Newsroom
APPLICATION PERIOD FOR THE MONTENEGRIN CITIZENSHIP BY INVESTMENT PROGRAM IS OFFICIALY OPEN!
The long-awaited Citizenship by Investment Program implementation has reached a milestone moment by starting to accept applications. Let us review and outline the precisely set criteria for this...
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Eurofast New Website
Eurofast recently launched its new website eurofast.eu. The new website offers improved navigation and functionality, creating a user-friendly environment for visitors. The newly redesigned website...
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ARE YOU SUBMITTING YOUR CITIZENSHIP APPLICATION THROUGH A TRUSTED ADVISORY COMPANY?
The Citizenship by Investment industry is constantly growing. Along with the industry, the number of licensed companies – as well as of those that are not credible – is increasing. Such an...
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Eurofast; CEO Message
Dear clients and friends, 2018 was a year of many changes in our organization which were very important in redefining our strategy and the Next Chapter in Our Eurofast Story. 2018 marked the 40th...
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ROMANIA: One of the best holding jurisdictions
Romania is a place where you should focus next if your business or your clients need a holding structure. The recently adopted legislation is encouraging investment funds and big companies to...
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Moldova temporarily suspends Citizenship by Investment Program
Moldova’s President, Igor Dodon, during a meeting of Moldova’s Supreme Security Council, informed the local press that the Government had suspended the country’s recently introduced citizenship...
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Bulgaria amends VAT legislation; changes affect a wide range of sectors
The VAT rate in Bulgaria has remained unchanged at 20% for many consecutive years. Recently, there has been a lot of debates on the future possibility of amending the VAT rate for certain food...
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Investing into the Balkans through a Cyprus Alternative Investment Fund
As a collection of emerging markets with strong growth potential, the Balkan countries have firmly positioned themselves on the map of attractive investment locations. Steadily growing numbers of...
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North Macedonia adopts Law on Partial VAT Refund to Physical Persons
The newly adopted (June 27, 2019) and published (Official Gazette No.133/28-06-2019) Law on Partial VAT Refund to Physical Persons has been met with both enthusiasm and a myriad of questions from...
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MONTENEGRO – A NEW REGIONAL IT HUB?
This small Mediterranean country – known as the perfect blend of gorgeous coastline and dramatic mountains – has much more to offer then meets the eye. In terms of the business climate,...
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Georgia introduces rules for classification of taxpayers; amends refund procedure
On February 5, 2019, the Georgian Ministry of Finance issued Order No. 30 on the classification of taxpayers, which has entered into force on February 7, 2019. As stated in the Order, the category of...
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What is the PSD2 and how is Croatia preparing for a change of game in the payment industry?
PSD2 (Second Payment Services Directive) is an EU Directive with a huge impact on payment processing industry. The traditional role of banks in this sector is drastically changing as they are faced...
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Republic of Srpska adopts new Law on Games of Chance
Earlier in 2019, the National Assembly of Republic of Srpska adopted the Law on Games of Chance, aiming to improve the organization of games of chance and their introduction into legal frameworks....
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Serbian Ministry of Finance clarifies the requirement for valid transportation cost documentation
On 25 April 2019, the tax authorities issued an official notice to the Serbian Chamber of Commerce regarding the issue of employees’ transportation cost taking into consideration the Ministry of...
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Albanian companies given incentives to distribute profits
The 2019 fiscal year in Albania introduced significant changes in the Law on Income Tax. The new law provisions provide for a reduction of the income tax rate on dividends and income sharing, for the...
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AMENDMENTS TO THE GREEK ANTI-MONEY LAUNDERING LAW
Read in Greek While the new Law 4557/2018 on the prevention and suppression of money laundering is still only a few months old and whilst the Central Registry of Beneficial Owners has not yet been...
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Greece: Corporate tax relief voted by the Greek Parliament
Read in Greek The Greek Parliament recently voted in favor of the reduction of the tax rate on income arising from dividends. As a result, the rate has been amended to 10%, from the previously valid...
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Danish cases: CJEU issues important verdict on beneficial ownership
On 26 February 2019, the Court of Justice of the European Union (“CJEU”) issued its decisions in six cases which deal with the interpretation of the Parent-Subsidiary Directive (“PSD”) and...
Read MoreSaudi Arabia – Cyprus Double Tax Treaty
On 5th March 2018, Cyprus published Notice no. 4237/18 in the Official Gazette, announcing the new double tax treaty with Saudi Arabia. In the case of Saudi Arabia, the treaty covers the Zakat and...
Read MoreAgencija Standar & Poor’s potvrdila stabilan izgled za Crnu Goru
Agencija za kreditni rejting ”Standard & Poor’s” objavila je novi Izvještaj za Crnu Goru kojim je ponovo potvrdila izgled rejtinga naše zemlje označenog kao „stabilan“,...
Read MoreStandard & Poors confirmed the stable outlook for Montenegro
The credit rating Agency ”Standard & Poors” confirmed in its new Report that Montenegro has a stable B+/B credit rating. The growth of the Montenegrin economy increased to 4.7% in...
Read MoreDonijeta odluka o Izboru Agenata za Posredovanje
Sekretarijat za Razvojne Projekte donio je i objavio na svom sajtu Odluku o izboru agenata za posredovanje radi realizacije posebnog razvojnog programa kroz investicije. U saopštenju i Odluci je...
Read MoreList of selected Agents for Montenegrin Citizenship by Investment Program Published
The Montenegrin Secretariat for Development Projects published on their official website the Decision on Selection of Agents for the CBI program, which states that only 3 out of 22 applications were...
Read MoreTax department clarifies Cyprus 60-day rule for nominee directors
Effective as of 1st of January 2017, the so-called “60 day rule” for the purposes of establishing Cyprus tax residency for individuals is of importance to those seeking Cypriot residency. Under...
Read MoreObligation to declare UBOs to Greek Ministry of Finance’s Central Register
For the first time this year, legal persons and other entities are obliged to declare their UBO(s) to the Central Register of the Ministry of Finance (MFA). In accordance with the Greek Anti Money...
Read MoreDraft Law on Amendments to the Law on Fiscal Cash Registers in Republic of Srpska
The Government of Republic of Srpska has published the Draft Amendments to the Law on Fiscal Cash Registers. The changes relate predominantly to the levels and to the duration of the sentence in...
Read MoreAlbanian companies given incentives to distribute profits
The new fiscal year in Albania has started with significant changes introduced in the Law on Income Tax. The new law provisions provide for a reduction of the income tax rate on dividends and income...
Read MoreSerbia amends Corporate Income Tax Law; introduces incentives and amends depreciation rules
Changes to the Serbian Corporate Income Tax Law came into effect on January 1, 2019. One of the incentives introduced is the abolishment of the 10% limit on the deductibility of advertising and...
Read MoreIzmjene u hrvatskim zakonima: Treće poglavlje Porezne reforme
Hrvatska Vlada neumorno radi na oporavku ekonomske slike u državi. Već su iza nas dvije faze porezne reforme, donesene 2017. i 2018. godine, postavljajući preduvjete za novo, treće poglavlje. S...
Read MoreNew Bulgarian legislation introduces requirement for employment of people with disabilities
Bulgarian companies with staff exceeding 50 employees are obliged to open workplaces for people with disabilities, as per the new Disability Act which has entered in force as of 1st January 2019. In...
Read MoreGreece: Corporate tax relief voted by the Greek Parliament
The Greek Parliament recently voted in favor of the reduction of the tax rate on income arising from dividends. As a result, the rate has been amended to 10%, from the previously valid 15%. The new...
Read MoreRecent Developments in the Cyprus Companies Law Cap 113
Within the framework of the legislative reform and reorganization of the Cyprus Registrar of Companies, the Cyprus Government has proceeded to the following amendments in the Cyprus Companies Law Cap...
Read MoreChanges in Croatian legislation: Third chapter of the Tax Reform
The Croatian government is working relentlessly on the recovery of the Croatian economy. Two rounds of tax reforms already took place in 2017 and 2018 respectively, with a third chapter being opened...
Read MoreNew Pension scheme introduced in Georgia
A Pension reform was initiated by the Government of Georgia and entered into force on January 1, 2019. This scheme consists of the activation of a so-called “funded pension”, to which everyone...
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COMPANY SETUP AND ADMINISTRATION IN BULGARIA
Congratulations, you have chosen a very perspective country to invest in; one with a stable economy in the last few years, an easy procedure for company registration and a transparent tax system with...
Read MoreMontenegro Citizenship by Investment Program News: Government opens applications for Agents and Due...
The Government of Montenegro adopted the Decision on criteria, method and procedure for selection of persons who may acquire Montenegrin citizenship by admission for the purpose of implementation of...
Read MoreMontenegro – Portugal Income Tax Treaty enters into force
On 10th December 2018, Portugal published Notice no. 144/2018 in the Official Gazette, announcing the new income tax treaty with Montenegro. The treaty covers Montenegrin corporate profit tax and...
Read MoreShqipëria ndryshon Ligjin për Lojrat e Fatit
Në datën 25 Tetor 2018 qeveria shqiptare aprovoi ndryshimin e ligjit për lojrat e fatit i cili është efektiv nga 01 Janar 2019. Ndryshimet do kenë nje ndikim të rëndësishëm në industrinë...
Read MoreShqipëria ndryshon ligjin mbi të Ardhurat; prezanton iniciativat për turizimin
Këshilli i Ministrave propozoi projektligjin në Parlamentin Shqiptar i cili prezanton disa ndryshime në tatimin mbi të ardhurat. Ky projektligj u aprovua nga Parlamenti në datën 09 Korrik 2018....
Read MoreUgovor o izbegavanju dvostrukog oporezivanja Srbija -San Marino stupa na snagu
Srbija i San Marino potpisali su Ugovor o izbegavanju dvostrukog oporezivanja 16. aprila 2018. godine, što je rezultiralo uklanjanjem San Marina sa srpske liste zemalja sa preferencijalnim poreskim...
Read MoreIzmene I dopune Zakona o PDVu u Srbiji; prosirenje mogucnosti za povracaj PDVa stranim kompanijama
19.aprila 2018.godine Narodna Skupstina Srbije je donela izmene I dopune Zakona o PDVu. Usvojeni zakon je objavljen u Sluzbenom glasniku Br. 30/2018. i stupio je na snagu 1. jula 2018.godine, sa...
Read Moreელექტრონული ბინადრობის მოწმობა...
საქართველო დროთა განმავლობაში სულ უფრო მეტად მიმზიდველი ქვეყანა ხდება...
Read Moreსაქართველო ახალ საბაჟო კოდექსს...
საქართველო განაგრძობს ბიზნესისთვის გამარტივებული საგადასახადო და...
Read MoreMEPs agree on new rules to tax digital companies’ revenues
On December 13, 2018, the Members of the European Parliament (MEPs) confirmed their legislative proposals in respect to the imposition of a Digital Services Tax (hereinafter “DST”) for entities...
Read MoreFew things to know before starting a business in Montenegro
According to the latest World Bank 2018 annual ratings, Montenegro is ranked 50th among 190 economies in the ease of doing business ratings. In the long-term, the ease of doing business is projected...
Read MoreAlbania changes Law on Gambling
On October 25 2018, the Albanian government approved the changes to the law on gambling which will become effective as of January 1, 2019. The changes will have an essential impact on the gambling...
Read MoreThe Accounting profession: winds of change
Robotic process automation (RPA) is affecting all sorts and types of industries, and the accounting profession is by no means an exception. RPA can help companies from multiple industries execute...
Read MoreAlignment of the Croatian AML Act to the 4th EU Directive
The first Croatian Anti-money laundering Act was adopted in 1997 and with it, Croatia implemented international standards and sets out strong grounds for the prevention and fighting of money...
Read MoreMontenegro as a key destination for investors and a new home for global citizens
A tiny Mediterranean country, settled between the borders of ex-Yugoslavia member states, is in the spotlight for its rapid and sustainable growth. The beautiful blend of stunning mountains and clear...
Read MoreBulgarian new AML measure requires urgent action by companies
In March 2018, the 4th EU Money Laundering Directive was implemented, known as MLD4, which came into force in June 2017. With this Directive, Bulgaria adopted a new anti-money laundering measure that...
Read MoreRomania increases minimum differentiated wage
The Romanian Government has adopted an emergency ordinance on 9th of November 2018 which provides for the amendment of the Labour Code. The changes introduce the definition of a minimum...
Read MoreCroatia signs agreement on avoidance of double taxation with Japan
2018 is a year in which Croatia and Japan celebrate the 25th anniversary of their diplomatic relations. This milestone is further marked with the signing of the agreement on avoidance of double...
Read MoreAmendments to the Law on Cash Registers in Brčko District
On 17 October 2018, the Assembly of Brčko District adopted amendments to the Law on Cash Registers, essentially narrowing the list of persons who are subject to an obligation to register invoices...
Read MoreΗ Κύπρος αυξάνει τις εισφορές Κοινωνικής Ασφάλισης το...
Οι εισφορές του Ταμείου Κοινωνικών Ασφαλίσεων (SIF) θα αυξηθούν αρχίζοντας από τον Ιανουάριο του 2019, ενώ οι...
Read MoreCyprus hikes social contributions in 2019; introduces NHIS
Cyprus Social Insurance Fund (SIF) contributions will increase starting from January 2019 while contributions for the implementation of the National Health Insurance System (NHIS) will commence in...
Read MoreFYR Macedonia introduces progressive personal income tax; increases tax expenditures for companies
After 10 years of 10% flat personal income tax rate in FYR Macedonia, the Ministry of Finance has recently abolished the approach and introduced the Law on progressive personal taxation which has...
Read MoreKosovo ratifies tax treaty with Austria
On the 8th of June 2018, the republics of Kosovo and Austria signed the Convention for elimination of double taxation with the purpose to develop their economic relationship and to enhance their...
Read MoreSerbia-San Marino DTT enters into force
Serbia and San Marino signed a DTT on April 16, 2018, thus effectively resulting in the removal of San Marino from the Serbian list of countries with a preferential tax regime. The Law on...
Read MoreE-residency introduced in Georgia
Georgia is becoming a very attractive destination to both live and do business in. The low cost of living and the relatively simple process for obtaining a residence, coupled with its status as an...
Read MoreBrexit: spotlight on opportunities in Croatia
In June 2016, the citizens of Great Britain voted to leave the European Union. In order to implement the referendum result and pursuant to the article 50 of the Lisbon Treaty, the UK government...
Read MoreDEVELOPMENT IN THE NORTH OF MONTENEGRO: THE NEXT BIG THING?
Many know Montenegro for its reputation as a rapidly growing high-end destination, following recent multi-million euro developments on the coast. But, what makes this Mediterranean country a true...
Read MoreGeorgia announces new Customs Code
Georgia continues to pursue a business-friendly tax and customs policy, which – along with economic reform – implies a complete harmonization of the legislation with EU standards. At this...
Read MoreApproach of Greek authorities in determining a valid foreign proof of tax residence
In Greece, an individual who has moved abroad must file an application to the local authorities in order to demonstrate a new address should they wish to change their status from resident to non-tax...
Read MoreЧорногорія є ключовим напрямком для інвесторів та...
Крихітна середземноморська країна, розташована між країнами – членами колишньої Югославії, знаходиться...
Read MoreΤο Μαυροβούνιο ως βασικός προορισμός για Επενδυτές...
Μια μικρή μεσογειακή χώρα, ανάμεσα στα σύνορα των χωρών της πρώην Γιουγκοσλαβίας, βρίσκεται στο προσκήνιο...
Read Moreმონტენეგრო – მთავარი დანიშნულების...
ხმელთაშუა ზღვის ეს პატარა ქვეყანა, რომელიც ყოფილი იუგოსლავიის წევრ...
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Take a sneak peek into the top 3 development projects in Montenegro
With just 650,000 inhabitants and total area of 13,812 km2 Montenegro is considered to be the smallest country in the Balkans. It is frequently said that it is actually a small country with a big...
Read Moreمونته نگرو، مقصد کلیدی برای سرمایه گذاران و خانه ای...
یک کشور کوچک مدیترانه ای که در بین مرزهای کشورهای عضو یوگسلاوی سابق واقع شده است، با سرعت در جهت رشد و...
Read MoreNew Cyprus legislation improves rights of expecting and new mothers
Becoming a parent is undoubtedly a special and unique experience and as such requires careful consideration and approach for both parents. Women’s care during pregnancy and the post-partum period...
Read MoreMontenegro as a key destination for Investors and a new home for global citizens
A tiny Mediterranean country, settled between the borders of ex-Yugoslavia member states, is in the spotlight for its rapid and sustainable growth. The beautiful blend of stunning mountains and clear...
Read MoreCentral Bank of Egypt defends Secrecy of Bank Accounts
Head of the Tax Authority (ETA) of Egypt, Emad Sami, revealed on August 26th that an amendment to the Income Tax Act has been drafted to allow the Minister of Finance to access corporate bank...
Read MoreTax incentives for Research and Development in Croatia
In the period between 2007 and 2014, tax incentives in Croatia for research and development projects were granted based on the Act on Scientific Activity and Higher Education, namely articles 111 a)...
Read MoreAlbania changes Law on Income Tax; introduces incentives for agro tourism
The Albanian Council of Ministers proposed a draft law to the Albanian Parliament, which introduces several changes to the income tax. The draft law was approved by the Albanian Parliament on the 9th...
Read MoreSerbia amends VAT Law; extends possibilities for VAT refund to foreign companies
On April 19th, 2018, the Serbian Parliament adopted the Law on Amendments to the VAT Law. The adopted Law was published in the Official Gazette No. 30/2018 and came into force on 1st of July 2018,...
Read MoreGeorgia concludes Double Tax Treaty with Saudi Arabia
On 14 March 2018, officials from Georgia and Saudi Arabia signed an income tax treaty which has been forwarded for ratification. The main goal of signing the agreement is to increase economic...
Read MoreTreaty between Russia and Cyprus: Russian MoF clarifies dual tax residence status of individuals
On the 6th of June 2018, the Ministry of Finance of Russia (hereinafter “MoF”) published a Guidance Letter No. 03-04-06/33393 as of 17th of May 2018 clarifying the tax residency status of an...
Read MoreFavorable terms for BH entities exporting to USA
With the new revision of the US Congress, the Decision on extending the GSP (Generalized System of Preferences), which allows goods produced in Bosnia and Herzegovina to have authorized customs...
Read MoreFYR Macedonia extends application of preferential VAT rate to first sale of residential buildings...
In 2009, as an anti-crisis measure, the FYR Macedonian government introduced the application of the preferential VAT rate of 5% to the first sale of residential buildings. While initially planned to...
Read MoreCitizenship by Investment in Montenegro
The global geopolitical situation, has motivated a significant number of worldwide millionaires to move its wealth to western and European markets, contributing considerably to the development of the...
Read Moreجمهوری صربستان، مقصد ایرانیان برای گردشگری و تجارت
با افزایش سطح روابط بین جمهوری اسلامی ایران و جمهوری صربستان و تمایل دو کشور به توسعه همکاری ها در زمینه های...
Read MoreBulgaria introduces possibility for electronic storage of employment documents
The Bulgarian Ministry of Labour and Social Politics recently adopted an ordinance for employment-related electronic documents and the requirements for their creation and storage in an employee’s...
Read MoreBH’s Republic of Srpska issues Rulebook on Tax adviser License
Almost 10 years after the adoption of the Law on Tax Consultancy, on 14 February 2018 the Ministry of Finance adopted the Rulebook on Tax Advisers’ Licenses (the Rulebook), which then entered...
Read MoreAlbania changes Law on Building Tax
In November 2017, with Law no.107, the Albanian Parliament changed the methodology on which the payment of the tax on buildings was based, introducing fundamental amendments. The building tax is a...
Read MoreSerbian arm’s length interest rates for 2018
The Ministry of Finance of Serbia has adopted the Rulebook on arm’s length interest rates for 2018 (“Official Gazette of the Republic of Serbia”, No. 18/18). The new rulebook...
Read MoreMandatory disclosure for intermediaries
On 13 March 2018, the EU Economic and Financial Affairs Ministers adopted the European Commission’s proposal of June 2017, amending Directive 2011/16/EU. The amendments are in regards to...
Read MoreCitizenship by Investment in Montenegro
The recent geopolitical situation in the Middle East has motivated a significant number of Asian high net worth individuals to consider moving westward towards European markets, contributing...
Read MoreCyprus: New Alternative Investment Funds Legislation
On 10th July 2018, the Cyprus parliament approved the new alternative investment funds (AIF) legislation which will replace the existing law and which enables, for the first time in Cyprus, the...
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Cyprus: New Alternative Investment Funds Legislation
On 10th July 2018, the Cyprus parliament approved the new alternative investment funds (AIF) legislation which will replace the existing law and which enables, for the first time in Cyprus, the...
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New location in Zagreb, Croatia
Eurofast is very happy to announce the relocation to new offices to accommodate its continued growth and future expansion plans, in June 2018. Our team is more than excited about our new offices...
Read MoreBKR Intl EMEA Regional Conference in Cyprus
The BKR EMEA Regional meeting took place at the St Raphael Resort Hotel from 26th to the 28th May 2018. Some 106 delegates and companions enjoyed the meeting, which was hosted by BKR Cyprus member...
Read MoreRepublic of Srpska introduces new law on the deadlines for settlement of financial obligations in...
The National Assembly of Republic of Srpska adopted a Law that regulates the deadlines for settlement of financial obligations and penalties applicable in case of failure to comply. The law –...
Read MoreCyprus updates DTTs and protocols; signs new ones
During 2017, and the first quarter of 2018, various double tax treaties’ (DTTs) developments have taken place in Cyprus, with a number of new DTTs, protocols and amending protocols being signed and...
Read MoreRepublic of Srpska introduces new law on the deadlines for settlement of financial obligations in...
The National Assembly of Republic of Srpska adopted a Law that regulates the deadlines for settlement of financial obligations and penalties applicable in case of failure to comply. The law –...
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Cyprus updates DTTs and protocols; signs new ones
During 2017, and the first quarter of 2018, various double tax treaties’ (DTTs) developments have taken place in Cyprus, with a number of new DTTs, protocols and amending protocols being signed and...
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BKR International EMEA Scholarship awarded to Cyprus-based student
BKR International is delighted to announce that it has awarded its annual EMEA scholarship to Andri Argyridou, a Cyprus-based student currently preparing for her TQUK Level 6 Diploma in Accounting...
Read MoreDeklarata e Misionit të FMN-së për Kuadrin e Monitorimit Pas Programit në Shqipëri në Mars...
Neni IV i Akteve të Marrëveshjeve të FMN-së, miratuar nga OKB-ja në vitin 1944, parashikon që çdo anëtar merr përsipër të bashkëpunojë me Fondin dhe anëtarët e tjerë për të siguruar...
Read MoreIMF Issues Mission Statement for Albania in March 2018; Asks for More Reforms
Based on Article IV of the Article of Agreements of IMF, during March 2018, an IMF mission visited Tirana, with the aim of evaluating economic developments for the Post-Program Monitoring (PPM)...
Read MoreShqipëria miraton ndryshimet e Standarteve Ndërkombëtare të Raportimit Financiar; prezantimi i...
Akti legjislativ shqiptar i cili përcakton parimet dhe rregullat e përgjithshme për përgatitjen e standardeve të kontabilitetit, pasqyrave financiare dhe të dhënave kontabël është ligji nr....
Read MoreGreece: Separate Taxation of Married Individuals with Different Residency
Following the decision of the Greek court, it is now possible for spouses to submit separate individual annual tax returns depending on their tax residency. This decision comes as a solution to the...
Read MoreAmendments to the Law on Excise Duties in Bosnia and Herzegovina
Amendments to the Law on Excise Duties in Bosnia and Herzegovina On 15 December 2017, the Parliament adopted long-delayed amendments to the Excise Law in Bosnia and Herzegovina (BiH) following a...
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