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Malta has experienced consistent growth in the funds sector since the jurisdiction's accession to the EU in 2004, such that today it is legitimate to consider the country as a mature, well-established domicile rather than an emerging one.  In fact the jurisdiction now hosts around 700 funds pursuing a variety of strategies, as well as acomplete ecosystem of support services providers such as fund administrators, law firms and audit firms. The sector has now evolved to the point where managers are not just using the country as a domicile for funds, but are also increasingly looking at the jurisdiction as...

EXPERT INSIGHTS 2020

By Andrew J. Toles. On December 10, 1863, 150 years ago, Seattle boasted just a few hundred residents. On this day Seattle launched its first newspaper. The lead story of The Seattle Gazette was titled "Worth of Money." The writer notes that we often ask what a man's property is worth, for example, his house. What we should be asking, he says, is "What is a man's money worth?" That question sounds confusing. Isn't a dollar worth a dollar and a yuan worth a yuan? The writer explains that the amount of money does not determine its worth to a man....

EXPERT INSIGHTS 2020

By Martin Crawford. Look beyond the political hyperbole about offshore financial centers and you find an industry that is responding to new commercial imperatives and is better managed and more regulated than ever before. There is no direct correlation between more regulation and better management. Neither does more regulation equate to better regulation. However, these moves have forced industry participants toup their game. Regardless of jurisdiction, client base or product type, the specter of regulation looms over offshore financial services. What is disheartening for many industry participants is that uninformed criticism remains so prominent despite considerable steps being taken to address...

EXPERT INSIGHTS 2020

By Martin Crawford In an increasingly mobile world, tens of thousands of Chinese nationals are migrating to the US each year. Navigating the tax issues that arise from moving assets across borders is challenging, but careful preparation and using offshore trusts can help.It is worth noting that a recent survey by China Merchants Bank and Bain & Company found that 60% of Chinese worth $15 million or more have left the country or are planning to leave. Wealth protection is one of several motivating factors. Four times a year the US Treasury Department publishes a list of individuals who have...

EXPERT INSIGHTS 2020

By Jeffrey Chen Along with the acceleration of economy globalization, Tax Information Exchange Agreement (TIEA) becomes one of the major methods that tax administrators of most jurisdiction in dealing with misuse of tax planning. By July 2012, China has signed 9 TIEAs with Bahamas, BVI, Isle of Man, Guernsey, Jersey, Bermuda, Argentina, Cayman Islands and San Marino. The TIEA between China and Guernsey signed on 27 October 2010 together with MOU has been effective from 17 August 2011 and enforces from 1 January 2012. Globally, there are more than 50 jurisdictions with a tag as International Finance Centre and is...

EXPERT INSIGHTS 2020

By Andrew J. Toles. Offshore financial centers have been torpedoed this year by news of massive information leaks. In April, 2013 the International Consortium of Investigative Journalists (ICIJ) reported that it unearthed 2.5 million documents exposing secrets from the offshore world. The ICIJ, based in Washington, D.C. and part ofthe Center for Public Integrity, is a group of journalists from more than 40 countries who analyzed documents for a year before revealing their discoveries. Among them were: (1) that the eldest daughter of Ferdinand Marcos, former President of the Philippines, is a beneficiary of an offshore trust now being investigated...

EXPERT INSIGHTS 2020

With the implementation of "going out" policy by Chinese government, more and more enterprises are undergoing cross-border M & A activities. The current M & A hot spot areas are mainly concentrated in regions such as Australia, Africa and the United States. However, with their core strength on machinery, telecommunications, new energy, and financial institutions,Europe was not much taken into account by traditional M & A outlook, so its asset prices are more reasonable. Therefore, merging and acquisitions of Chinese enterprises in Europe were somewhat low-key at an early stage. Stimulated by European debt crisis, M & A are becoming...

EXPERT INSIGHTS 2020

By Hao Wang Chinese people are generally reluctant to talk about death-related topics. These topics are especially taboo for China's rich. A survey by Forbes on family business succession issues shows that in China's listed companies, only less than 5% of them have organized a business shift to a second generation. As of 2011, according to the statistics from major banks, the number of Chinese wealthy with personal assets of more than 100 million yuan exceeded 60,000 with an average age of 43 years old. The number of the group with personal assets of more than 1 billion yuan exceeded...

EXPERT INSIGHTS 2020