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By Leo Zhang. As one of the most prosperous and richest countries in the Caribbean region, The Bahamas has a long history of offshore finance dating back to the 1930s. Apart from a flourishing tourism industry, the most powerful engine behind the country's economy is financial services, which account for about 15 to 20 percent of its GDP. The Bahamas maintains a sophisticated financial industry. It's home to more than 270 licensed banks and trust services providers, including seven of the world's top eight private banks and 35 of the top 100 global banks. As the country constantly upgrades its...

CORPORATE & FIDUCIARY OVERVIEW - EXECUTIVE SUMMARY 2014

The Bahamas became independent from the UK in 1973, although the Queen remains Head of State. Beginning 50 miles off Florida, in the Caribbean, the Bahamas has 700 islands and a population of just over 350,000. The official language is English. The capital is Nassau, there are a number of international airports with good connections, and there are excellent port facilities. The climate is sub-tropical. The Westminster-style government is business-friendly. In May 2012, voters ousted Prime Minister Hubert Ingraham's Free National Movement Party, with 29 of the 38 House of Assembly seats going to the Progressive Liberal Party led by...

JURISDICTION 2014

Han Liang The most common tool used in the management and inheritance of family wealth in common law countries is the trust. For high-net-worth customers in mainland China, due to the lack of trust culture and the corresponding legal environment, there are certain obstacles in the understanding and application of the trust function. The foundation originated from the civil law system, and it is more in line both with China’s legal tradition, and the needs of private entrepreneurs and high-net-worth customers in the management and inheritance of family wealth. It has unique advantages. The Foundation has more advantages in the...

EXPERT INSIGHTS 2020

What is unique in your jurisdiction and why Chinese investors should form companies there? The Bahamas is a politically and economically stable country that has legislation enacted specifically to protect the assets of international clients and encourage foreign investors. This is reflected in the fact that there are no taxes on income, profits and distributions of the assets of foreign clients. In addition, Chinese investors will benefit from a swift incorporation rate and will be exempt from exchange control regulation. What makes your jurisdiction different from other competitors for Chinese investors? The Bahamas is strategically located 65 miles off the...

CORPORATE & FIDUCIARY JURISDICTION 2014

Since taking charge of the White House, Trump has certainly made several earth-shaking decisions. From halting Obamacare, to announcing the formal withdrawal from the Trans-Pacific Partnership Agreement (TPP) and overhauling immigration policy, to deporting undocumented immigrants, every single one of them has been astonishing. What changes to US immigration policy are likely to happen while Trump is in office?   I The Separation of Powers in the United States   To answer the question above, it is first necessary to understand what restrictions Trump’s power will be subject to as President of the United States. A president with unchecked power...

EXPERT INSIGHTS 2020

By Leon Zhang. Long a favorite destination of Hollywood celebrities, Anguilla is getting new boosters among the Chinese business elite. Anguilla, with some of the best white sand beaches in the world, has long been a favorite holiday destination of the Hollywood elite, looking to the little known island for a getaway from the infestation of paparazzi common to St. Barts and other nearby vacation spots. Last year the island was abuzz with news that Paris Hilton was taking her vacation there. Robert DeNiro and Uma Thurman are both said to be regulars. But there's a new group of visitors...

ARTICLE OVERVIEW - EXECUTIVE SUMMARY 2014

On August 31, 2018, the Decision of the Standing Committee of the National People’s Congress on Amending the Personal Income Tax Law of the People’s Republic of China (which is relevant to China’s hundreds of millions of taxpayers) was officially passed, and later implemented on January 1, 2019. Let’s review the development track of China’s personal income tax law: In 1980, China announced its Personal Income Tax Law of the People’s Republic of China, and the personal tax law officially came into being. In the past 38 years, the law has been amended six times with the most recent revision made in 2011,...

EXPERT INSIGHTS 2020

In recent years, with the all-round implementation of the One Belt One Road (OBOR) initiative and other policies, China’s private wealth has continued to grow rapidly. According to statistics from New World Wealth, China’s private wealth growth rate reached 198% between 2007 and 2017, the second highest growth rate of private wealth in the world. In addition, according to the Hurun Report, the number of households with more than six million yuan of investable assets in the Greater China Region has reached 1.61 million, with Beijing, Shanghai and Guangzhou ranking in the top three. The growth of China’s private wealth...

EXPERT INSIGHTS 2020