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From the Managing Director's desk

Preface - LAVECO Newsletter 2015/3.


Cikkünk az offshore bankolás jövőbeni tendenciáit elemzi.

While Europe is being swamped by unprecedented waves of refugees, I sense the signs of uncertainty on people in the business world. As if the world still hasn’t recovered from the recession which began back in 2008. Businessmen are still looking for the orientation points which will help guide them in the future.

The leading article of the third issue of this year’s Newsletter also attempts to contribute to the guidance process. In regard to the exchange of information, we cast light on certain instances which you won’t read about on the official sites. The regulations are not carved in stone, and it is very much up to the banks how they apply them. There are plenty of question marks, and, as in every situation, “alternative” solutions have already started to appear. The bureaucrats at the OECD have underestimated the resourcefulness of the entrepreneurs.

Dominica, the island nation in the Caribbean, offers excellent opportunities for both company formation and economic citizenship. The automatic exchange of information has also given a significant jolt to the topic of economic citizenship. Today it is not just the poor who are sent off to warzones, but the super-rich who choose to uproots and settle in countries with the lowest tax rates.

A new partner has been added to the LAVECO palette. Afrasia Bank in Mauritius is ideal for those looking for current account possibilities for their everyday transactions.

This is followed by an article shedding light on the benefits of private foundations, which will live on in spite of the exchange of banking information.

Interesting conclusions can be drawn by reading the handbook published by the OECD and intended primarily for use by financial institutions in regard to the automatic exchange of information. Our article sheds some light on two significant instances revealed by a study of the material. 

Whatever else happens around the world, life goes on at LAVECO Ltd. Two important changes have taken place recently in the staff of our office in Cyprus, which has been operating since 1999. The team has been strengthened by the arrival of a former banker, who took over management of the office in Larnaca on September 1st. This does not mean that we have parted company with the old manager. From now on, Adelina Santis, who has been at the helm of LAVECO Cyprus since the beginning, will be coordinating the citizenship and economic residency program within the LAVECO group.

Wishing you continued success in your business ventures and a very enjoyable read,

LAVECO Newsletter 2015/3. - Nude banking

With warm regards

László Váradi
Managing Director