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Gold from Hong Kong is making its way to other havens – including Switzerland. The move highlights fears that the Chinese territory is no longer an offshore center.

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...
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Seven Things Everyone Should Know About Investing in Croatia

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...
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Samoa: Moving with the Times

Samoa’s international finance industry, administered and supervised by Samoa International Finance Authority (SIFA), was established in 2005 to provide international financial services in an innovative and meaningful manner, in order to ensure that the greatest consideration is afforded to clients seeking a jurisdiction that provides the most sensible, accessible, modern, optimum and appropriate wealth management solutions. This article provides an insight into Samoa’s offshore solutions, particularly its newly-enacted Trustee Companies Act 2014 as well as its Trusts Act 2014 and Foundations Act 2016. Its compliance culture — through active participation in the work of the Organization for Economic Cooperation and...
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The Function and Application of Trust

Trust is a legal contract. The settlor transfers the assets to the trustee, and the trustee needs to hold and manage the assets for the beneficiary according to the wishes of the settlor and the trustee can arrange the property effectively to the designated beneficiary. Set up Trust is becoming more and more popular, and the cost of setting up is becoming democratized. The banks can also set up a simple trust structure for its customers. Family Trust Can Give Full Play to Different Guarantees Family trust is often misunderstood as the asset allocation agreement set up for the family...
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How to convince Chinese customers to trust the American Trust?

Challenges and opportunities for new things are often the same. It's like going to a continent that never wears shoes. It's hard to convince the local people to wear shoes, but if you convince them, the market is really huge. Overseas trust is somewhat like this kind of market, after about 10 years of cultivation, in the Asian market, especially in China, most people do not gain much, they just return home, but some are still persisting in. As we all know, American trust is rising quietly because of the promotion of CRS. I would like to use the practical...

Interview - Curacao Company Formation

1. What is the single most important advantage your jurisdiction provides for Chinese clients? Curaçao is part of the Kingdom of the Netherlands, so it is a very transparent jurisdiction with a modern tax code that is similar to the Dutch tax code. Curaçao is not only a logistical gateway to Latin America with its natural harbor – with one of the largest container terminals in the Caribbean, a refinery and a large modern shipyard – but it can be considered a financial gateway to Latin America too. Curaçaohas an excellent financial sector, extremely favorable tax trading regimes, and modern holding...
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Navigating Property Investment Opportunities and Mitigating Their Tax Liabilities in the UK

Property in the UK, particularly London, has always been popular for Chinese Investors. Within the last year, however, the UK Tax authorities have changed their stance and all investors are now exposed to new taxes. Historically, foreign investors would use structures to reduce their exposure to taxes. Typically, it would be purchased using structures such as trusts, special purpose vehicles, private investment companies, or similar offshore corporate entities. This was the preferred method to purchase UK property because of the generous tax benefits. Even when ATED (annual tax on enveloped dwellings) taxation was introduced, it had little impact until what...
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Economic Substance Requirements for Cayman Islands Companies

The Cayman Islands International Tax Co-operation (Economic Substance) Law, 2018 (the “Economic Substance Law”), which is part of the OECD's global Base Erosion and Profit Shifting (BEPS) initiative, was passed on 17 December 2018 and came into effect on 1 January 2019. The Economic Substance Law will be implemented, including by further regulations and guidance to be provided, by the Cayman Islands Tax Information Authority (“TIA”). All international offshore financial centres (including Bermuda, BVI, Jersey, Guernsey and Hong Kong) already have or will implement similar legislation. To whom does the new Economic Substance Law apply? All companies incorporated under the...