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Q2 2012 Feature: Hong Kong Trust Law Reform
Seeking to add another string to its financial services bow, the Hong Kong government has issued comprehensive proposals to update the territory’s trust laws, which are designed to better cater for the needs of modern-day trusts, strengthen the competitiveness of the jurisdiction’s trust business segment and consolidate the status of Hong Kong as an international asset management centre. Continue
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Q1 2012 - Singapore Trusts
Singapore is not thought of as one of the world’s leading trust jurisdictions. But with its wealth management industry booming, and with trust business a key pillar of this sector, the city-state is rapidly becoming a favoured jurisdiction in which to form a trust, thanks to its favourable tax laws, strong confidentiality laws and reform of trust legislation in 2004. Continue
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Q4 2011 - Trust Law Evolves in the Channel Islands
Two key rulings in the common law trust arena by the English Privy Council and the Royal Court of Jersey respectively last June are expected to have a significant impact on the way in which trust law is applied and interpreted in future cases involving Guernsey and Jersey trusts. Continue
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Q3 2011 - Foundations – the Trust Alternative?
Foundations have long existed in civil law countries where the concept of an Anglo-Saxon trust is unfamiliar. But as competition for a larger slice of the global wealth management cake has intensified in recent years, several, mainly offshore, common law jurisdictions have accommodated foundations laws into their own suites of offshore legislation in order to attract new money from a rapidly increasing population of wealthy individuals and families in emerging economies such as China, Russia, and in Latin America. Continue
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Q2 2011 - Changing the UK Tax Landscape
Last month, the European Commission formally requested that the government of the United Kingdom change two pieces of anti-avoidance legislation deemed incompatible with European Union law, in a move which could have far-reaching implications for investors and businesses who use foreign companies and other offshore structures to achieve tax optimization. Continue
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Latest News
Hong Kong Abolishes Corporate Capital Duty
15/5/2012
The Registrar of Companies, Ada L L Chung, has announced that the capital duty
currently levied on Hong Kong companies will be abolished from June 1, 2012.
Guernsey Announces Aircraft Registry Plans
15/5/2012
The Guernsey government has announced that it has agreed with a private sector
partner to launch an aircraft registry from the island.
Gibraltar Proposes Law Change To Offer UK QROPS
15/5/2012
The Gibraltar government has published a Bill that would amend the territory's
legislation to allow local practitioners to offer Qualifying Recognised Overseas
Pension Schemes under a regime compliant with new rules set by the UK tax authority,
HM Revenue and Customs.
Financial Crisis Hits Jersey Finance Industry Profits
10/5/2012
The Jersey government's latest statistical report shows a significant decline in the profitability and size of the nation's financial services industry since the start of the financial crisis, putting pressure on Jersey tax receipts. Recent figures for 2011, however, show modest signs of improvements.
DIFC To Accept Credit Rating Agencies
10/5/2012
The Dubai Financial Services Authority has launched a consultation on new rules which would allow credit rating agencies to establish operations from the Dubai International Financial Centre tax-free zone.
Australian Budget Scraps Planned Business Tax Cuts
10/5/2012
A planned cut to business tax rates will not go ahead in Australia, as the government seeks to redirect projected mining tax revenue to help families and small businesses in the face of ongoing disputes with opposition parties.
Offshore Merger And Acquisition Activity Rises
9/5/2012
A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
Nissan Infiniti Locates Global HQ In Hong Kong
4/5/2012
Invest Hong Kong has used its recent assistance to Infiniti, Nissan
Motor’s luxury car brand, while basing its global headquarters in the city, to highlight
Hong Kong's favoured position as a preferred location for overseas multinationals.
London Property Investors Shrug Off Tax Fears
4/5/2012
Prices for prime Central London real estate rose again in April, by 1.1%, with demand particularly strong in the high-end property sector, suggesting that investors were not deterred by the recent increase in stamp duty.
Insurance Ratings Agency Establishes DIFC Office
4/5/2012
A.M. Best, a leading provider of credit ratings and financial data for the insurance
industry, has received the necessary approvals to begin regional business from the Dubai International Financial Centre.
Ireland, US In Talks Over FATCA
1/5/2012
Ireland and the United States are in talks to establish a common approach to the Foreign Account Tax Compliance Act, drawing on domestic and international tax legislation and treaties.
German Cabinet Adopts Swiss Tax Deal
30/4/2012
The German cabinet has recently adopted the bill implementing the bilateral
tax agreement with Switzerland.
Jersey Advisers Consider UK Budget Impact
30/4/2012
A recent seminar hosted by Channel Islands law firm Ogier focused on ways to
mitigate the tax fallout from the latest UK budget's attack on UK property valued
at over GBP2m (USD3.25m) held overseas as tax-efficient investments.
Hong Kong Confirms Business Registration Fee Waiver
25/4/2012
The Revenue (Reduction of Business Registration Fees) Order 2012,
which waives Hong Kong’s business registration fees for one year, came into
effect on April 1, 2012, the territory's Inland Revenue Department has confirmed.
Bermuda Concludes Marketing Push In China
26/4/2012
Business Bermuda, the promotional agency for the territory's financial services
industry, has concluded a week-long business development and relationship-building
trip in Shanghai and Beijing mirroring the decisions of other small,
low-tax, financial centres targeting the region as a new source of financial services growth.
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