktail and Gala Dinner

3 Wednesday 20 April Introduction by the chairman of the conference SANCTIONS AGAINST RUSSIA & SANCTIONS BY RUSSIA 9.00 INVITED: Laura M. Brank, Partner, Dechert, Moscow In a constantly evolving universe of sanctions (US, EU, Russia, Turkey), what do you have to do as a financial institution or as a corporate service provider? US sanctions against Russia What is still perfectly legal/compliant? EU sanctions against Russia: when could they Grey areas be lifted (role of the war against ISIS in Syria)? Sanctions taken against financial institutions Russia sanctions against EU which ignored the sanctions Russian sanctions against Turkey What has been tried to bypass the sanctions and is illegal COMPLIANT STRATEGIES FOR RUSSIA & CIS CLIENTS 9.30 Oleg Konnov, Partner, Herbert Smith Oleg Konnov, Partner, Herbert Smith Philippos Aristotelous, Advocate/ Partner, CFC rules: what are the trends? How are tax authorities enforcing CFC rules? Outline of the rules with the Russian CFC rules? Interaction with the Cyprus-Russia DTA CFC reform and the recognition and taxation of Steps taken by Russian businesses trusts & foundations with a «Russian» element Are Russian clients moving abroad or abandoning What are the expected changes to the legisla- offshore structures? tion? What are the main legal and practical problems Russian tax administration and the issue of lack of substance of companies: what are the usual weaknesses and how to strengthen your companies? Russian rules and practice practice in substance? What instruments Russian authorities have to Cyprus rules and practice combat limited substance (GAAR, beneficial ownership, Provisions of the Cyprus-Russia DTA regarding permanent establishment, etc.)? residence How Russian rules and practice correspond Cyprus management and control test with BEPS and practice in other countries? Management and control in practice Has it become more difficult to get tax residency The main pitfalls certificates? Practical recommendations What are the minimum standards and good Oleg Konnov, Partner, Herbert Smith Challenges of new Russian tax residency rules for companies Legal consequences of tax residence Place of effective management definition What structures are at risk? Shift of tax residence to Russia by choice Compulsory and optional tax residence PE or tax residence The main and auxiliary tests for compulsory tax Coordination with foreign authorities residence INVITED: Laura M. Brank, Partner, Dechert, Moscow Investing in forthcoming privatisations in Russia: what is in the pipeline? The Russian Federation Government has other possible restrictions with respect to financing announced plans to privatize assets with a value any acquisitions? of over $13.5 billion in What laws have been passed that will provide What assets are being privatized and what more favourable treatment to investors than in opportunities exist for private investors? the past? How do investors navigate around sanctions and INVITED: Friggo Kraaijeveld, Partner, Kraaijeveld Coppus Legal, Amsterdam Russian & Central Asia entrepreneurs solutions New developments in the Netherlands and effects BITs, Dutch and Dutch-Caribbean Stichting, STAK for Russian & CIS clients and CV Transparency developments and related Dutch Relevant treaty developments: Russia, Ukraine, asset and identity protection strategies: the use of Kazakhstan and Georgia

4 12.30 Elias Neocleous, Advocate/ Vice Chairman, Cyprus as a key jurisdiction for outbound investments from Russia and to Eastern/Central Europe Lunch TRANSFER OF RESIDENCE: PORTUGAL, UK, CYPRUS INVITED: Filipe Freitas da Costa, Advogado / Lawyer, Caetano de Freitas & Associados, Sociedade de Advogados, Lisbon The Non-habitual Resident Tax Regime in Portugal Elias Neocleous, Advocate/ Vice Chairman, Transfer of residence to Cyprus: the new non-domiciled regime Simon Denton, Managing Director, The reform of the UK resident non-dom regime: will clients stay in the UK or will they transfer their residence in other jurisdictions? REAL ESTATE INVESTMENTS: UK, PORTUGAL Simon Denton, Managing Director, Reform of the UK Res Non Dom regime, reform of UK property taxes: which implications for the choice of compliant onshore & offshore structures to hold UK assets? How, why and when to use UK, overseas companies and other international arrangements including Trusts as well as PTC s to acquire and invest in UK property What has been the impact to the London property industry since the overhaul of the non-dom legislation and the changes to SDLT, CGT and IHT Applicable Finance Act 2015 compliant structures relevant to buying a main and secondary residence by non-uk domiciled persons To explore the new and best arrangements to use relevant to the purchase of a buy-to-let real estate portfolio and why offshore structures should still be considered The use of offshore entities for the purpose of investing in UK commercial property What arrangements and planning can still be deployed for UK property development and trading INVITED: Filipe Freitas da Costa, Advogado / Lawyer, Caetano de Freitas & Associados, Sociedade de Advogados, Lisbon Elias Neocleous, Advocate/ Vice Chairman, Real estate investments in Portugal NEW INTERESTING DEVELOPMENTS FOR CYPRUS The perpective of using Cyprus companies to do business in Iran after the new DTA between Iran and Cyprus Maria Kyriacou, Advocate/ Partner, Yacht leasing in Cyprus End of the conference

5 The new paradigm of international tax planning: what role for Cyprus? European Union anti-tax evasion directive, UK reform of the resident non-dom regime, Russia CFC regime, OECD CRS and BEPS...: how to adjust tax planning structures for the declared clients for the post automatic exchange information world? Which opportunities for the Cyprus professionals? Mark Morris, Mark Morris Consulting, Zurich Denis-Emmanuel Philippe, Bloom Law, Brussels & Luxembourg Kobi Dorenbush, Advantage Insurance A.I., Puerto Rico George Savvides, Cyprus Neofytos Neofytou, Elias Neocleous, Philippos Aristotelous, Simon Denton, Oleg Konnov, Herbert Smith Maria Kyriacou, Cyprus and the international standards of exchange of information Getting ready to CRS: how to determine the tax residence of the clients OECD Automatic Exchange of Information: clarifications & forthcoming updates The revision of the EU parent-subsidiary directive The new anti-tax evasion Directive proposed on 28 January 2016 and its impact for the holdings incorporated in the EU OECD BEPS Action Plan and its impact on existing structures Compliant tax planning for entrepreneurs Transfer of residence options: UK, Portugal, Cyprus Real estate investments structuring: UK, Portugal UK reform of the resident non-dom regime Russia implementation of the CFC rules regime Investing in Iran through Cyprus SPONSOR 19 & 20 APRIL 2016, LIMASSOL, HOTEL FOUR SEASONS