April 7, 2021
I would argue that HNWIs both in Asia and the Americas should now start to look at effective investment migration strategies that allow one to hedge their bets. As this article in Asia Nikkei and the legislative proposals of Senators Warren and Sanders in the United States suggests, the wealthy are in for a period of great uncertainty. Governmental action everywhere over the last twelve months has pushed the world towards economic stagnation, and the tax man shall be quite…
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April 7, 2021
On March 25, 2021, Senator Bernie Sanders introduced legislation entitled “For the 99.5% Act.” The aim of the bill is to tax the fortunes of the top 0.5% of wealthy Americans. This is the first piece of legislation introduced since Joe Biden came into office and is designed to lower the U.S. federal estate tax exemption. Highlights include: regarding personal wealth: Reduce the U.S. federal estate tax exemption to USD $3.5m for U.S. citizens / domiciliaries (Note: There is no…
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April 6, 2021
U.S. Treasury Secretary Janet Yellen argued this week for the imposition of a global minimum corporate tax rate. Her comments were set in the context of increasing U.S. corporate taxes to fund Joe Biden’s USD $2 trillion+ infrastructure plan. Why do we care? The argument goes that by convincing other countries to impose a global minimum tax would greatly reduce the likelihood of U.S. companies relocating offshore, as America is set to potentially increase the corporate rate from 21% to 28%. …
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March 28, 2021
Cyprus has made some changes to its permanent residency by investment program. Quite a good step in the right direction. However, in order to be competitive, Cyprus must align its offering with that of Portugal or the new Bulgarian fast track programme. Permanent residency is quite limited in Cyprus because the island is physically cutoff from Europe and is not part of Schengen. A very good synopsis on the program can be found at IMI Daily.
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March 27, 2021
Saw an interesting piece on crypto-currencies and tax regimes in Wealth Management. Worth the read.
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March 15, 2021
In the waning days of the Trump Presidency a little known act – the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2019” – was passed into law as part of the reconciled National Defense Authorization Act for Fiscal Year 2021 (H.R. 6395). Overcoming a Presidential Veto, the passed enactments ushered in broad changes to US anti-money laundering, financial crime and tax evasion laws. As it stands, today America’s treasury and justice departments can subpoena any account records from…
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