International Law Articles

Articles written by attorneys and experts worldwide
discussing legal aspects related to International Law.




Discovery and Depositions in Germany

  February 27, 2015     By Planet Depos
Taking depositions in Germany can be easy with the proper planning and scheduling.

Recent Canadian Court Decisions Affecting Commercial Arbitration

  February 21, 2015     By Ellyn Law LLP
More business cases are going to arbitration than ever before. Therefore, courts have to confront more procedural and legal issues arising out of arbitration cases. Judges often have to remind litigants of the deference given to arbitrators, when the parties have agreed on arbitration as their dispute resolution method. In this presentation, Igor Ellyn reviews nine of the latest cases and explains how they affect the law and practice of arbitration in Ontario and Canada.

Important Frequently Asked Questions on Vessel Arrest in Tunisia

  February 21, 2015     By Achour Law Firm
The best option available to a party seeking to obtain security for a maritime claim against a shipowner is, certainly the arrest of the vessel. Let's see the important frequently asked questions on vessel arrest in Tunisia

The Applicable Procedures to Arrest a Ship in Tunisia

  February 21, 2015     By Achour Law Firm
The best option available to a party seeking to obtain security for a maritime claim against a shipowner is, certainly the arrest of the vessel. Let's see the applicable procedures to arrest a ship in Tunisia.

Arrest a Vessel in Tunisia

  February 21, 2015     By Achour Law Firm
The best option available to a party seeking to obtain security for a maritime claim against a shipowner is, certainly the arrest of the vessel.

Cyprus Courts Do Not Recognise Foreign Arbitration Awards when Neither Party Has its Domicile in Cyprus

  February 20, 2015     By Soteris Flourentzos & Associates LLC
The Supreme Court of Cyprus ruled on 17 February 2015, in STX OFFSHORE & SHIPPING CO. LTD v. STX (DALIAN) SHIPBUILDING CO.LTD, Civil Application No. 152/2014, that in order for a foreign arbitration award to be recognized and enforced in Cyprus either the applicant or the respondent must have its domicile in Cyprus.

When a Marriage Breaks in the United Arab Emirates

  February 17, 2015     By Motei & Associates, Attorneys at Law
Shedding light on the application of the UAE Personal Affairs (‘Sharia’) versus foreign laws. The case of a Hindu divorce granted by the Sharia Court in the UAE to the wife with full custody of the kids as well as alimony.

The Legal Truth of E-contracts in Egypt

  February 16, 2015     By Youssry Saleh Law Firm
No doubt that the technological evolution and its wide range usage in various fields became a part of our daily lives, accompanied by this evolution,it’s usage between people in civil and commercial transactions grew significantly.,

Buying Property in Dubai

  February 12, 2015     By Motei & Associates, Attorneys at Law
The endless opportunities that Dubai is bringing back to its real estate sector and the influx of new people relocating to Dubai have substantially increased the Dubai property demand. The basics of buying a property in Dubai are the same as anywhere else in the world: “One needs to be very careful in closing a property deal”.

Setting Up a Business in Italy

  February 5, 2015     By Princivalle Apruzzi Danielli - Studio Legale
The first step a company based outside Italy has to take before starting a business in Italy is chosing the most appropriate form of incorporation. This article is a short introduction to the options available.

Recognition of Foreign Judgments by Thai Courts

  February 3, 2015     By Siam Legal International
The recognition of foreign judgments by Thai courts is an issue likely to be of great interest to foreigners and Thai nationals alike. Its implications have consequences over a diverse array of legal matters, ranging from the enforcement of foreign judgments against Thai-domiciled businesses operating overseas to the recognition of foreign divorce or child custody judgments against Thai spouses who have returned to live in Thailand.

Turkey’s Civil Offset/Industrial Participation Enthusiasm

  February 3, 2015     By Herdem Attorneys at Law
Most probably many people would not know more about where offset/industrial participation discussions were moving toward before the article titled “The defence industry: Guns and Sugar” was published on The Economist’s on 25 May 2013.

Business Establishment in Ukraine

  February 2, 2015     By Kydalov & Partners
Nowadays many foreigners plan to establish their own business in other country. It can be very profitable because every country has some advantages in comparison with other countries. For example, agro-industrial and agricultural spheres in Ukraine are developed on a very high level and the profit of having business in such spheres in Ukraine can be much higher than in other countries.

Legal Aspects of Marrying Ukrainian Citizens

  February 2, 2015     By Kydalov & Partners
Nowadays, many people move to Ukraine to marry with Ukrainian citizens. A foreigner who married a person who lives in Ukraine will face a number of challenges before and after the registration of a marriage. This is not about difference between mindsets and some special culture features: in this article we will consider Ukrainian law features and different law problems related to marriage.

Overview of Business Crime in Latin America

  January 27, 2015     By Diaz Reus, LLP
While several Latin American countries have vowed to combat corrupt practices and have enacted legislation to formalise their intentions, meaningful change requires active enforcement as well as the political will and sacrifice to exact it.

How Does the Foreigner Validate Documents Issued in Ukraine?

  January 27, 2015     By Kydalov & Partners
The largest part of all documents confirming one or another status of the foreign person by some country will require a further legalization according to current regulations of any other country, where a foreign national plans to work and/or reside in the future.

Your Business in Ukraine: New Perspectives for the Private Sector

  January 27, 2015     By Kydalov & Partners
It's not a secret that Ukraine is still one of the market dark horses in context of entrepreneurship. Not many of large companies venture to base their businesses here despite of the wide range of potentially profitable areas for investment. The events of winter and spring of 2014 scared even those who worked steadily for our economy for years. However, now due to the current European course, there are good prospects for the climate improvement in this area

Independent Bank Guarantee in Italy

  January 19, 2015     By Princivalle Apruzzi Danielli - Studio Legale
Business clients dealing with international trade frequently asked us whether an independent bank guarantee issued under the URDG 758 (the ICC Uniform Rules for Demand Guarantees 2010) is valid, binding and enforceable under the Italian law or not and, if not, whether and how it can be amended in order to ensure it is valid, binding and enforceable as an independent bank guarantee under the Italian law.

Civil and Commercial Court Rulings Will Have Effectiveness in All the EU

  January 19, 2015     By Abad & Asociados Abogados Y Economistas, S.R.L.
Savings of up to €48 million thanks to new rules for cross-border judgments.

The Gateway to Europe

  January 7, 2015     By Heskia-Hacmun Law Firm
Despite the fact that the German market is considered to be the third biggest economy in the world, with an annual turnover of (if you mention turnover an exact figure is expected) Billions of Euros, Israeli business presence in Germany is still relatively poor. How should business be done in Germany? Which Israeli businesses succeed in Germany and in interacting with Germans, and how can the Israeli “Chuzpa” be more helpful? These are things one ought to consider.

The Cargo Transport Units Code of Practice – What Does it Mean for You?

  January 5, 2015     By Parris Whittaker, Attorney at Law
A new Code of Practice aims to increase safety and security in the working environment in dock and on board ship – and helps shipping, cargo and haulage companies understand their liabilities and responsibilities when it comes to packing and transporting cargo.

Enforcement of UK judgments in Turkey

  January 2, 2015     By Cindemir Law Office
How to enforce UK judgments in Turkey. Uk Decrees are generally enforceable in Turkey based on high court decision.

Enforcement of US Judgments in Turkey

  January 2, 2015     By Cindemir Law Office
As a civil based law country (continental European Law) in Turkey, enforcement of foreign judgments are entitled to specific provision in International Private Act (MOHUK). It is noteworthy to mention that Turkey is not part of European Union and accordingly Brussels Convention and other relevant legislation which deal with judgement enforcement does not have any effect in Turkish Law.

Doing Business in Cuba

  December 19, 2014     By The Law Offices of R. Sebastian Gibson
In January 2015 the Treasury Department issued regulations to establish banking relations and allow U.S. companies to export items for sale in Cuba without the trade barriers that have existed for decades. While some Republican leaders have criticized Obama’s actions, normal relations with Cuba are only a matter of time and the opportunities for attorneys representing American and European companies wishing to pursue commercial opportunities in Cuba have never been greater.

Shipping and Maritime: Costs Following Hijacking of Vessels

  December 12, 2014     By Parris Whittaker, Attorney at Law
A vessel was hijacked in the Gulf of Aden by Somali pirates. Unfortunately for cargo owners and insurers, the High Court in the UK has ruled that additional classes of expense - including wages paid to crew, and bunkers consumed during the period of the hijack - could be recovered by ship owners from cargo interests.

Alternative Investment Funds in Cyprus

  December 8, 2014     By A. Danos & Associates LLC
The Alternative Investment Funds Law of 2014 was enacted by the parliament on the 10th of July 2014 and entered into force on the 27th of July 2014.

FATCA: Cayman Islands Investment Entities Should Act Before Upcoming Registration Deadline

  December 7, 2014     By Loeb Smith
The broad scope of the Foreign Account Tax Compliance Act (“US FATCA ”) introduced by the United States (“US”) and the implementation of that broad scope of application into Cayman Islands law means that it is very important for Cayman Islands domiciled entities to each undertake an assessment of whether or not it is a Financial Institution under Cayman Islands law for the purposes of US FATCA.

Innocent Infringer Trademark Defense in Israel?

  December 7, 2014     By Reif & Reif, Law Offices and Notary
Israel's Supreme Court recently found that trademark infringement in Israel should not be attributed to an importer who did not knowingly order counterfeit goods, had no intention of buying counterfeit goods, and was the innocent victim of a scam.

Parallel Import in Israel

  December 7, 2014     By Reif & Reif, Law Offices and Notary
Israel's Supreme Court has just handed down a watershed ruling in relation to the question of parallel import in Israel. In addition to re-affirming the existing common law, which permit parallel import, the Supreme Court clarified many do's and dont's relating to this kind of activity, thereby painting a fairly clear picture of what will, and will not, be permitted in Israel.

European Securities and Markets Authority Issues Consultation Paper on Asset Segregation

  December 4, 2014     By CSB Advocates
The European Securities and Markets Authority (ESMA) has recently published a consultation paper on the asset segregation requirements under the Alternative Investment Fund Managers Directive (AIFMD).

Armenian Citizens Can Work Without Permits in Russia, Belarus and Kazakhstan

  December 3, 2014     By Levine Bridge Law Firm
In October 2014, Armenia signed the Treaty of Accession to the Eurasian Economic Union, which already includes Russia, Belarus and Kazakhstan.

Foreigners Will Be Able to Receive a Pension in Russia

  December 3, 2014     By Levine Bridge Law Firm
According to a bill signed by the President of the Russian Federation, foreign citizens of countries in the Eurasian Economic Union will be able to receive a pension in Russia.

Length of Stay of Foreign Citizens in the Territory of Russia Will Be Reduced

  December 3, 2014     By Levine Bridge Law Firm
Length of stay of foreign citizens in the territory of Russia will be reduced.

Citizens of CIS Countries May Enter the Russian Federation with Foreign Passports

  December 3, 2014     By Levine Bridge Law Firm
From 1 January 2015, citizens of CIS countries will enter the Russian Federation with foreign passports.

Russia and Mongolia Abolished Visas Requirements

  December 3, 2014     By Levine Bridge Law Firm
The Presidents of the Russian Federation and Mongolia signed an agreement on conditions of mutual travel of citizens of the Russian Federation and citizens of Mongolia.

As of January 1, 2015, Foreign Citizens Will Not Be Required to Obtain Work Permits in Russia

  December 3, 2014     By Levine Bridge Law Firm
On November 24, the President of the Russian Federation signed the Federal Law eliminating the need for foreign citizens obtaining a work permit in the Russian Federation who arrived via a visa-free regime. From January 1 2015 for the implementation of the work in Russia CIS citizens have to be issued a patent. The patent will allow the specified foreign citizens to work as for legal entities and for physical persons.

Patent Will Be 4,000 Rubles Per Month for Foreign Nationals in Russia

  December 3, 2014     By Levine Bridge Law Firm
Currently, the Moscow City Duma is considering a bill to increase the value of the patent (the size of the tax on personal income, charged monthly) to 4,000 rubles.

China - Live Animal Import and Export Regulations

  By MMLC Group
A look at the web of Chinese laws that potentially apply to the import of live animals into China.

Simplified Procedure for Obtaining Russian Citizenship for Citizens of Ukraine

Ukrainians will be able to apply for Russian citizenship under the state program for the voluntary resettlement of compatriots in a simplified manner.

Overseas Service Businesses Under the Thai Foreign Business Act

The Foreign Business Act of 1999 generally restricts service businesses under Category (21) of List Three, with certain explicit exemptions such as hotel management services under Category (17). Furthermore, the Ministerial Regulation Re: List of Service Businesses Exempt from Requiring a Foreign Business License of B.E. 2556 (2013) also exempts certain businesses related to securities and investment from requiring a Foreign Business License.

Investments Into Crimea

Pursuant to a treaty of accession between the Russian Federation, Crimea and Sevastopol dated March 18, 2014 Crimea and Sevastopol became integral parts of the Russian Federation as two separate new Russian regions. As such, they fall under the jurisdiction of the Russian Federation.

Foreign Skilled Technicians and Experts Under the Board of Investment in Thailand

The Investment Promotion Act of B.E. 2520 (1977) allows three categories for foreigners to enter Thailand in addition to the standard immigration rules. Section 24 of the Act allows for foreigners to enter the country in order to survey investment opportunities. Section 25 allows foreigners who are skilled technicians or experts (and their dependents) to enter the country to work for a company that has been promoted by the Board of Investment (BOI).

Simplified Admission to Citizenship of the Russian Federation by Foreign Entrepreneurs and Investors

Russian Ministry of Economic Development has identified economic activities, the implementation of which the individual entrepreneurs and foreign investors are entitled to receive a simple Russian citizenship.

The State Duma Extends the Notification of Dual Citizenship Deadline

We remind you that until October 4, Russian citizens were obliged to report that they have foreign citizenship or residency in another country.

Recognition and Enforcement of Foreign Court Judgments and Awards in Turkey

The issue of recognition and enforcement of foreign court judgments and arbitration awards in Turkey is one of the most vital final key points in international transactions in case the object of the transaction (i.e. the aircraft, goods, assets of debtor, marriage) is situated and the defendant or debtor having its assets and principal place of business in Turkey when the time comes to regaining of the title or to enforce any foreign court judgment or award.

An Overview of FIDIC Rules in Turkey

FIDIC, (Federation Internationale Des Ingenieurs Conseils), International Federation of Consulting Engineers aims to find a resolution in construction sector. There are five different FIDIC contracts in different colors that regulates different and separate obligations and rights.

Cyprus Nominee Shareholders - Valid Trusts Arrangements or a Mere Façade?

First to be explored is the legal nature of the so called “nominee shareholder”. Nominee shareholder is a shareholder of a company holding shares nominally only, that is, only in name. In such a way the identity of the ultimate beneficial owner (“UBO”) of the shares is not disclosed.

New Rules Simplify the Filing and Approval of Chinese Outbound Investment Projects

On September 6, 2014, the Ministry of Commerce ("MOFCOM") issued the Outbound Investment Management Rules (the "Rules"), which took effect on October 6, 2014. The Rules have replaced old MOFCOM regulations regarding Chinese outbound investment projects. On April 8 2014, the National Development and Reform Commission ("NDRC") issued a regulation regarding measures for the administrative approval and filing of outbound investment projects (the "Measures").

Security for Cost in Turkey

Security for costs is money that a plaintiff is ordered to provide to the court as a condition of continuing with a claim or execution proceeding, and which will be applied on any costs order that may be made against the plaintiff. It provides a safeguard to the defendant in financial terms so as to ensure that he is not unduly burdened by having to bear his own costs in defending claims by plaintiffs who may be unable or unwilling to pay costs to the defendant when ordered by the court.

Recognition of a Foreign Judgment and Public Policy Requirement

Do you have court order from court of your country that you wish to seek recognition of it in Turkey, but you are concerned that it might not be recognized, because it does not contain the grounds on which the decision is built? Well, here is a good news!

Can the Shares of a Cayman Islands Company be Pledged as Security?

  By Loeb Smith
It is not possible to "pledge" registered shares under Cayman Islands law because title to the shares cannot be transferred by physical delivery. Any grant of security over registered shares that is called a "pledge" will typically be either (i) a legal mortgage or (ii) an equitable mortgage/share charge, depending on its terms. If the security purports to be something else, the chances are that it will be entirely ineffective.

Foreign Investments in the Ukraine

A brief overview about the guarantees that Ukrainian legislation provides for foreign investors and which steps should be done to enjoy them.

International Law Increasingly Important

Globalisation continues to advance. Trade has long since ceased to stop at national borders. This also has implications for jurisdiction.

What will TTIP Bring for Turkey: Legal and Trade Related Issues

Known by its acronym TTIP, Transatlantic Trade and Investment Partnership has the capacity to serve as a game changer in global economic balances. At its core TTIP is a free trade agreement between the United States and the European Union with the underlying objective to increase bilateral trade among two economic blocks by the removal of tariff and non tariff based obstacles before the Transatlantic trade.

When Should Blog or Forum Posts Create Liability for Defamation?

Writers often express their views on blogs or forums. With the advancement of laws, anyone who writes articles, must be cautious of consequences of doing so. This is a Malaysian perspective.

China's Supreme People's Court (SPC) Rules in Favor of ICC Arbitration in China

The recent decision by the China SPC turns on its head all that international arbitrators and contract drafters have come to believe of the China Arbitration rules, which requires all arbitration to be done by a Chinese institution, which invariable meant the application of that institution's arbitration rules.

Arrest of Ships in Accordance with Libyan Law

Libya is largely dependent on imports, consisting mainly of industrial and food commodities. Libya’s biggest trading partner is the European Union and Italy leads with 30% of Libyan imports. This significance of the Libya/EU trade-link across the Mediterranean is undisputed as the seaports of Libya are invigorating their connections to the southern European seaports.

American Defense Industry: Does the Legal Regime Hamstring the Business?

The United States is still by far the leading country in defense spending, allocating a sizable portion of its GDP to produce cutting edge military technologies. However, recent reports indicate a decline in American exports in military hardware.

TTIP: The Issue of Investor to State Dispute Settlements

The benefits that will the TTIP bring to the table for both of the signatories across the Atlantic are well documented by the Atlantic Community. Generation of a volume trade that amounts a USD$ 1.2 billion and the expansion of the already existing transatlantic trade accompanied by the removal of non-tariff barriers as well as cheaper prices for the consumers and common standards for the producers that would give leeway for them in fierce global competition by declining production costs.

Practical and Legal Aspects of Debt Collection in Ukraine

Despite all the current geopolitics, trade goes on in Ukraine, but what if you are an exporter and have concerns about repayment?

Shanghai Free Trade Zone Releases 2014 Negative List Revision

The broad negative list initially issued at the launch of the Shanghai Free Trade Zone (FTZ) in Oct 2013 has been revised as promised. The newly issued negative list issued on June 30 2014 takes immediate effect and decreases the initial number of prohibitions from 190 to 139.

People’s Republic of China Arbitration Clause – No Room for Ad Hoc?

The People’s Republic of China (PRC) rules on arbitration requires arbitration by an institution. Therefore for China based arbitration this usually means arbitration through the China International and Trade Arbitration Commission (CIETAC).

Transatlantic Trade and Investment Partnership: How should Turkey Cope with the Changing Dynamics?

The free trade agreement, known with its acronym TTIP, currently being negotiated between the United States and the European Union is expected to have immense legal implications as well as commercial ones for the signatories.

Integration of US and Europe Energy Markets: TTIP and Global Energy Trading Projection

Shale gas revolution has been driving US energy market by increasing economic and industrial competitiveness. Today, shale gas has gained acceptance as “bonanza” which triggered slump in gas prices and sparked off widening the energy gap between US and Europe.

European Economic Interest Groups in Italy (EEIG)

EEIG in Italy ("Gruppo Europeo di Interesse Economico", GEIE) is an associative organization. GEIE or EEIG can exclusively be used within European area, it encourages cooperation between companies, others economic entities, professionals and physical persons even, and its main requirement is that, at least, partners are coming from two States members of the U.E. This tool can be easily employed in the participation to tenders.

Why Small Businesses Should Consider China Trademark Registration

The recent troubles facing Tesla’s expansion into China, particularly the trademark of its name and it’s Chinese version TeSiLa should be paid close attention to especially by small businesses.

Establishing Business in Turkey

The New Turkish Commercial Code numbered 6102, published in the Official Gazzette on February 14,2011 came into effect on July 1, 2012.

Willfulness and the Civil FBAR Penalty

  By Brown, PC
In 2008, when it was revealed that wealthy individuals around the world were utilizing accounts and trusts in Liechtenstein to evade taxes, the United States initiated a coordinated effort with foreign governments to combat tax evasion through the use of offshore trusts and accounts. The U.S. Department of Justice (DOJ) has since launched criminal investigations of several foreign banks, many of which are ongoing.

The Regulation of Virtual Currencies - A Positive Step Undertaken by the EBA

On Friday the 4th of July the European Banking Authority (EBA) published an opinion addressed to the EU Council, European Commission and European Parliament outlining its view on how ‘virtual currencies' should be regulated.

Can You be Held Responsible for Texting a Driver Who Causes an Accident?

Texting people is extremely common. Now, one might just be liable, if you do so to someone who is driving, and causes an accident. An Appellate Court decision which has thrown principles in disarray.

Prospective Pitfalls in the TTIP

The United States and the European Union are readying themselves to celebrate the formation of the biggest single market to date which is expected to ease trade barriers across the Atlantic and increase the volume of bilateral trade between these two economic blocks.

Russian Migration Legislation Changes - June 2014 - Part 1

Russian Migration Legislation Changes in June 2014.

IRS Changing Terms for Offshore Account Holders

  By Brown, PC
U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service’s plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency.

Licence and Registration, Please! – New Licensing and Registration Regime for Directors of Cayman Companies

  By Loeb Smith
On 4th June 2014, the Directors Registration and Licensing Law, 2014 (the “Law”) came into force in the Cayman Islands. The Law requires all directors (wherever they reside in the world) of “Covered Entities” to register with the Cayman Islands Monetary Authority (“CIMA”). The Law has also introduced a licensing regime for “Professional Directors” and “Corporate Directors”.

Transatlantic Trade and Investment Partnership and The American Defense Industry

TTIP, the free trade agreement that is currently being negotiated between the United States and the European Union, if successfully concluded by both parties will create the single most important common market in the world where more than one third of the world economic output is already being produced in these two sovereign blocks.

Dubai - A Global Leader

The near collapse of major financial markets around the world in 2008; has clearly left a lasting legacy on many. Questions have been raised in past as to what led ot the crisis, people who were instrumental in driving the downturn

Limitation in International Trade

One of the legal instruments and security accreditation of the rights and interests of the parties in the liability is the mechanisms of judicial protection and /or arbitration. But these mechanisms have their own characteristics and aspects that are important to know to protect your interests effectively. Thus, the important aspect is the limitations, in other words, the period during that a person is guaranteed by the judicial protection of rights.

The Problem Militating Against the Growth of Arbitration in Nigeria

Unlike commercial litigation where litigants spend many years in court for their dispute to be resolve by a Judge, an arbitration proceeding is fast and flexible. The parties agree on the process of resolving their dispute. Arbitration proceedings are confidential and an arbitral award is not subject to appeal. Notwithstanding the advantages of arbitration over litigation, there are many challenges facing Arbitration as a means of resolving commercial disputes in Nigeria.

An Appraisal of the Causes and the Panacea to Nigeria's Growing Interconnect Debts

The deregulation of the telecommunications sector in 2001 led to the issuance of telecom licenses to major telecom providers in Nigeria. Unlike the pre-deregulation era which was characterized by poor services by NITEL, Nigeria’s sole telecom provider, there has been an increase in international trade and investment as a result of the telecommunication revolution. The adverse effect of this is the staggering amounts of interconnect debts in Nigeria’s telecommunication sector.

Extra! Extra! Read All About It! IRS Commissioner Announces That Changes Are In the Offing For OVDP 2012

On June 3, 2014 the new IRS Commissioner, John A. Koskinen, gave a speech before the International Business - OECD International Tax Conference. His speech covered the history of the offshore enforcement initiative since the UBS debacle in 2009. His remarks acknowledge what most professionals in the tax community have recognized since the inception: that OVDP needs more tweaking in order to meet the overall goals of enforcement and fairness.

Transatlantic Trade and Investment Partnership: An Answer to the Shift of Global Economic Balances?

Long gone are the days the American economy by itself producing almost the 50% of the total world economic output immediately following the Second World War. Gone, together with the predominance in the global economic output is the cheap energy prices that sustained the American economy and its new role back in the post war world as the workshop of the world following the British political and economic decline.

FBAR and FATCA – Two Abbreviations That Can Wrap You Around the IRS Axle

FBAR and FATCA are two important abbreviations for those who have overseas financial interests. Failure to file the FBAR report, in view of the IRS’s continuing application of FATCA, can get you into what old military veterans used to call FUBAR.

Arbitration: Your Counterparty is a Resident of Ukraine

Particularly, Ukraine, as the successor of the USSR, is the co-signatory of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) and the European Convention on International Commercial Arbitration of 1961, and the Law of Ukraine "On International Commercial Arbitration" almost verbatim repetition of the Model Law UNCITRAL "On international Commercial Arbitration" of 1985.

Technology & Communications Law - Malaysia

A basic insight into the laws of technology and communications in Malaysia.

The Rules Governing Taxation of Foreign Nationals

Below are the rules governing taxation of foreign nationals.

New Law Passed to Modify Contract Law in the Cayman Islands

  By Loeb Smith
The Contracts (Rights of Third Parties) Law, 2014 (the “Law”) has now been passed into law in the Cayman Islands and is expected to enter into force shortly. The Law will grant to one or more persons who are not parties to a contract (each a “Third Party”) the ability to enforce rights and benefits expressly granted to the Third Party in the contract.

Company Formation in Albania - Business Licensing

Foreign nationals are entitled to take up economic activities in Albania as self-employed persons, and to set up undertakings, in particular companies, which they effectively control. Foreign companies can also do business in Albania through setting up subsidiaries and branches.

Newest Legal and Tax Implications When Purchasing Real Estate in Spain

In real estate transactions in Spain it still happens more often than not that acquired objects or extensions have to be dismantled because renovations or extensions were not properly authorised or the authorisation was not registered with the different agencies involved. Subsequent permits are possible in some cases, but they do require a special process and incur substantial expenses.

Malta Individual Investor Program – Facilitating Citizenship Through Investment in the Republic of Malta

The Republic of Malta allows investors to apply for citizenship, with all of its advantages. Acquiring Maltese citizenship also confers the benefits of European Union citizenship, since Malta has been a member of the European Union since 2004. Maltese citizenship also provides a visa exemption to more than 160 countries around the world, including the U.S.A.

“FATCA” Law is Striking Fear into Foreign Banks

Law That May Reduce Tax Evasion Goes Into Effect On July 1 The Foreign Account Tax Compliance Act (FATCA) became law in the United States in 2010, but the clock is still ticking on its implementation. The clock will stop ticking on July 1, 2014.

When Will the Cayman Courts Pierce or Lift the Corporate Veil of a Cayman Company

  By Loeb Smith
The general legal principles regarding corporate personality under the law of the Cayman Islands are similar to those under English law.

Understanding the PFIC Rules Without Suffering a Migraine

The PFIC regime was not introduced until 1986. Prior to 1986, U.S. taxation of foreign corporations was strictly tied to control of the corporation held by U.S. persons. This allowed not only the foreign mutual fund to avoid U.S. taxation, but also U.S. persons who invested in the fund. How so?

MFSA Clarifies the Limits Applicable to Cross Sub-Fund Investments

Subject to certain conditions, a sub-fund of a PIF or of an AIF which is constituted as a SICAV is allowed to invest up to 50% of its assets into another sub-fund or sub-funds within the same umbrella scheme.

Lifting the Veil on the Civil FBAR Penalty

It should come as no surprise that the IRS has authority to assess FBAR civil penalties. However, what might come as a surprise is that an FBAR violation doesn’t automatically mean that a penalty will be asserted. Why not?

No Laughing Matter: The Criminal Consequences of Failing to Report Foreign Bank Accounts

United States citizens, residents and other persons must annually report their direct or indirect financial interest in, or signature authority over, a financial account that is maintained with a financial institution located in a foreign country if, for any calendar year, the aggregate value of all foreign accounts exceeded $ 10,000 at any time during the year.

Remedies Against EU Sanctions Targeting Russian and Ukrainian Officials

  By Lorenz
In the wake of new turmoil in eastern regions of Ukraine, the European Union has decided to expand the list of sanctioned persons subject to a freezing of their assets. Irrespective of a number of exemptions provided for in the relevant EU Regulations, the sanctioned persons have the possibility of challenging the freezing measures before the EU Courts in Luxembourg.

MH370 - The Montreal Convention from a Malaysian Perspective

An insight for the unfortunate whose relatives were traveling on MH370.

Bilateral Arbitration Treaties: A Few “Bits” More and No “Buts” within the Portuguese Jurisdiction

In his “Kiev Arbitration Days” after-dinner speech in November 2012 (“BITS, BATS and BUTS”), Gary Born presented a suggestion that can leave no one indifferent (speech published as “Essay” by Young Arbitration Review, March 2014 Edition). His idea is to take advantage of the legal framework and experiences gained from the world of investment arbitration and bring that framework and those experiences into international commercial arbitration.

White Collar Crime: Entrapment and Ignorance of the Law Can Snare the Unwary

The most common white-collar offenses run the gamut of nonviolent crimes from antitrust violations to money laundering. The FBI estimates that white-collar crime costs the United States more than $300 billion annually. These estimates do not take into account cases where aggressive and ambitious prosecutors snare an unwary person, who eventually pleads guilty in the face of intimidation and threats. Then there is the plethora of regulations where ignorant noncompliance is, nevertheless, a crime.

A Primer on the Foreign Earned Income Exclusion

Ordinarily, the United States taxes U.S. citizens and resident aliens on their worldwide income, even when they live and work abroad for an extended period of time. To provide some relief, a U.S. citizen or resident who meets certain requirements can elect to exclude from U.S. taxation a limited amount of foreign earned income plus a housing cost amount. A double tax benefit is not allowed, however, and a taxpayer cannot claim a credit for foreign income taxes related to excluded income.


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