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Archived Articles
Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.
He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.
In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.
Global Real Estate Project
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Gibraltar: Not just a rock, the RockThe Rock, the same rock that we're accustomed to see on the Prudential company's logo, is in fact the landmark of the Gibraltar, a British dependent territory that from 1973 is a part of the European Union. In the past when people in Europe talked about Gibraltar, they most often meant politics, conflicts and spheres of influence. Now the first and maybe the only reason to mention this territory is financial, and more exactly how to avoid big taxes.
Gibraltar has been considered for a long time as a tax haven for the companies from over the world, but let's not forget that it's also a safe place for rich individuals. There are some categories of foreign nationals that can benefit from the local tax system following the legislature introduced in 1992. These persons also can take advantage while buying a residence in Gibraltar, with the government looking more favorably on the big fishes (the real estate prices in the territory are in line with the price levels of most EU countries). The category known as High Net Worth Individuals (HNWI) receives the biggest concessions. With the payment of an application fee of something around $750 and by presenting 2 letters of reference (one from a banker), the HNWIs receive a permanent Certificate guaranteeing that they will only be taxed on the first GJ 45,000 (appr. $70,000) of income. All further income is tax-free. The next category of special tax-protected persons differs from the NHWI only on the period of tax exemption. For a fee of approximately $750 the usually expatriate managers can apply for income tax cap of GJ 10,000 (app. $15,000) for a period of 3 years. The last category of individuals, known as Relocated Executives Possessing Special Skills, can apply on the provision of GJ500 fee that they will receive a 3-year certificate limiting their tax bills to GB 5,000 ($7,500) if they earn up to GJ50,000. As for the work permits issued to foreign nationals there are two completely different groups of persons EU and non-EU nationals. After staying more than 6 months in Gibraltar, EU citizens can apply and receive a 5-year renewable work permit, while the non-EU nationals are only eligible if there isn't a local resident willing to do the same job. To complete the picture of Gibraltar as a tax haven, we have to mention that this territory doesn't have any Capital Gain Tax, Sales Tax or Estate Duty. It also has no double taxation treaty with any other country and doesn't require any auditing for non-resident companies. The Gibraltar Authorities also hold no information concerning the ownership or control of non-resident companies.
Gibraltar:
(CIA World Factbook 2001) --------------------
See also the directory of companies providing real estate services in, and general real estate information of Gibraltar.
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