CORPORATE & FIDUCIARY

China’s plan to cut taxes in 2019 for the masses has the nation’s super-rich running for cover on concern the government will make up the shortfall by going after the wealthy. Changes to the tax regime as of Jan. 1 mean authorities will be paying closer attention to assets and investment holdings. In a nation where personal wealth is estimated to have climbed to a record $24 trillion in 2018 -- $1 trillion of which is held abroad -- that potentially offers rich pickings. Anxiety over how the new rules will be enforced has already triggered a flood of Chinese clients seeking...

CORPORATE & FIDUCIARY NEWS 2019

Income tax planning is a year-round and continuous evaluation for your clients. Although their tax returns are not due until April 15, without extensions, it is important to make sure you assist them throughout the year. A little extra help will save you hours of work and time spent on last-minute explanations. It will alleviate your clients’ tax burden, too. There are several things you can review with your client to make sure they are making the most efficient use of their investable assets. First, look at investment accounts that can provide a tax deduction. It is easy to see...

CORPORATE & FIDUCIARY NEWS 2019

According to several offshore trust service providers, one of the important reasons that an increasing number of rich people from mainland China plan to set up offshore family trust funds is that they are afraid of the increasing investment risks brought by the drastic fluctuation of global financial market to their family wealth at present. The latest statistical data of HSBC show that in the past year, only 16 of the 450 hedge funds tracked by HSBC achieved positive profits, accounting for less than 4%. Among others, some hedge funds designed to create excess return for rich families all over...

CORPORATE & FIDUCIARY NEWS 2019

Insurance trust is drawing attention from high net-worth individuals. The so-called insurance trust means that while signing an insurance contract with an insurance company, the insured signs another trust contract with a trust institution at the same time. Therefore, when the claims conditions come into existence, the insurance company will deliver the insurance compensation to the trust institution, which will open a special trust account for the beneficiary, manage and use such trust property in accordance with the trust contract, and deliver the benefits of trust to the beneficiary upon the expiration of the trust. Such combination of “insurance +...

INSURANCE NEWS 2019

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...

CORPORATE & FIDUCIARY NEWS 2019

Photo By: The Associated Press Spanish police have arrested five directors of Industrial and Commercial Bank of China (ICBC) after they raided the lender's Madrid offices as part of an investigation into alleged money laundering. China's large state-owned lenders have been dogged by allegations of improper conduct as they expand abroad and the probe into ICBC by police, the Spanish tax agency and Europol involves funds handled by a criminal group which the Interior Ministry says passed through the bank and were transferred to China. Over 100 police were involved in the operation, which saw the arrest of five ICBC...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2019

On the evening of November 15, 2018, Asia Outbound Awards and Gala Dinner was held at Kempinski Hotel in Shanghai. The list of winners of Asia Outbound Awards has been unveiled mysteriously. Special thanks to Our Charity partner, Stepping Stones. The first award announced is the captive Insurance Jurisdiction of the Year. This Award is in recognition of those jurisdictions providing the most ease of use, best regulation and accessibility to the Chinese market for captive insurance vehicles. The shortlisted nominees are:Labuan International Business and Finance Center， Bermuda Business Development Agency， Cayman FinanceThe final winner is Labuan International Business and...

IMMIGRATION BY INVESTMENT NEWS 2019

Within the next 20-30 years, between £4-£5 trillion will be passed down to inheritors in Canada, the UK, the US and Australia. If only 10 percent of this wealth went to selected charities, it would have the power to utterly transform the charity sector. Past favourable circumstances have led our Baby Boomers — the post-Second World War generation who have made a significant impact on the economy — to become the wealthiest older generation to date. Now in their late 60's and 70's, the Boomers are poised to transfer an unprecedented amount of wealth to the next generation. The increased...

CORPORATE & FIDUCIARY REPORTS 2019