CORPORATE & FIDUCIARY

As the number of family offices continues to expand, so does the demand for a wide range of essential fiduciary services, including trusts and corporate management.  Given the escalating complexity of financial landscapes, there is a pressing need to diversify the structures in which assets are held. Among the most crucial options are trust structures, which provide a robust and secure framework for safeguarding family assets and facilitating their seamless transfer across generations. From a holistic point of view, the combination of various jurisdictions is important due to uncertainties, policy changes, and amendments of regulation. Working with private clients usually...

CORPORATE & FIDUCIARY SPONSORED CONTENT 2023

Hong Kong has introduced a groundbreaking tax concession regime for Single Family Offices (SFOs) managing Family-owned Investment Holding Vehicles (FIHVs). The new regime aims to position Hong Kong as a premier hub for family offices and provides numerous benefits for high-net-worth individuals and their families.   Benefits of the New Tax Regime: Streamlined process: No pre-approval or application is required. A simple self-declaration suffices, reducing bureaucratic red tape. Exemption of investment profits: Qualified assets are exempt from Profits Tax, providing confidence and tax relief for high-net-worth families. Retrospective application: The tax regime applies from the assessment year 2022/23, ensuring previous...

CORPORATE & FIDUCIARY NEWS 2023

Over the past decade, Cayman Enterprise City (CEC) has been actively promoting the Cayman Islands and its Special Economic Zones (SEZs) as the perfect destination for knowledge- and technology-driven businesses looking to establish a tangible physical presence. As a result, CEC proudly houses 317 SEZ companies, representing the largest innovation ecosystem in the region.   CEC specializes in facilitating the establishment of offices for startups, mid-sized enterprises, and publicly-listed companies from around the globe within three distinct SEZs: Cayman Tech City, Cayman Maritime & Aviation City, and Cayman Commodities & Derivatives Centre.   Charlie Kirkconnell, Chief Executive Officer of CEC...

CORPORATE & FIDUCIARY NEWS 2023

Campaigners are calling on King Charles to take action against the UK's "network of satellite tax havens," which enable an annual avoidance of £152 billion in taxes. The Tax Justice Network, a coalition opposing tax avoidance, has written a letter to the monarch, urging him to leverage his position to push for a revision of laws that allow rampant tax avoidance across the UK, crown dependencies, and British overseas territories.   In the letter, seen by The Guardian, the campaigners highlight the financial and human toll borne by ordinary people due to the UK's tax havens, for which King Charles...

CORPORATE & FIDUCIARY NEWS 2023

Saudi Arabia's Crown Prince, Mohammed bin Salman, has unveiled four new special economic zones in the country to enhance its global appeal as an investment destination, as per reports from the state news agency SPA. These zones offer a range of advantages to companies, including competitive corporate tax rates, exemption from customs duties on imports, machinery, raw materials, and production inputs, as well as the flexibility to hire skilled professionals from anywhere worldwide. Foreign investors will have complete ownership of their businesses within these zones situated in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City.   Prince Mohammed stated,...

CORPORATE & FIDUCIARY NEWS 2023

India has emerged as the third-largest recipient of foreign direct investment (FDI) from the United States (US) between 2015 and 2020, experiencing a 20% increase in new investments. In contrast, FDI from the US to China decreased by 40% between 2020 and 2022 compared to the previous five-year period.   According to a recent paper by the International Monetary Fund (IMF) on the fragmentation of the global economy, US FDI flows to emerging European countries increased by 19.4%, to the rest of the Americas by 9.2%, and to the rest of Asia (excluding China) by 2.3%.   In contrast, FDI...

CORPORATE & FIDUCIARY NEWS 2023

The regulation of foreign direct investment (FDI) is gaining more significance in the field of investor regulations. While FDI restrictions are on the rise globally, the extent and characteristics of these regulations differ greatly across jurisdictions. In the following sections, we will outline the key elements of FDI regulation in the United States (US), the United Kingdom (UK), France, and Germany.   TYPES OF TRANSACTIONS SUBJECT TO REVIEW   US: The Committee on Foreign Investment in the United States (CFIUS) has the authority to review: "Covered Transactions," which encompass any transaction that could grant control of a US business to...

CORPORATE & FIDUCIARY NEWS 2023

Matthew Collin, David Szakonyi, and Florian M. Hollenbach   Leading up to the Russian invasion of Ukraine, the U.K.’s real estate sector had built up an unsavory reputation for being a great place to stash your illicit cash. Government risk assessments repeatedly flagged the sector as being a high risk for financial crime, in part due to improper implementation of due diligence checks by estate agents. Investigations by civil society organizations have revealed that a sizable chunk of high-value British real estate is owned by oligarchs, autocrats, and heads of government from around the world—typically through shell companies set up in tax havens with the explicit...

CORPORATE & FIDUCIARY NEWS 2023