NEWS

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

What is the difference between a disposable tourist and a real citizen? The simple answer is constitutional protection. Indeed, without clearly written and time tested constitutional protections, your citizenship is only a temporary travel pass exposed to the caprices of local politicians, foreign governments, assertive media, or anyone else who can throw their weight around and who wants to take a crack at you.   Before committing to a glossy CBI program advertisement, investors have to do competent due diligence on their preferred CBI program, which includes reading the applicable revocation clause in the country’s constitution and/or pertinent regulation. Independent...

IMMIGRATION BY INVESTMENT 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

Experienced expats lacking language skills for mainland Chinese clients shut out HONG KONG -- In a sign of changing fortunes in Asia's financial hub, it took almost a year for one experienced foreign private banker in Hong Kong to land a job after he was let go by his previous employer in early 2019.   The reason: most employers said they preferred -- and were easily hiring -- Mandarin speakers for such positions.   The banker, who is originally from the U.K. and has more than a decade of experience in wealth management in Hong Kong, was stunned when companies...

PRIVATE & INTERNATIONAL BANKING NEWS 2020