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From the Managing Director's desk

Preface - LAVECO Newsletter 2015/1.


Előszó a LAVECO hírlevélhezThe first edition of the LAVECO Newsletter in 2015 kicks off with a question which has been troubling a lot of people: Will the world be different without offshore structures? The article is at the same time a little provocative, and also artificial, as this whole thing is not going to end, though it will go through some changes. Our article provides an interesting addition to the answer which we started writing in this Newsletter years ago.

Each quarter we will be introducing new financial centres, and in this edition it is the turn of Andorra, a true curiosity. This small country, which has been happy to stay out of the limelight until now, has become more open to foreign investors since January 1st 2015.

In the last edition we introduced Ras Al-Khaimah, one of the lesser known members of the United Arab Emirates, and the tax benefits on offer there. In this edition, continuing the theme, we guide you, dear reader, through the difficulties of opening and maintaining bank accounts there.

Under the interesting topics, we write about the rebirth of Istanbul, one of the largest cities in Europe. A whole section of the city on the banks of the Bosporus will disappear and be completely rebuilt. The old buildings, at risk from earthquakes, will be demolished and in their place a whole new residential and business district will be developed. I myself experienced first-hand at MIPIM just how actively the local council, with the mayor at the helm, deals with businessmen wishing to invest there.

It was good to see a politician working hard from dawn ‘til dusk in order to help his city, and within that his particular district, to develop and attract investors. What really took my breath away was when the deputy mayor, outside the official programme, came up to me in the street and asked if he could help with anything and whether I had received sufficient information from them at the exhibition.

Shouldn’t it work like this elsewhere in the world?
Malta offers excellent opportunities for businessmen from both within the EU and those arriving from third countries with the intention of resettling for economic purposes. The tax system is one of the most competitive in the EU, and those obtaining residency permits here, even if they come from outside the EU, are entitled to free movement within the Schengen zone.

The last quarter wasn’t exactly a quiet one for LAVECO Ltd. We took part in the RAKIA Road Show in Budapest, Bucharest and Sofia at the beginning of February, and also exhibited for the 6th time at MIPIM, one of the most significant real estate exhibitions in the world. And a very significant event took place for everyone involved with LAVECO Ltd. when we were granted our licence to operate in Cyprus.

In accordance with the EU directive, in 2012 Cypriot legislation made it compulsory for businesses involved in company formation and administrative services to obtain a licence to do so. Existing companies were given a deadline of June 22nd 2013 to submit their applications. LAVECO Ltd. Cyprus satisfied all of the requirements of the company review, and on March 2nd 2015 the Cyprus Security and Exchange Commission (CySec) passed its decision issuing the company with the necessary operating licence.

Dear Reader, as usual, I would be only to happy to receive your comments or observations. For us, sending out the Newsletter is only really of any value, if you find it useful and are able to take advantage of and profit from the possibilities we offer.

Will the world be different without offshore structures? - LAVECO Newsletter 2015/1.

Wishing you a pleasant read and success in your business ventures,

With warm regards,

László Váradi
Managing Director