A growing number of jurisdictions are offering Citizenship by investment (CBI) or Residence by investment (RBI) schemes allowing foreign citizens to obtain local citizenship or permanent or temporary residence rights in order to take advantage of the local flat fees or in exchange for local investments. These individuals may be interested in these opportunities for a number of legitimate reasons such as taking advantage of visa free travelling, increased mobility or better job or educational opportunities, or the choice of living in an economically stable country. But at the same time the information which is released on the market and obtained by the OECD CRS public disclosure facility stresses on the various RBI and CBI misuse schemes which are aimed at circumventing the requirements for reporting under the Common Reporting Standards (CRS).
OECD has announced further actions to be taken for efficient Base erosion and profit shifting (BEPS) implementation for the collaboration among the country members of the Organization and their jurisdictions of potential tax avoidance schemes which use the existing mismatches and gaps in the tax rules for shifting profits toward locations with lower or no taxes. The latest developments are targeted towards assuring certainty for both Multinational Corporations and tax administrations and require Country-by-Country (CBC) reporting.
The Inclusive Framework includes the newly approved updates to the results of the preferential regime reviews of the Forum on Harmful Tax Practices (FHTP) regarding BEPS Action 5.
Plane ticket (check), Offshore company (check), Offshore bank account, Payment processing (check),
NO TAXES …!!! ….. SLOW DOWN …. CFC will put a damper on your tax free dreams if you neglect to follow some basic guidelines listed below.
We will cover some information to protect yourself from liberty bashing politicians and regulatory authorities while you travel and enjoy the benefits of a location independent lifestyle.
While there are many jurisdictions where you can establish a company, other factors come into play aside from ‘x’ % – tax rate in ‘y’ country
CFC rules prevent many people from legally doing business through another company in another country while they are sitting in their home country or country of residency. Unfortunately these ruin grand plans people have about sipping fruity cocktails and working from their laptop on the beach.
However, there are some countries that do not have laws constraining your earning ability in a foreign country while you are in your current country.
Our goal is to help you better understand how to avoid the shakedown by the taxman in your country of citizenship and country of residence as you travel and work worldwide.
What are the benefits of getting a Bulgarian temporary residence permit?
- Foreigners will get a Bulgarian ID card allowing their stay in Bulgaria and multiple entries into the country.
- Your Bulgarian ID card can be extended for up to 5 years and foreigners can later apply for permanent residence and full citizenship.
- Access to a simpler visa process for Schengen Zone.
- You can take your family to Bulgaria.
What duration of living does a temporary residence permit allow me in Bulgaria?
A Bulgarian temporary residence permit allows you to stay for either 6 or 12 months. You can renew yearly for up to 5 years.
When do I become qualified to apply for a Bulgarian permanent residence permit?
To be eligible for a permanent residence permit, a person should hold a valid Bulgarian temporary residence permit for a minimum of 5 years. Foreigners can get their temporary residence permit through the trade representative office in Bulgaria. The permit is issued for a duration of one year and can be renewed annually for up to five years.
Bulgaria has proven to be the perfect jurisdiction for incorporating and running FX companies. This is due to its attractive tax regime, their EU Member Status, its implementation of Markets in Financial Instruments Directive (MiFid), and a strong regulatory regime.
According to the Bulgarian legislation, only licensed and registered investment intermediaries can provide FX trading/investing services. This requires direct approval of the Financial Security Commission (FSC) in accordance with Markets in Financial Instruments Act. A few of these requirements are minimal capital investment as well as personal and professional guidelines in regards to the firm’s director.
Every FX brokerage firm licensed by the FSC falls under MiFID, the regulatory organizations for investment services across the 30 European Economic Area member-countries. As such, the ensuing license is valid across the EU, and allows FX brokerage firms to offer investment services, establish representative offices, and create fully-operational branches in any desired location within the European Union.
Significant changes in Bulgarian Commerce Act were adopted at the end of 2016, valid in the current year. We present below a summary of the most significant changes introduced with the present Act.
Validity form of certain documents is getting stricter
In addition to the current requirements for notary certified signatures on contracts for the transfer of commercial enterprise and contracts for the transfer of shares, a new requirement for additional notary authentication of the content of such contracts is introduced.
The same validity form will be required for the decisions of shareholders of limited liability companies for acceptance and exclusion of shareholders, increase and decrease of company’s capital, shares transfer to a new shareholder, appointment of company manager, acquisition and disposal of real estate and property rights thereto.
Global Consult Europe is a consulting agency specialized in international corporate law. We will provide you with all the necessary know-how on how to start your own Forex business. Thanks to our partners we can offer you a full range of services that include:
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