CORPORATE & FIDUCIARY

Sen. Elizabeth Warren (D-MA) has laid out an ambitious slate of proposals as a candidate for the 2020 Democratic presidential nomination: universal childcare and pre-K, free college tuition and student debt relief, building affordable housing, combating the opioid crisis and more. Her plans would involve some $3 trillion in spending over 10 years, according to estimates by her campaign cited by The Washington Post — and they would all be paid for by higher taxes on the wealthy and corporations. But, the Post’s Toluse Olorunnipa reports, “Warren’s ambitious agenda relies on two assumptions that defy a long history of U.S. policymaking:...

CORPORATE & FIDUCIARY NEWS 2019

A new government, led by Boris Johnson, and the looming Brexit deadline of 31 October has created a political outlook which is “fraught with uncertainty,” said the former City superwoman (pictured) in a recent blog post. “Britain’s controversial new prime minster doesn’t have a proper majority,” Horlick added. “A General Election in the next few months is more likely than not. If there’s a Corbyn-led Labour administration as a result, taxation of the passing on of wealth between generations is one of the first – and easiest to execute – items on the new government’s to do list. “The time...

CORPORATE & FIDUCIARY NEWS 2019

You may see yourself as a free-spirited internationally mobile expat but it is a different matter when it comes to your assets. While you may float from one jurisdiction to the next, your property, pensions, investments and savings accounts may remain moored in a specific place and could be subject to the local tax and inheritance regime. This can be complicated enough while you are alive but things can get really tricky when you die. If you hold assets in multiple jurisdictions, your loved ones could face a complex, protracted and costly probate process when you die, on top of...

CORPORATE & FIDUCIARY NEWS 2019

The measure of success for citizenship by investment is a combination of transparent legislation and an eye to due diligence by Micha-Rose Emmett, CEO, CS Global Partners Interest in second citizenship has never been higher. The demand for more than one citizenship is stirred by a growing sensitivity to globalisation, and piqued by daily headlines on Brexit, President Trump’s promises on immigration control, and scandals such as the plight of the Windrush generation. Simultaneously, supply is growing, with an increasing number of nations opening citizenship to applicants who can generate foreign direct investment. Second citizenship can be obtained in a variety...

CORPORATE & FIDUCIARY NEWS 2019

While the majority of the world’s working class puts their savings into traditional bank accounts, some seek to diversity their portfolios, turning toward alternative banking methods to both take advantage of tax abatements, deferments and other means of saving as much as possible over one’s lifespan so he/she can enjoy retirement. These types of alternatives often include opening an individual retirement account (IRA), purchasing United States treasury securities — ranging from 30 days to 52 weeks for treasury bills, two years to 10 years for treasury notes, and 30 years for treasury bonds — high yield bonds, real estate investment...

CORPORATE & FIDUCIARY NEWS 2019

Yesterday, Prime Minister Scott Morrison was asked how his government’s planned tax cuts would affect Australians on high incomes. “We haven’t changed anything for those earning on the top tax rate,” was his response. Trouble is, that’s not quite true. The government’s own budget papers show that people earning more than $200,000 will be getting an income tax cut of around $11,000 a year from 2024, when the Coalition’s full tax plan is in place. That adds up — a few weeks ago, The Australia Institute released modelling suggesting that over ten years, the government will spend $77 billion on tax cuts for Australians earning more than $180,000. Scott Morrison and friends, however,...

CORPORATE & FIDUCIARY NEWS 2019

The diverse needs of wealthy Asian Families as they consider and then execute legacy and succession planning are fraught with many emotional, family-specific and also technical considerations. A panel of experts assembled by Hubbis in Hong Kong debated the whys and wherefores and how insurance solutions can play their part. Executive Summary The new era of transparency and compliance is here to stay. The days of hiding assets in some esoteric structure in an exotic location and hoping no one will find out are well and truly over. Asia’s high-net-worth individuals (HNWIs) and their families must be made aware that...

CORPORATE & FIDUCIARY NEWS 2019

Four Chinese tycoons transferred more than $17 billion of their wealth into family trusts late last year, underscoring how the rich are scrambling to protect their fortunes from the nation’s newly toughened tax regime. The latest example came from billionaire Sun Hongbin, chairman of real-estate developer Sunac China Holdings Ltd., who disclosed in a filing in Hong Kong on Jan. 12 that he shifted most of his stake in the company to South Dakota Trust Co. on Dec. 31. Longfor Group Holdings Ltd.Chairwoman Wu Yajun, one of China’s richest women, made a similar move in recent weeks, as did the wealthy magnates behind food distributors Dali Foods Group Co. and Zhou...

CORPORATE & FIDUCIARY NEWS 2019