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Corporate Concerns over Global Tax Deal

By Christopher CondonWhile Treasury Secretary Yellen expects businesses to back the push for a global minimum tax, the U.S. Chamber of Commerce worries some still-ambiguous elements may disadvantage U.S. businesses.Neil Bradley, chief policy officer for the U.S. Chamber of Commerce, said the group has grown increasingly concerned that a fledgling global tax deal may “fundamentally disadvantage U.S. companies.” Bradley’s remarks, in an interview Tuesday at Bloomberg News in Washington, cast doubt on Treasury Secretary Janet Yellen’s view that U.S. corporate leaders would eventually support the historic deal and urge Congress to pass the legislation necessary to implement it. There is...

Direct Investing Is Rising Among Family Offices

Wealthy families are investing directly in private companies through single-family and multi-family offices in rising numbers as these offices become more sophisticated, according to a study released on Friday by Fintrx, a Boston-based data, and research firm.    More than half of the approximate 3,500 to 5,000 family offices around the world invest directly today, according to the study, which draws on the firm’s database of more than 3,000 individual family offices globally and the 13,000-plus direct investment deals they have tracked.    The direct-investment trend is “consistent with broader trends we’re seeing in the ultra-high-net-worth market toward greater transparency,...

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...

How to secure second citizenship and US residency

Following COVID-19, more high-net-worth individuals are exploring overseas options.   In an April interview with the Financial Times, French President Emmanuel Macron said that following the coronavirus, “it’s going to change the nature of globalization.” Writing for The Guardian, professor of economics and public policy at Harvard University, Kenneth Rogoff, said, “The post-pandemic world economy seems likely to be a far less globalized economy, with political leaders and publics rejecting openness in a manner unlike anything seen since the tariff wars and competitive devaluations of the 1930s. And the by-product will be not just slower growth but a significant fall in national...

Would Elizabeth Warren’s Wealth Tax Work?

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:...


The European Union adopted a new list of 12 countries and 11 jurisdictions, including American Samoa, to reduce the scope of money laundering and terrorist financing activities. Banks and other entities covered by EU anti-money laundering rules will be required to increase their efforts in due diligence when dealing with customers and financial institutions from the listed countries and jurisdictions. American Samoa was already included in a separate EU blacklist of low tax jurisdictions. The list has been adopted by the Commission in the way of Delegated Regulation and will be submitted to The European Parliament and Council for approval within a month, with the...

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...

Interview - USA Trusts and Foundations

What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? Depends on states but South Dakota offers zero state income tax, confidentiality and no FATCA reporting. In terms of cost, how is the cost of a setting up a trust/foundation in your jurisdiction compare to other jurisdictions? If it’s more expensive, what is the additional value that a client receives for this? South Dakota is very reasonable. Trust establishment and renewal fees are flat $3,500 USD per year and...