A total of 78% of American companies anticipate new investments on Portuguese soil, according to the most recent study from the American Chamber of Commerce (AmCham) in Portugal. The pandemic, the rise in inflation and more recently the war in Ukraine have brought new challenges to the business fabric. Despite the current context, most US companies present in Portugal foresee an increase in business volume and even consider making new investments in 2022, according to a study from the American...

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On March 7, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an alert advising financial institutions to be vigilant against efforts to evade the expansive and unprecedented sanctions implemented by the United States and its allies in connection with Russia’s invasion of Ukraine.  According to FinCEN Acting Director Him Das, “n the face of mounting economic pressure on Russia, it is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state...

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On 14 March 2022, the OECD published the commentary on the OECD “GloBE” Model Rules concerning the introduction of a minimum effective tax rate worldwide on large multinational enterprises. At the same time, it opened a four-week consultation period on the implementation of these rules. On 15 March 2022, the EU Council of Finance Ministers failed to reach a political agreement on the draft EU directive aimed at implementing these Pillar Two rules in a coordinated manner across the EU. A...

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On March 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules that would require current and periodic reporting of material cybersecurity incidents as well as more detailed disclosure of cybersecurity risk management, expertise, and governance. This alert summarizes the proposed changes, which are subject to public comment until the later of May 9, 2022 or 30 days after publication in the Federal Register. Form 8-K Reporting of Cybersecurity Incidents The proposed rules would amend Form 8-K to add...

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On October 23, 2019, the Council of the European Union and the European Parliament voted to approve European directive n°2019/19371 on "the protection of persons who report breaches of Union law." In France, this directive is in the process of being implemented via two bills2 the French Parliament recently adopted. The purpose of these bills is to improve the status of whistleblowers as defined in French law under the Sapin II Act.3 These two bills are under consideration by the Constitutional Council,...

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After months of debate and uncertainty, the U.S. Congress has passed the EB-5 Reform and Integrity Act of 2022, thereby reopening the EB-5 Regional Center Program and increasing the program’s minimum investment requirement to $800K, among other important changes. In addition to bringing relief to the thousands of EB-5 Regional Center applicants whose petitions were at a standstill since the program lapsed last June, the new bill brings important changes to the EB-5 program as a whole. Most notably, the...

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The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). USA New York: New York City Tax Assessments Disregard Reality New York City has published three tax-year assessments since COVID-19 swept into our world. The New York City Tax Commission...

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In this week’s Roar we have competing forces making waves in all directions, including higher (and still growing) fuel costs, strong import volumes, a positive in a sea of negativity, rising commodity prices in Asia, and the US Department of Transportation trying to tamp it all down. The combination of skyrocketing bunker prices, including Low-Sulphur increasing by a third since the end of February. economic woes at home, and eroding consumer confidence has some in the industry predicting a...

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The European Central Bank announced this week that it is speeding up its exit from bond purchases as the economic effects of the war in Ukraine lead to a surge in inflation across the EU. The decision aims to secure “as much optionality as possible” in view of the “huge uncertainty” faced by the eurozone, ECB President Christine Lagarde stated at a press conference following the announcement. At the same time, the central bank couldn’t simply ignore record-high inflation. “The prospects...

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Situation update, March 9, 2022 | EB-5 Program Expected to Increase to $800K by Mid-March After months of turmoil, the US EB-5 Program’s minimum investment is likely to increase to $800,000 as the negotiations on the re-authorization of the Regional Center are coming to an end. The vote confirming the reform is expected to take place on March 15. Early on March 9, the US Congress announced that it will vote on yet another stopgap funding bill to prevent a shutdown in...

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