CORPORATE & FIDUCIARY

By Christopher Copper-Ind   The British Virgin Islands (BVI) has formally announced plans to create a publicly accessible register of company ownership by 2023 in an effort to clamp down on corruption. The long-awaited announcement follows years of scandals relating to money-laundering and tax evasion involving BVI-based shell companies, most recently the FinCen Files.   As reported by International Investment last month, the BVI premier announced its commitment to the implementation of public registers of beneficial ownership in the territory, albeit with "reservations".   This [is a] positive step towards greater transparency and clarity of corporate structures, which should help stem the flow...

CORPORATE & FIDUCIARY NEWS 2020

During a speech on August 17, 2020, and ahead of the Republican National Convention, Trump suggested that his administration intends to end America's "reliance on China." He announced: "We will create tax credits for companies that bring jobs back from China to America," although he did not provide further details regarding the proposed tax credits.   Meanwhile, the French authorities have been looking to bolster the country's small business sector, and have announced a scheme to allow small companies to request a specific settlement plan for the payment of their taxes.   The scheme, unveiled by the General Directorate of...

CORPORATE & FIDUCIARY NEWS 2020

Foreign trusts have both benefits and risks, which vary from jurisdiction to jurisdiction. Jack Millhouse and Charles F. Schultz IV of FGMK look at examples from civil law jurisdictions in Europe, so-called “tax havens” in the Caribbean, no-longer popular New Zealand, and the unique situation in Malta.   In the process of forming a trust, the choice of jurisdiction, and its associated tax or legal regime may play a significant role in impacting the decision. The purpose of this piece is to provide a high-level snapshot of several noteworthy regimes and jurisdictions. Each of these regimes requires a different approach...

CORPORATE & FIDUCIARY NEWS 2020

The Principality of Liechtenstein is a constitutional hereditary monarchy based upon democratic-parliamentary principles, which is celebrating its 300th anniversary this year. The small state is located in the heart of Europe, between Austria and Switzerland. It has 37,000 inhabitants, the capital is Vaduz, the official language is German, and the business languages are German and English. Liechtenstein can be reached very easily from different international airports such as from Zurich (within 1 hour), and from Munich and Milan (within 2 ½ hours). The Principality is independent and follows the customs treaty of 1923 with Switzerland, with which it has close...

CORPORATE & FIDUCIARY SPONSORED CONTENT 2020

In the heart of the South Pacific is the nation of the Cook Islands. Situated south of Hawaii and in the same time zone, Cook Islands is an independent nation, in free association with New Zealand, so all are New Zealand citizens. The Cook Islands established itself as an international finance center in the early 1980s, with the enactment of the International Companies Act 1981-82 and the International Trusts Act 1984. Since that time, through amendments to those acts and subsequent legislation, the Cook Islands has developed a robust asset protection framework. Its focus on protecting wealth has developed in...

CORPORATE & FIDUCIARY SPONSORED CONTENT 2020