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Underlining the increasing role of the Luxembourg financial center in the internationalization of the Chinese Renminbi (RMB), Luxembourg’s Finance Minister Luc Frieden announced the launch of a new web portal dedicated to the development of activities linked to the currency in Luxembourg.
The new web portal forms part of ongoing efforts over the past few years to promote and to further diversify the Grand Duchy’s financial market and to secure the future of the financial center. The Government’s strategy for developing the Luxembourg financial center is based on four axes, namely strengthening existing pillars, creating new products and services, promoting the financial center abroad, and diversifying the financial center geographically.
The Grand Ducal Palace, Luxembourg. Picture courtesy of Ernmuhl.
Underlining the importance of positioning Luxembourg more internationally in a global financial market, Frieden explained that, given its rapid economic growth, China constitutes “an ideal partner.” Similarly, China is committed to internationalizing the RMB and is currently looking for access to global financial markets, the Minister pointed out, alluding to the fact that the Bank of China and the Industrial and Commercial Bank of China both now have their European headquarters in Luxembourg.
Luxembourg already plays a significant role in the international trade of the RMB, Frieden continued, citing the fact that RMB40bn (USD6.5bn) in deposits are held in the Grand Duchy and that RMB62bn in loans have been issued, and noting that 40 RMB-denominated bonds are listed on the Luxembourg Stock Exchange. Trade in the RMB and access to the RMB are vitally important for the Luxembourg financial center, in particular for the funds industry, Frieden ended.
The Luxembourg Government is not only reflecting constantly on the financial center’s future, but also on Luxembourg’s future economy and taxation, to ensure that its tax regime remains competitive and attractive for investors. At the same time, Luxembourg aims to guarantee legal certainty for investors, by ensuring that it is tax compliant, adopting the latest international regulations and standards in tax matters.
We have compiled a list of countries that currently have capital controls. However, notice that Belize have a two system economy. The local banks and the local economy with capital
controls,and the international banks with their international clients with no capital controls.
To some extent this is “more or less” the case with some other countries as well, like for example Cuba and Malaysia.
Great Blue Hole in Belize, a paradise for foreingers. Phone courtesy of Wiki Commons
Here are the countries with capital controls in alphabetic order:
Argentina
Brazil
Belize
China
Colombia
Cyprus
Cuba
Ecuador (1
Egypt
Iceland
India
Indonesia
Iran
Malaysia
Mexico (2
Russia
South Africa
South Korea
Taiwan
Ukraine
Venezuela
Description:
1.) Ecuador taxes you 5% on every wire, check, ATM or visa/master card transaction you make outside of Ecuador.
2.) Mexico have a limit on cash US Dollar transactions. However, Mexico is mainly a cash society.
Let us know if you are aware of updates to the countries mentioned above or other countries that should be added to the list.
The State Council has approved the establishment of the country’s first pilot free-trade zone (FTZ) in Shanghai, in what is seen as an essential step towards upgrading China’s economy through the liberalization of services and trade, with an eventual roll-out nationwide in other chosen areas.
Shanghai has already established the conditions for setting up an FTZ of almost 29 square kilometers, building on its existing comprehensive bonded zones around Waigaoqiao, Yangshan and Pudong Airport, which are reported to have serviced total trade of more than USD100bn in 2012.
Picture courtesy of Wikimedia: Shanghai’s financial district Pudong
Home to the country’s main stock exchange and the world’s largest port, Shanghai has been at the heart of China’s transformation from an isolated Maoist regime into an economic powerhouse.
Although final details have yet to be announced, while the removal of unnecessary administration and its legal framework is completed and submitted to the Standing Committee of the National People’s Congress, the FTZ (or, as it has been more aptly called, the “free-market area”) will be more advantageous for financial services, trade and investment.
Shanghai is to strengthen its role as a foreign exchange settlement center for international trade, with measures to promote the cross-border use of the renminbi with lessened foreign exchange conversion regulations. For example, bank accounts in the FTZ would be exempt from regulatory control by the Chinese authorities.
While further tax incentives for companies establishing in the FTZ are still to be disclosed, zero customs duties and import taxes will continue to apply to goods transferring between the FTZ and overseas destinations, and domestic merchandise that enters the FTZ is regarded as having been exported, with exporters enjoying an immediate tax rebate.
In addition, there is already an exemption from tax on business income and revenues arising from international shipping, transporting, warehousing, and shipping insurance for companies registered in the FTZ port areas.
Here is an introduction on how the Vatican grant citizenship:
Source: romereports. The Vatican bank is well known for it’s secrecy.