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Dubai’s population has been steadily doubling every 10 years approximately. Dubai’s suitable location between East and West, its top infrastructures and its tax-free environment (supported by an appealing network of double tax treaties) augur the continuity of this demographic growth – especially with the business opportunities rising in preparation for the EXPO 2020. As of 2014, Dubai had a population of 2,250,000 – out of which 85-90% were expatriates. These numbers are important in terms of asset protection. UAE laws are Sharia compliant and do not allow the same degree of flexibility when compared to other inheritance laws internationally. The...

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When affluent individuals and families ponder on their estate planning needs; asset management and protection; the preservation of wealth; tax and succession planning; business continuation and all other such ideas that is the privilege of the wealthy, the usual structure recommended by wealth management professionals is, and continues to be, the Trust. A Trust is administered by a trustee who has title to all of the assets and usually owns the shares of a privately held underlying company. The company can own a variety of assets ranging from bank accounts to immoveable property, or may have the right to receive income...

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POLYMAGE CONSULTING LIMITED has been established in Cyprus by the international group of experts specialized in corporate consulting business for years. Being a professional consultant, POLYMAGE CONSULTING LIMITED provides their clients with multidisciplinary wide range of legal, financial and corporate administrative services in Cyprus, in the EU, in a number of offshore tax exempted territories, and also in Switzerland, Luxembourg, Lichtenstein, United Kingdom, Russia, Ukraine and Azerbaijan. POLYMAGE CONSULTING LIMITED headquarteris located in the downtown of Limassol. The company has been duly licensed and supervised by CySEC (Cyprus Securities and Exchange Commission) to provide the client with professional services (License...

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First Resident Ambassador of the Republic of Cyprus in China His Excellency Ambassador Sotos Zackheos has had a distinguished diplomatic career serving, amongst other, in Moscow, asFirst Resident Ambassador to China, as well as Permanent Representative to the U.N. in Geneva and New York. Until his early voluntary retirement in 2007, he served as Permanent Secretary of the Cyprus Foreign Ministry (i.e. Deputy Foreign Minister).  During his service in China (1989 – 1993), Mr. Zackheos played an important role in upgrading Cyprus – China relations, both in the political sphere as well as in the promotion of economic and trade relations....

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San Marino is a civil law country, probably one of the purest remaining: no civil code has ever been enacted and ius commune is still at the basis of its legal system. Ius commune is the common law that prevailed throughout Europe before the codes. In San Marino’s law, save when a specific matter is governed by statute, ius commune applies.   It was on this historical foundation that San Marino built its statute of 1st March 2010, No 42 on trusts (hereinafter “the Trust Law”).    The Trust law is a completely new law, totally revising the trust law...

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Cyprus constitutes the ideal destination for those seeking to embark upon a new and desirable habitat. The island offers high living standards, extraordinary outdoor attractions and sceneries, a Mediterranean climate in conjunction with a stable, sound and contemporary business environment with quality infrastructure. In this way, the island signifies a suitable destination for a wide range of individuals either seeking a permanent oasis or potential business and employment opportunities. In combination with its ideal location, Cyprus offers a considerably advantageous gateway to Europe. The third largest Mediterranean island after Sicily and Sardinia, Cyprus is located in the North – Eastern...

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On May 27, 2015, the Nevis Island Assembly enacted the Nevis International Exempt Trust (Amendments) Ordinance, 2015 (the “Trust Amendments”), effective July 1, 2015. The Trust Amendments modernize the Nevis International Exempt Trust Ordinance, 1994 (the “Ordinance”). Amendments include additions and revisions of various definitions, provisions that increase the asset protection aspects of a trust and ensure that trust administration will not be interrupted by an injunction or litigation, clarification of the application of the fraudulent transfer rule, provisions that facilitate the administration of a trust, provisions permitting a settlor to establish a directed trust, provisions restricting the rights of beneficiaries to...

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The foundation is a very attractive vehicle for dynastic structuring of international wealth. It is known especially to families from civil-law jurisdictions. During the last few years a number of articles have been written about foundations and the use thereof in international estate planning and asset management. Unfortunately there is very little information about foundations in ‘old’ jurisdictions such as Dutch and Indonesian foundations (respectively called ‘Stichting and “Yayasan”’). The same can be said of other Asian foundations. The yayasan The Indonesian foundation (yayasan) finds its origins in the Dutch foundation or Stichting‘’ (dating back to early Roman law in Europe)....

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