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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

Chinese high-net-worth individuals and entrepreneurs are showing increased interest in US dollar private equity and venture capital funds to diversify their assets, but are running up against currency controls that make it difficult for them to get their money where they want it. 窗体顶端 The main issue is that many top private equity funds require initial investments in the millions of US dollars, while in China, yuan conversion into foreign currencies is restricted to US$50,000 equivalent per person per year. “We continue to see substantial demand from Chinese investors in the global private equity asset class,” said Seungha Ku, managing...

FUNDS & FUNDS SERVICES NEWS 2019

Wealthy Chinese are rushing to shelter assets and income in overseas trusts before new tax rules go into effect next month, including provisions that target offshore holdings. The Bank of Singapore has seen a 35 percent surge in Chinese clients interested in offshore trusts since the second half of 2018, according to Woon Shiu Lee, head of wealth planning at the bank. The rate of inquiries leading to the establishment of a trust, which offers “tax-planning opportunities” by giving ownership to third-party trustees, has doubled since August, he said.  The reforms, which take effect Jan. 1, are meant to reduce the tax burden on...

CORPORATE & FIDUCIARY NEWS 2019

The Council of Ministers of the Republic of Cyprus has just recently proposed changes to the current Cyprus Investment Programme (citizenship by investment program), which allows obtaining the citizenship of the country in a little more than six months. The proposed changes: Investors will be required to make a donation of €75,000 to the “Cyprus Land Development Corporation” (effective from May 15, 2019); Investors will be required to make a donation of €75,000 to the “Research Promotion Foundation” (effective from May 15, 2019); Instead of the previous 3 years’ requirement, investors shall keep their investments for a period of at least 5...

IMMIGRATION BY INVESTMENT NEWS 2019

For Western wealth managers eager to feast on the China market, Wan Long qualifies as prime red meat. Known as China’s “No. 1 butcher,” Wan is the billionaire chairman and chief executive of WH Group, the world’s largest pig slaughterer and pork processor. And nearing 80, Wan is surely weighing how to preserve his vast wealth for family and favorite causes. But a web of regulations in Chinese financial services keeps potential clients like Wan largely, tantalizingly, out of reach of foreign wealth managers. The rules make it almost impossible to deal directly with customers on China’s mainland, forcing foreign...

FUNDS & FUNDS SERVICES NEWS 2019

Brexiter Sir Jim Ratcliffe’s company Ineos is reportedly working with PricewaterhouseCoopers to reduce bill Britain’s richest man, the Brexit supporter Sir Jim Ratcliffe, and two of his key lieutenants at chemicals firm Ineos have reportedly been planning to save up to £4bn in tax after moving to Monaco. The company, which is valued at about £35bn, is working with tax experts at PricewaterhouseCoopers (PwC) to create a new structure for the business to dramatically reduce the tax paid on its global revenues, according to the Sunday Times. Ratcliffe, who has lobbied to weaken green taxes, owns 60% of Ineos, which made profits of...

NEWS 2020

Ministers are halting a "gold-plated" visa scheme offering foreign investors a fast-track to settling in the UK, as part of a crackdown on financial crime. Tier 1 investor visas were introduced in 2008 to encourage rich people from outside the EU to invest in the UK. A £2m investment bought a visa and indefinite leave to remain after five years. But concerns were raised the scheme was being used to launder money. Its suspension will end after an audit process is introduced, ministers say. "We will not tolerate people who do not play by the rules and seek to abuse...

NEWS 2020

The UK is set to update its offshore tax compliance strategy to target the overseas entities that wealthy individuals use to conceal their assets. “This will build on the substantial progress the UK has made in tackling offshore tax evasion and non-compliance since the government’s previous strategy was published in 2014,” the Budget reads. The Budget also reiterated a promise made in the previous year to introduce legislation to tax income from intangible property — like copyright, trademarks and patents — held in low-tax jurisdictions “to the extent that it is referable to UK sales.” This legislation is expected to...

NEWS 2020