CORPORATE & FIDUCIARY

Gao Mingyue, Gao Jie, Beijing Guantao Zhongmao (Shanghai) law firm 一、Background analysis of cross-border testamentary succession When the Chinese high-net-worth individuals allocate the asset globally, many foreign high-net-worth individuals purchase real estate in China. After living in China for several years, some foreign high-net-worth individuals finally return home. Some of them only purchase real estate as an investment. These people will process and arrange their own property under their own wills in their country, which naturally includes real estate in China. Therefore, they will face the wills made overseas inherit real estate in China. The situation above is also more...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Some time ago, there was a piece of news that exploded suddenly in WeChat Moments. Hong Kong billionaire, Mr. Poon, had put his assets in an offshore trust a few decades ago. He, his wife and children were all beneficiaries of the trust. Decades later, when the couple got divorced, the wife took the husband to court in Hong Kong in order to divide the assets in the trust. The court eventually supported the wife’s claim that the assets in the trust were the communal property of both spouses, and they were divided equally between them. In this case, there...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

In 2018, the individual income tax law was amended to add article 8 anti-tax avoidance provisions, which are respectively made from three aspects: arm's length principle, controlled foreign corporation, and general anti-avoidance. Compared with the individual income tax law before, it is a new clause. For the first time, it is proposed that the tax authorities have the right to adjust the individual income tax, which is basically the same as the concept of "special tax adjustment" in the enterprise income tax law. The high net worth individuals must be more careful when making inside China or cross-border tax planning...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Singapore's Minister of Trade and Industry, Chen Zhensheng, said in Singapore parliament on September 3, 2019, that Singapore needed diversification and innovation to cope with uncertainty in the world market. The uncertainties mentioned not only the US-China trade conflict but also including BREXIT, tense situation between Japan and South Korea, and the situation in Hong Kong. This is also a various challenge, not only including trade but also technical issues. He answered Mr. Christopher de Souza from Holland-Bukit Timah GRC's question on how Singapore's SMEs, regional headquarters, MNCs, and labor force could protect themselves from the side-effects of the trade...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Introduction When thinking of asset or profit shifting, capital protection, and tax benefits (even “tax havens”), the thoughts of many will jump to exotic destinations such as Seychelles, Marshall Islands, Mauritius, Emirates, Cyprus or even Hong Kong. However, what if such benefits could be found in the heart of EUROPE – and at that – completely legally and with a more developed infrastructure to provide support, stability, and longevity? This article will explore the legal advantages and tax benefits of The Netherlands. In terms of holding structures, the DUTCH HOLDING (DH) regime is a very popular one. In fact, insiders...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Now, a family trust is a popular topic, sweeping across the legal and financial world. But for this imported product, in fact, we have too many questions and confusion. Many basic legal problems need to be solved urgently. I．The Question As the head of the cross-border wealth planning and inheritance team of Shanghai Landing law firm, my team often involves one kind problem in the business processing: the trust property of the testamentary trust abroad (mainly Anglo American law system) is pointing in the mainland of China. The common case is as follows: Overseas testator will establish their trust in...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Wealthy Hong Kong investors have moved as much as ten percent of physical gold holdings away from home, and to centers including Singapore and Switzerland, the «Financial Times» (behind paywall) reported on Friday, citing several gold specialists. The move follows a controversial Chinese security law for the territory last month, which has roiled finance as well.   «Many clients now perceive Hong Kong as riskier than other jurisdictions,» Joshua Rotbart, head of J Rotbart & Co, told the outlet. Based in Hong Kong, the company stores and trades gold. The precious metal recently rallied past $2,000 per ounce on pandemic and inflation fears and is...

CORPORATE & FIDUCIARY NEWS 2020

Pictures provided by Zagreb Tourist Administration Croatia is a relatively developed country in the Balkan region with a good economic base. Although Croatia was affected by the European debt crisis after the 2008 economic crisis, its economy has been in recession for six years. Thanks to the strong growth of export and tourism, as well as the expansion of domestic demand and the influence of low oil prices, Croatia's economy, bottomed out in 2015, with GDP expanded by 1.6%. In 2016, Croatia's GDP even grew by 2.8%. In recent years, Croatia's political situation is stable, and its financial system is...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020