It is time to raise the awareness of the UK’s registers that it has put into place and intends to introduce regarding beneficial ownerships, which refers to the person who ultimately owns or controls an asset such as a property or a company and may differ from the legal owner. The purpose of beneficial ownership registers is to prevent individuals from being able to hide assets and income on which they own tax.

In 2022, Panama will enforce two new obligations on entities: exclusively asset holding companies will be subject to the requirement to maintain accounting records going back five years, and both «commercial» entities operating outside Panama and exclusively asset holding entities will be obliged to submit annual accounting records to their Resident Agents.

On 15 October 2021, Cyprus approved the «Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus». With various key proposals, this action plan offers significant advantages for investors in Cyprus – and shows how Cyprus is becoming ever more business friendly.

Economic Substance Act, Beneficial Onwership Act, possible sanctions, deadlines ... Are you keen on some insights on Bahamas, Belize, B.V.I., Cayman Islands, Marshall Islands Panama and Cyprus?