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Tax and Jurisdictions

September 17, 2009

The aftermath of the financial crisis has seen many people talk about the world changing forever, but few have come up with any credible, long-term solutions that are ready for implementation.

The aftermath of the financial crisis has seen many people talk about the world changing forever, but few have come up with any credible, long-term solutions that are ready for implementation, writes Marc Smith.

As policymakers and regulators grapple with how best to curb excessive risk taking, improve warning systems and generally clean up a bloated, rotten system, families of substantial wealth have been coming to terms with losing significant sums of money.

September 17, 2009

In the US, if you are a wealthy individual, you would not walk across the road without taking your lawyer, tax advisor, accountant and therapist with you. The wealthy Asian individual, however, will walk across the road on his/her own.

In the US, if you are a wealthy individual, you would not walk across the road without taking your lawyer, tax advisor, accountant and therapist with you. The wealthy Asian individual, however, will walk across the road on his/her own writes Christian Stewart.

Asia has a different culture in terms of the use of external professional advisors, and this has some impact on the succession process. For example, most Asian families do not have a family shareholders agreement or "exit plan".    

August 14, 2009

Italian tax authorities are investigating the Agnelli family, owners of the car manufacturers Fiat, after allegations were made that Gianni Agnelli, the late Fiat chairman, hid €1 billion of undeclared assets in Swiss bank accounts.

Italian tax authorities are investigating the Agnelli family, owners of the car manufacturers Fiat, after allegations were made that Gianni Agnelli, the late Fiat chairman, hid €1 billion of undeclared assets in Swiss bank accounts.

August 4, 2009

Creative thinking and greater efficiency can counter some of the challenges facing family offices during the crisis according to a leading family office lawyer.

Creative thinking and greater efficiency can counter some of the challenges facing family offices during the crisis according to a leading family office lawyer.

August 3, 2009

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Details of the settlement have not yet been disclosed but US media reports suggest UBS will be forced to reveal the names of thousands of private banking clients, including wealthy families, who hold offshore accounts in Switzerland.

July 30, 2009

The financial crisis has changed the financial services industry as we know it. Markets are focusing more on risk management, stock markets are volatile and corporate bonds not as safe.

The financial crisis has changed the financial services industry as we know it. Markets are focusing more on risk management, stock markets are volatile and corporate bonds not as safe. The credit rating agencies, relied on by regulators under the Basel II capital adequacy regime for banks, are discredited, and global regulation faces restructuring. The Basel Committee is revising its capital adequacy standards, and there are moves in the US and Europe to set up bodies overseeing systemic risk. 

July 23, 2009

Tax is never far from the headlines in an average year, but it has demanded particular attention in 2009. Conscientious wealthy families and their family offices have been reassessing their tax arrangements in light of this hiatus of activity. However, it is important to remember that tax planning is much more than a simple financial calculation.

Tax is never far from the headlines in an average year, but it has demanded particular attention in 2009, writes Hakan Hillerstrom. The worldwide recession has reduced the income of all the world's economies as tax receipts from business profits, personal income, wealth tax and VAT have fallen away. Many governments have reacted by aggressively reducing interest rates and making sure that central banks pump money into the system to get the banking system to work again.

July 9, 2009

Within the family office the role of the trustee is to safeguard assets and present investment options to the family. In today’s litigious society failure to manage these duties can be severe. Henry Frydenson outlines the pitfalls for trustees and offers advice on ways to avoid problems

Within the family office the role of the trustee is to safeguard assets and present investment options to the family. In today's litigious society failure to manage these duties can be severe. Henry Frydenson outlines the pitfalls for trustees and offers advice on ways to avoid problems

July 9, 2009

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

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