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CORPORATE & FIDUCIARY

FiveTips for the Design of “Irrevocable Trusts”

Photo By: The Associated Press Spanish police have arrested five directors of Industrial and Commercial Bank of China (ICBC) after they raided the lender's Madrid offices as part of an investigation into alleged money laundering. China's large state-owned lenders have been dogged by allegations of improper conduct as they expand abroad and the probe into ICBC by police, the Spanish tax agency and Europol involves funds handled by a criminal group which the Interior Ministry says passed through the bank and were transferred to China. Over 100 police were involved in the operation, which saw the arrest of five ICBC...
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Asia Outbound Awards and Gala Dinner 2018

On the evening of November 15, 2018, Asia Outbound Awards and Gala Dinner was held at Kempinski Hotel in Shanghai. The list of winners of Asia Outbound Awards has been unveiled mysteriously. Special thanks to Our Charity partner, Stepping Stones. The first award announced is the captive Insurance Jurisdiction of the Year. This Award is in recognition of those jurisdictions providing the most ease of use, best regulation and accessibility to the Chinese market for captive insurance vehicles. The shortlisted nominees are:Labuan International Business and Finance Center, Bermuda Business Development Agency, Cayman FinanceThe final winner is Labuan International Business and...
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How Inter-generational Wealth Transfer Will Transform Philanthropy

Within the next 20-30 years, between £4-£5 trillion will be passed down to inheritors in Canada, the UK, the US and Australia. If only 10 percent of this wealth went to selected charities, it would have the power to utterly transform the charity sector. Past favourable circumstances have led our Baby Boomers — the post-Second World War generation who have made a significant impact on the economy — to become the wealthiest older generation to date. Now in their late 60's and 70's, the Boomers are poised to transfer an unprecedented amount of wealth to the next generation. The increased...
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China's Rich Rush to Shelter $1 Trillion From New Taxes

Wealthy Chinese are rushing to shelter assets and income in overseas trusts before new tax rules go into effect next month, including provisions that target offshore holdings. The Bank of Singapore has seen a 35 percent surge in Chinese clients interested in offshore trusts since the second half of 2018, according to Woon Shiu Lee, head of wealth planning at the bank. The rate of inquiries leading to the establishment of a trust, which offers “tax-planning opportunities” by giving ownership to third-party trustees, has doubled since August, he said.  The reforms, which take effect Jan. 1, are meant to reduce the tax burden on...
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New Economic Substance Requirements in the Cayman Islands

The Cayman Islands enacted The International Tax Co-Operation (Economic Substance) Law on 1 January 2019 (the “Law”). The Law requires entities engaged in certain relevant activities to have demonstrable “economic substance” within the Cayman Islands, in accordance with the standards established by the OECD and the EU to combat base erosion and profit shifting (BEPS). WHO DOES THE LAW APPLY TO? Currently, the Law applies to Cayman entities that are defined as “relevant entities” conducting “relevant activities”. Relevant entities will include most Cayman Islands exempted companies, limited partnerships and Cayman LLCs except investment funds or entities through which investment funds...
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Here are 5 ways the ultra-wealthy manage to pay lower taxes

The more money you make, the more taxes you pay — right? Not necessarily. While the U.S. tax code is structured so that high earners pay a higher tax rate, the ultra-wealthy often take advantage of laws that enable them to lower their effective tax rate. "In general, America's wealthy are different when it comes to tax planning because of the options they may have with categorizing the assets they hold," said Ron Carson, founder and CEO of Carson Group and co-author of "Avalanche: The 9 Principles for Uncovering True Wealth." "Their net worth often presents opportunities when tax planning...

EU Anti-Tax Avoidance Directive: Upcoming Changes To The Cyprus Tax Laws

A. Introduction The House of Representatives is currently reviewing draft legislation which will introduce parts of the EU Anti-Tax Avoidance Directive (ATAD) into local law. The upcoming changes relate to the introduction of: interest deductibility limitations; Controlled Foreign Company (CFC) rules; and General Anti-Abuse Rules (GAAR). We aim to cover the rules relating to CFC and GAAR in our next newsletter. In addition to the above, it is expected that the final outstanding sections from the ATAD (i.e. exit taxation and intra-EU hybrid mismatches) will be transposed into local law later in the year and come into force from 2020...
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Distinguish individual account and corporate account while opening bank account in Hong Kong

As the most important financial center and free port in Asia, Hong Kong attracts investors from all over the world and accordingly creates a currency transaction environment for the free exchange of currencies among different countries. Due to such reasons, many customers with demand for foreign exchange settlement go to Hong Kong to incorporate companies and open bank accounts. Meanwhile, well-developed financial industry and insurance industry in Hong Kong also attract a great number of customers from mainland China to purchase insurance in Hong Kong. Without a Hong Kong bank account, no insurance can be purchased in Hong Kong. However, just like bank accounts in...