Izon Corporation

????Uruguay signs Tax Information Exchange Agreement with the United States On September 19th, 2024, Uruguay took a significant step forward by approving Law No. 20.351, which establishes an agreement with the United States for the exchange of tax information (AII). This agreement will officially come into effect one month after Uruguay notifies the U.S. of its legal ratification. The idea is for this agreement to help in determining and assessing as well as ensuring compliance and enhancing enforcement. For Uruguay, the taxes covered include IRAE, IRPF, IRNR, IASS, IP, VAT and IMESI. On the U.S. side, it covers federal taxes on income, employment-related taxes, estate and gift taxes, and consumption taxes. Plus, any new national taxes introduced after the signing will also be included in this exchange. When one country requests information from the other, it must evaluate the details needed to identify the individuals or entities being investigated, the timeframe for the information requested, and the specific tax purposes for which the information is sought. This agreement is a significant leap in the fight against tax evasion, fostering greater financial transparency between Uruguay and the United States. Stay tuned for more updates as we follow this development.

Updates to the British Virgin Islands Business Companies Act ?? The BVI Government has just introduced key updates to the BVI Business Companies Act that promise to enhance the territory’s status as a leading financial services hub. Although these amendments were published on September 26th, 2024 and are expected to be effective soon, the Act has not yet been brought into force. Two of the major changes of the amendment: ? 1) All companies will be required to prepare a Register of Members and file it to the BVI Registrar of Companies within 30 days of incorporation. Also subsequent changes to these registers will need to be reported within that same timeframe. FYI, these documents will not be open to the public unless expressed otherwise. 2) Companies will be required to gather and maintain precise beneficial ownership information, which will also need to be filed within 30 days of incorporation. Under this amendment, the definition of “Beneficial Owner” has also been clarified to include both ownership and control. Before submitting information to the Registrar, the Registered Agent will need to verify the identities of the beneficial owners to ensure everything is accurate ?? These amendments represent a significant step forward in enhancing the integrity of BVI’s financial services sector. Stay tuned for more updates and insights!??? _______________________________________________________________ El gobierno de las Islas Vírgenes Británicas acaba de introducir una serie de cambios importantes en la Ley aplicable a todas las empresas registradas o constituidas bajo las leyes de BVI, que buscan fortalecer su posición como un centro de servicios financieros. Aunque estas modificaciones se publicaron el 26 de septiembre de 2024 y se espera que entren en vigor pronto, la ley aún no está en funcionamiento. Dos de los cambios más importantes: 1) Todas las sociedades deberán preparar un Registro de Miembros y presentarlo al Registro de Compa?ías de BVI dentro de los 30 días posteriores a su constitución. Además, cualquier cambio en estos registros también deberá ser reportado dentro del mismo plazo. Estos documentos no serían públicos a menos que se indique lo contrario. 2) Las sociedades tendrán que recopilar y mantener información precisa sobre los beneficiarios , y también presentarla dentro de los 30 días de la constitución. Bajo esta enmienda, se ha aclarado la definición de "Beneficiario", que ahora incluye tanto la propiedad como el control. Antes de enviar la información al Registro, el Agente Registrado deberá verificar la identidad de los beneficiarios para garantizar que todo esté correcto. Estas modificaciones son un paso importante para reforzar la integridad del sector de servicios financieros en las Islas Vírgenes Británicas. ?Estén atentos para más actualizaciones y novedades! ??

???? Uruguay approves Law to regulate Cryptocurrencies Uruguay has taken a significant step forward in the field of virtual asset regulation. After nearly two years of deliberation, the Executive Power has officially approved Law No 20.345, which establishes a regulatory framework and officially recognizes virtual assets in the country. With this initiative, Uruguay is moving towards the formalization of the virtual asset ecosystem, creating a secure environment for the financial system and positioning the country as an attractive destination for future economic opportunities. This new law brings Virtual Asset Service Providers (VASPs), which have been identified as financial entities by the regulation of the Central Bank of Uruguay (BCU), under the supervision and regulation of this institution. Thus, the BCU will have the authority to regulate companies and individuals operating with virtual assets, determine the specific activities that are included in this regulation, approve or reject the authorization requests needed for the operation based on criteria of legality and convenience, and may also revoke such authorizations in case of serious violations. In addition, the Superintendence of Financial Services will be in charge of regulating and supervising the operations of the VASPs, while the BCU will define the scope of these activities. With the enactment of Law No 20.345, we look forward to the forthcoming regulations from the BCU, which will complete the legal framework for virtual assets.

??? Update on Luxembourg SPF Residence Certificates Luxembourg Specialized Investment Funds (SPFs), which are designed to manage private wealth, act as specialized entities for the acquisition, holding, management, and realization of financial assets. While they provide numerous advantages, it is important to note that SPFs cannot engage in commercial activities. One of the key advantages of SPFs is their exemption from income, municipal business, and net wealth taxes. However, they are subject to an annual subscription tax, which may soon see an increase. A Draft Law introduced on July 17th, 2024, proposes raising this tax from EUR 100 to EUR 1,000 and adjusting the taxable debt calculation to the first day of the SPF’s financial year. Luxembourg's Tax Authorities issued new guidelines (Circular LIR No. 159/2) on June 4th, 2024, confirming that SPFs can be recognized as Luxembourg residents if they meet the criteria outlined in Article 159 of the Luxembourg Income Tax Law, which includes having a registered office or central administration in Luxembourg. In this case, the Direct Tax Administration will issue a Residence Certificate confirming the status, which is required for a variety of administrative and legal purposes.

Izon Corporation at the STEP LatAm Conference ! We’re honoured to share that Izon Corporation is attending the STEP LatAm Conference 2024! The Society of Trust and Estate Practitioners (STEP) is a professional organization committed to promoting responsible management of assets for future generations. It is great to meet international colleagues and share insights on effective strategies for navigating the complexities of wealth structuring in the region. Our team members, Chiara Brener and Lorena Dura?ona are representing us at this prestigious event! ———————————————————————— Izon Corporation en STEP LatAm 2024! Nos sentimos honrados de anunciar que Izon Corporation asistirá a la Conferencia STEP LatAm 2024. STEP es una organización profesional comprometida con la promoción de la gestión de activos para las generaciones futuras. Es una gran oportunidad para conocer a colegas internacionales y compartir ideas sobre estrategias para navegar las complejidades de la estructuración internacional. ?Nuestros miembros del equipo, Chiara y Lorena, nos representarán en este prestigioso evento!

BVI update on annual returns???? The BVI Financial Services Commission has just issued Industry Circular 34 of 2024 regarding the filing of annual returns under the BVI Business Companies Act. The deadline for the first filing is 30th September 2024, but the Commission is considering extensions to ensure full compliance with filing obligations. Neither the Commission nor the Registrar intends to take any enforcement action against companies or registered agents for missed deadlines at this stage. Stay tuned for updates. Source: https://lnkd.in/d9iuhUyZ

Cayman Islands Trusts allow perpetuity, redefining wealth preservation. In July 2024, the Cayman Islands Parliament made notable progress on the Perpetuities (Amendment) Bill as it is now moving forward to the third reading without any changes. It is not yet known when the law will come into force. Currently, most Cayman trusts are limited to a maximum duration of 150 years. The Amendment Bill aims to increase the flexibility of trusts that do not involve Cayman land by removing the rule that limits their duration. In this sense, with this Bill, there will be no time limit on the duration of new trusts setting up after the amendment’s enactment and existing trusts that switch to Cayman law. These changes are intended to make the Cayman Islands an even more attractive jurisdiction for setting up and managing trusts, by offering more flexibility and keeping in line with international standards. Stay tuned for further updates on the Cayman’s Perpetuities (Amendment) Bill 2024.

Catch Up Report on VASPs International Regulations In 2019, the FATF expanded its global guidelines for AML/CTF to include virtual assets (VAs) and virtual asset service providers (VASPs). The FATF’s Recommendation 15 provides a framework for regulating VASPs, emphasizing risk assessments, supervisory inspections, and the implementation of the “Travel Rule” to trace the sender and receiver of significant VA transactions. A 2024 survey examining the adoption of these guidelines reveals that, compared to the 2023 results, jurisdictions have made progress in enacting AML/CFT regulations or are in the process of doing so. However, the global implementation of the relevant FATF Standards remains slow. The survey shows that 42 out of 147 respondents had never conducted a risk assessment for VAs, and mutual evaluation and follow-up reports revealed that most jurisdictions do not fully implement risk assessment procedures on VA. It additionally demonstrates that many countries are still deciding how to regulate the VAs sector, with over a quarter of survey respondents having not decided whether to regulate the sector (for example, Australia, U.K. and the U.S.), the majority of jurisdictions allowing VAs and VASPs (such as BVI, Canada, Cayman Islands, and Switzerland among others), and a smaller number prohibiting them (mainly in the Middle East, North Africa, and certain Asia Pacific regions). Also the implementation of the Travel Rule progresses slowly, with nearly one-third of respondents yet to pass legislation to enforce this rule. Despite these challenges, the increased registration and licensing of VASPs indicate a positive trend since 2023. Although there is notable progress in registering/licensing VASPs, the path towards comprehensive global implementation of FATF’s Recommendation 15 is ongoing, needing continued efforts and collaboration. #AML #CTF #VASPs #VirtualAssets #FATF #Regulation #FinancialSecurity source: https://lnkd.in/dyxzjaHC

New EU anti-money laundering regulation and directive adopted ?? The European Parliament has approved a new AML/CFT legislation to strengthen EU rules against money laundering and terrorist financing. A new EU AML Authority will be set up in Frankfurt to oversee high-risk financial institutions and improve cooperation among Financial Intelligence Units (FIUs). The regulation, which does not need to be enacted by Member States, will fully organize AML rules across the EU, whereas the directive will guide each country on setting up its AML authority and will establish common guidelines for FIUs and supervisors on how to share and respond to suspicious financial activity. The AML regulation will take effect three years after enactment. Member States have two years to put some parts of the AML directive into place and three years for other parts. Feel free to contact our team to discuss how these rules might affect your company.

New Register of Beneficial Owners applicable in Nevis Due to Nevis’ commitment to transparency and fight against financial crimes, in August 2023, the Nevis Island Assembly approved the Nevis Business Corporation (Amendment) Ordinance 2023, which establishes an extensive list of documents and registers that Nevis-registered corporations are required to maintain. Among the required documents is the Register of Beneficial Owners that contains detailed information about the entity's beneficial owners (*). This document remains confidential, meaning the information may be available to relevant authorities, but not to the general public. For more information and updates, visit our website or contact us directly. (*) Beneficial owners are individuals who directly or indirectly own or control a significant portion of a company’s shares or voting rights or have substantial influence or control over its management.