IQE is continuing to monitor the repercussions of the bail-out package for Cyprus. Over the past week we have been working with professional advisers and assisting clients who hold structures, accounts and property in Cypriot entities to suggest solutions and mitigate the impact of the proposals.
The issues affecting Cyprus are unprecedented and potentially will affect individuals, investors and corporate clients. Whilst this is no time for a knee jerk reaction to the on-going developments, you may wish to consider assigning assets or re-domiciling vehicles holding assets to alternative jurisdictions subject to legal and tax advice.
With offices in the Isle of Man and Mauritius, IQE are well placed to assist clients who wish to establish new companies or re-domicile existing vehicles, not least because of the political stability and economic strength of both jurisdictions:
Isle of Man
• The Island has a 1000 year history of continuous parliament.
• Isle of Man is not in the UK or a member of the EU.
• The Island is required by law to budget for a surplus in its annual spending from indirect and direct taxation; hence it has no debt by statute and runs healthy reserves.
• 30 years of continuous growth.
• The progressive government supports a diverse economy across a number of sectors.
• Robust legislation provides flexibility for re-domiciliation of companies and supports trusts, partnerships and foundations.
• As a result, the Isle of Man is AAA sovereign rated by Moody's and AA+ by Standard and Poors.
• International hub for accessing Africa, Middle East and Asia.
• Political and socio-economic stability.
• Range of Double Taxation Treaties and international investor protection agreements.
• One of the most open and financially sound economies in Sub Saharan Africa.
• Efficient banking system.
• Stock Exchange open to Foreign investors.
• Robust telecommunications.
• Four decades of an average 5% GDP growth
For more information, please contact Associate Director, Steve McCafferty on 07624 490561
We have the expertise to assist with multi-jurisdictional fiduciary services for international structures
Simcocks Advocates have worked closely with IQE on both real estate and other private and commercial transactions over a number of years, and from our experience, IQE always strive to deliver the highest standards of service to both private and corporate clients alike. Their attention to detail, strong work ethic and listed corporate governance experience set them apart from other service providers. Phil Games, CEO, Simcocks Advocates Limited