EXPERT INSIGHTS

By Jeffrey Chen, Lawyer/Partner of Shanghai Chen He Law Firm Family trust has demonstrated its maturity and effectiveness in offshore jurisdictions as a succession vehicle. Thanks to growing demand for integrated wealth management from domestic high net worth individuals, quite a few domestic institutions have started using or recommending trusts as a wealth management tool to pass on property.  Recently, Ping An Bank offered the first family trust product while China Merchants Bank launched the country's first private-banking family trust, which well reflected market trend and expectations. The scenario has set a stage for family trust to declare roots and...

EXPERT INSIGHTS 2020

Ruiyin Law FirmSenior Partner Wang Hao In judicial practice, changes in marital relations are an important factor in the division of property. Therefore, entrepreneurs in Western countries often try to maintain their property via a variety of arrangement, including signing prenuptial agreements, setting up trusts and drafting estate distribution plans. Among them, prenuptial agreements and trusts are important measures. Take famous actor Tom Cruise as an example. By signing a prenuptial agreement to define all kinds of property ownership, when he got divorced with actress Nicole Kidman, Cruise, with a net worth of more than US$300 million, only paid Kidman US$4.3...

EXPERT INSIGHTS 2020

By Mark Lea A Decade of Change in Asia/Pacific:In 2002 Singapore decided, as part of its drive to attract wealth management, to amend its Trustees Act. The amendments came into effect late in 2004. These changes were conservative.Singapore did not wish to be compared with existing "offshore" financial centres lest the perceived stigma of that should affect the standing of Singapore.Therefore the changes were: To have a maximum specified perpetuity period of 100 years; To permit the accumulation of income throughout the continuation of the Trust; To provide for a statutory duty of care for Trustees, which can be contacted...

EXPERT INSIGHTS 2020

Malta Global Residence Programme Over the past years, the small island of Malta has been making itself known with various expatriates from all over the globe. This steady growth in interest in the Maltese islands is largely attributable toits warm climate, a rich historical and architectural heritage, along with extremely safe living conditions, thus making it a geographically ideal location for businessmen, an ideal setting for retirees and a friendly environment for the family.  These invaluable advantages have resulted in a considerable increase in foreigners seeking to obtain residency in our sunny archipelago and hence Malta's residence programmes and fiscal framework...

EXPERT INSIGHTS 2020

Whilst Malta's history, sun and sea might be a good reason for tourists to come to the island, they are surely complementary but not the sole reasons to attract prospective e-commerce and gaming operators to Malta. Indeed, to the gaming and e-commerce world, Malta represents more than that. Being a niche for ground breaking technological solutions, having reliable laws, providing fiscal advantages and a stable environment. Malta is one of the fastest growing information and communications technology markets in Europe quickly continuing its growth as a hub for e-commerce, digital gaming and online gambling. A Home for I-Gambling in Europe. As...

EXPERT INSIGHTS 2020

Malta has experienced consistent growth in the funds sector since the jurisdiction's accession to the EU in 2004, such that today it is legitimate to consider the country as a mature, well-established domicile rather than an emerging one.  In fact the jurisdiction now hosts around 700 funds pursuing a variety of strategies, as well as acomplete ecosystem of support services providers such as fund administrators, law firms and audit firms. The sector has now evolved to the point where managers are not just using the country as a domicile for funds, but are also increasingly looking at the jurisdiction as...

EXPERT INSIGHTS 2020

By Andrew J. Toles. On December 10, 1863, 150 years ago, Seattle boasted just a few hundred residents. On this day Seattle launched its first newspaper. The lead story of The Seattle Gazette was titled "Worth of Money." The writer notes that we often ask what a man's property is worth, for example, his house. What we should be asking, he says, is "What is a man's money worth?" That question sounds confusing. Isn't a dollar worth a dollar and a yuan worth a yuan? The writer explains that the amount of money does not determine its worth to a man....

EXPERT INSIGHTS 2020

By Martin Crawford. Look beyond the political hyperbole about offshore financial centers and you find an industry that is responding to new commercial imperatives and is better managed and more regulated than ever before. There is no direct correlation between more regulation and better management. Neither does more regulation equate to better regulation. However, these moves have forced industry participants toup their game. Regardless of jurisdiction, client base or product type, the specter of regulation looms over offshore financial services. What is disheartening for many industry participants is that uninformed criticism remains so prominent despite considerable steps being taken to address...

EXPERT INSIGHTS 2020