Category: LEGAL ALERTS

Georgia is a land of opportunities

An increasingly smaller number of countries now offer sufficiently convenient taxation to allow cross-border business to be carried out. Georgia is one such country. Despite the recent deterioration in the attitude towards newcomers, this small country still affords to expatriates the opportunity of working under very comfortable conditions. Georgia has two tax statuses which can …

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Spain launches visas and tax breaks for digital nomads

The COVID-19 pandemic has upended conventional thinking about work, creating impetus to increase the number of digital nomads – i.e., freelancers and remote workers traveling the world while working online. Some states provide favorable conditions for such migrants in order to attract qualified specialists and additional cash flows to the economy. Spain has joined their …

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Government Commission sets criteria for share transaction and dividend payment permissions

Sector-specific agencies had previously suggested that applicants’ LLC membership interest or share transactions and dividend payments could be approved in two cases: if the transaction does not result in a business closure or funds leaving the country, and if the company continues to operate effectively on the Russian market. On 12 December the Sub-Commission of …

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IP and IT news: last quarter of 2022

A three-year transition period has been established for organizations to connect to GosSOPKA The Federal Security Service of Russia’s Decree dated November 1, 2022 has been published [1]. According to the Decree, federal bodies of executive power, authorities of constituent entities of the Russian Federation and organizations have right to make the transition to GosSOPKA …

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The Ministry of Finance is proposing to approve new rules for settlements between residents and non-residents

On November 23, the Russian Ministry of Finance published a draft Resolution regarding the new procedure for settlements between residents and non-residents (the “Draft”) [1]. According to the Draft, residents have the right to receive cash from non-residents in the form of payments under contracts. Thus, the provisions of currency legislation prohibiting cash settlements with …

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The arising possibility to unfreeze Russian nationals’ assets frozen in Euroclear’s depository

The practice of recent months has shown that it is becoming possible to unfreeze Russian nationals’ assets frozen in Euroclear’s depository. The legally correct path to release assets in Euroclear’s depositary is to obtain a licence to release assets that are held in the company’s depositary accounts and were blocked in accordance with instructions formulated …

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The eighth package of EU sanctions against Russia related to the escalation of the situation in Ukraine

The eighth package of EU sanctions against Russia related to the escalation of the situation in Ukraine was published on 6 October 2022. Here are the most important restrictions: Blocking sanctions on around 30 Russian individuals, including Ella Pamfilova, Alexander Dugin, Oleg Gazmanov and Nikolay Rastorguev. A price cap on maritime transport of Russian crude …

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New accreditation procedure for IT companies effective 1 October 2022

The Russian government on 30 September 2022 issued the decree “On Approval of the Regulations on State Accreditation of Russian Organisations Conducting IT Activities”[1]. The decree took effect on October 1. After a two-month break (the accreditation service was temporarily suspended since 1 August) it is again possible to undergo the IT company accreditation procedure, …

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