Cuba: One Lawyer’s Perspective
By Donna Bader
I know what you’re thinking. Why Cuba? Well, as I watched news coverage on the “Occupy” movements, it seemed to me that a large segment of our population believes our system is broken. As attorneys, we can’t ignore the sentiments behind the Occupy movement because some Occupiers have criticized our legal system, which much like our political system, often favors the rich and powerful.
The chasm between the rich and the poor is growing as our middle class disappears. Poverty is growing. When we are pick juries, we understand that most, if not all, jurors are part of the 99%. Those same jurors may view us, or at least the more successful among us, as being part of the 1%. Two major complaints by the Occupiers involves the high cost of education, resulting in burdensome student loans, and the lack of available medical care. Read More
The Top 5 Corporate Compliance Issues Facing Brazil
By Andre Linares
With its strong economy, the Brazilian market today is one of the world’s most appealing destinations for international businesses and investors. Companies from North America, Europe, the Middle East and Asia are starting or expanding their operations there. In 2010 Brazil received $48.5 billion USD in foreign direct investment (FDI) – the third highest in the world. Notwithstanding the vast potential of this lucrative market, foreign companies entering Brazil must be ready to confront a multitude of unfamiliar corporate compliance challenges.
Foreign investors and companies alike must learn to navigate Brazil’s maze of laws and regulations, while understanding its bureaucracy. This article identifies and analyzes five of the major corporate compliance issues facing the modern foreign investor looking to succeed in Brazil. Read More
Minimize Estate Tax on Foreign Assets
By Sanford Millar
A recent U.S. Tax Court case provides a road map to minimize estate tax liability. In Wandry v. Commissioner the Tax Court held that a gift of an interest in a closely held business that was defined by dollar amount rather than percentage interest could successfully limit the tax consequences of the gift. The case allows a taxpayer to gift business interests, such a stock in a closely held business, (either on-shore or offshore) to be based upon a stated (defined) value which could be limited to the then prevailing estate and gift tax exemption. Example: Gifting $5,120,000 of stock in closely held corporation. Read More
Update on Cap-Subject H-1B Petitions
By Douglas Hauer
On April 2, 2012, U.S. Citizenship and Immigration Services (USCIS) began accepting new H-1B petitions against the annual H-1B cap for Fiscal Year 2013. USCIS announced yesterday that 22,323 cap-subject H-1B petitions have been received since April 2, 2012. Approximately 25% of these petitions are for individuals qualifying for the “Master’s cap” with advanced degrees from U.S. educational institutions. This represents a sharp increase in demand for H-1B visas over last year. For comparison to last year, during the first week of April 2011 USCIS received only 10,400 new H1B petitions toward the H-1B cap. The spike in demand for H-1B visas this early in the year is a strong indication that H-1B visa numbers will almost certainly be exhausted in the summer. Read More
Latin America Is Not A Country: Managing FCPA Compliance When Risks are Diverse
By Matteson Ellis
http://mattesonellislaw.com/fcpamericas/
I was recently asked to give a presentation on a webinar about common corruption risks in Latin America. My first reaction – impossible. As people in the region will sometimes tell you, “Latin America is not a country.” It is a massive region with more than half a billion people and 24 different nations represented. Latin Americans speak Spanish, Portuguese, French, English, and hundreds of other indigenous languages. The cultures found in Paraguay are not the cultures found in Panama. Read More
The Road To A Corruption Overhaul
Brazil Revises Its Foreign Bribery Bill Making Rules More Clear For Companies
In January, FCPAméricas reported on how Brazil is currently considering an overhaul to its foreign bribery law (see Another BRIC in the Anti-Corruption Wall). The post described key features of the draft bill under consideration by the Brazilian Congress that would dramatically strengthen the law. The post noted how this development is happening at a time when Brazilian multinationals are going global and confronting foreign bribery risks of their own (see Embraer’s current corruption issues), and corruption at home is under the spotlight (the President’s administration has lost a seventh Minister to corruption allegations since the last post). Read More
The New UK Bribery act: A Legal Minefield for CEOs
By Timothy Ashby
The UK Bribery Act that will take effect on July 1, 2011 will cause many sleepless nights for CEOs on both sides of the Atlantic. The law is extra-territorial in scope, with broad application not only to British companies, citizens and residents, but also to public and private foreign companies doing business in Great Britain, regardless of whether the act or omission constituting bribery occurs in or outside the UK. The burden of proof will be on the defendant, not the prosecution – a disturbing new trend in international law. Read More
Honduras is Open for Business
By Prospero Castellano
University of Miami LLM Candidate
Honduras is traditionally regarded as the ugly step sister to Costa Rica and even Panama in Central America, and it rarely makes the news in the United States unless it is due to political turmoil, the exploits of their World Cup-qualifying soccer team, or as a diving enthusiast’s haven.
However, one little known fact about Honduras is that it is one of Miami’s largest trading partners, according to World City. It is definitely punching above its weight class. Its annual import/export volumes with Miami are bigger than not only Costa Rica and Panama, but also much larger countries such as Germany, the U.K., and Italy, for example. Read More
Colombia U.S.A.’s Best Business Ally in Latin America
By Marta Ramirez
University of Miami LLM Candidate
Strategically situated at an ideal geographic location positioned at the Northern corner of South America, with access to the Pacific Ocean and the Caribbean, Colombia has become one of Latin America’s best places to invest by foreign investors from all over the world. This positive trend is due greatly to a big shift in the country’s much improved security situation. The problems with guerrilla terrorist groups and the constant struggle against drug trafficking are things of the past. Read More
Vámanos a Latin America
Miami is the undisputed gateway to Latin America. With economic growth and the growing acceptance of non-cash payment options, Latin America offers promise for all players in the credit card value chain, and the electronic payment universe.
However, the importance of due diligence specific to each country cannot be overlooked.
Because the Latin American culture is highly relationship oriented, introductions to the right contacts, by the right business leaders, are critical. Read More
good information.