| Edition V - 2008 |  |
Pedasi: The Azuero Peninsula’s Hidden Gem
Business Panama
Only a four hour drive southwest from Panama City on first-rate roads sits one of Panama’s hidden gems, the small picturesque village of Pedasi. The well traveled Panama visitor or native alike will tell you that Pedasi is a town distinct from any other in the country. The journey to Pedasi is almost worth the trip itself. A handful of towns along the way mark the trip’s progress and make for good rest and reference points.
[Full Report]
World-Renowned Hot Spot Buddha-Bar Selects Panama City As Next Location
2008-04-23, Miami, PRNewswire
As Panama continues to experience tremendous economic growth comparable to venues like Dubai, and is rapidly becoming the prime center of business in the Americas, the elite hot spot Buddha-Bar, in collaboration with the Revat Group, have chosen the heart of Panama City as the site for their first Oriental inspired luxury hotel in the region. The Buddha-Bar Hotel & Spa Panama will boast the glamour and elegance of a 5-star hotel with the incomparable customer service and originality that defines the Buddha-Bar’s philosophy. Investors worldwide are impressed with Panama’s stability, life-style, outstanding financial and other services, and confidently continue investing billions of dollars there.
[Full Report]
China And Chile Sign Agreement
Beijing, China/AP
Translation by Mossfon Trust
China and Chile recently signed a new trade agreement which expands their previous 2005 trade agreement. Last year, bilateral trade between the two countries grew 65% to $14,700 million. The new agreement allows mutual investment in the computer science, mines and ecological fields, and opens 23 service industries in China to Chilean investment. It also gives Chinese companies access to 37 industrial sectors of the Chilean market including the legal, real estate and engineering sectors.
Qatar Ratifies Seychelles Double Tax Agreement
By Lorys Charalambous, Tax-News.com, Cyprus
On April 3rd this year, the Qatari government issued a decree ratifying the Double Taxation Avoidance Agreement (DTAA) that was signed by representatives of the Qatar and Seychelles governments in July, 2006. The decree took effect from the date of issue (April 3, 2008), and the agreement allows investments made in either country from the other to qualify for tax breaks on dividends and royalty payments.
[Full Report]
Viet Nam, Oman Ink Tax Agreement
Ha Noi
Being the first of its kind between Viet Nam and a Middle Eastern country, and following the recent establishment of a common investment fund between the two countries, Viet Nam and Oman have signed a DTAA to block double taxation avoidance and income tax evasion. It is hoped that this strategy will create favorable conditions to boost economic and investment relations between Viet Nam, Oman and the Middle East and to ensure Viet Nam’s preferable tax system for foreign investment, and open avenues for further investment opportunities.
[Full Report]
Zapatero To Ease Property Pain In Spain
Property News
Following recent elections in Spain, Jose Luis Rodriguez Zapatero won, and the Spanish Socialist Party continues to lead the country. In an effort to end controversies about investing in Spain’s property market, Mr. Zapatero promises long overdue new regulations to boost confidence for both local and overseas buyers. He also promised to scrap the paying of wealth tax, and to increase the amount of tax-free inheritance tax on amounts up to €60,000. He will also address issues regarding cowboy builders and land laws to keep property-owners safe from demolition.
[Full Report]
Jersey LLP Review Launches
By Jason Gorringe, for Tax-News.com, London
Jersey’s Economic Development Dept. (EDD) has issued a consultation paper to review and update the island’s law on Limited Liability Partnerships (LLP’s) which was an innovative concept when originally enacted in 1997. Since then, many other jurisdictions have passed LLP laws and the EDD wants to ensure that Jersey’s law remains current and competitive for both large and small businesses to promote economic growth. The consultation paper presents various options to develop the LLP structure both locally and internationally.
[Full Report]Top 5 Medical Tourism Destinations
by Melana Yanos, Nu Wire
Medical Tourism industry statistics anticipate strong growth in coming years from a 2004 estimate of $40 billion to $100 billion by 2012. After investigating this market, NuWire has selected its Top 5 Medical Tourism Destinations offering the most attractive opportunities for both medical tourists and foreign investors: #1: Panama, #2: Brazil, #3: Malaysia, #4: Costa Rica, #5: India. These destinations were selected based on quality and affordability of care, amenability to foreign investment, and the fact that these countries are largely English-speaking.
[Full Report]
India, Myanmar Sign Tax, Transport Pacts To Boost Trade
(Reuters) New Delhi
India has signed a DTAA agreement with Myanmar that covers taxes on individual income, company profits, dividends, interest and capital gains. The two countries also signed an agreement for a multi-model transport project to link India’s north eastern region to Asia and South East Asia through Myanmar, whereby India will invest 5.4 billion rupees in the project expected to complete in 5 years. The two countries also anticipate collaboration in the oil and gas refining, technology and mining sectors.
[Full Report]
Barbados Signs Tax Treaty With Mexico
NationNews.com
As part of its strategy to develop closer ties with Latin America’s Spanish and Portuguese-speaking nations on trade and other economic matters, and to expand options beyond its traditional trading partners, Barbados has signed a new double taxation treaty with Mexico which is an OECD member. The agreement was initially negotiated six months ago and gives the two countries the opportunity to increase competitiveness by reducing tax burdens on cross-border trade, and facilitate access to both Latin American and Caricom markets.
European Farmland Hits Record Prices
By Andrew Bounds, Brussels
While prices of commercial and residential property fall, and as global demand for food increases, investors are turning towards the previously considered declining industry of farming, and specifically to farmland, as a more traditional asset in Europe. Several funds have recently been established to buy farmland. Hence, farmland prices across Europe are rising dramatically. Some farmers prefer to cash out after 20 years of flat land prices and stricter environmental rules that cause higher prices for production.
U.S. Lawmakers Are Changing Opinions On Climate, Pachauri Says
By Susan Li and Kristen Hallam (Bloomberg)
Rajendra K. Pachauri, who leads the UN Intergovernmental Panel on Climate Change, recently said on Bloomberg Television that several U.S. legislators, including previous skeptics, are becoming more open to fighting global warming. Industrialized nations, including the U.S. and China are now developing legislation to cut pollution and greenhouse-gas emissions, but a bigger effort must be made globally. Pachauri shared last year’s Nobel Peace Prize with former U.S. Vice President Al Gore for raising awareness about the serious threat of climate change.
Guernsey’s Inheritance Law Reforms To Come Into Force In Early May
By Carla Johnson, Investors Offshore.com, London
Guernsey’s government recently announced that the Law Reform (Inheritance and Miscellaneous Provisions) (Guernsey) Law, 2006 was registered in the Royal Court on 7th April this year (2008}, and will come into force in Guernsey on 7th May, 2008. The 2006 law applies only in Guernsey because it affects how inheritance of real and personal property operates for people in Guernsey. Alderney and Sark have their own laws of inheritance which are not affected by the 2006 Law.
[Full Report]