International News: Focus on International Private Client

FEATURES

The UK Response to BEPS and Hybrid Mismatches


Kristen E. Hazel

The UK Government has confirmed that it will be introducing domestic legislation to combat hybrid mismatches. The legislation will broadly follow the final recommendations from the Organisation for Economic Co-operation and Development (OECD) base erosion and profit shifting (BEPS) project and will be effective 1 January 2017.


Parental Liability for French Subsidiaries


Nicolas Lafont

Under French law, each legal entity within a group is treated independently from the others; as a matter of principle, a parent company is not liable for the acts of debts of its subsidiaries. Over the years, however, a number of exceptions to this principle have been introduced by the courts or the legislator. Three decisions handed down in 2014 by the French Supreme court have modified the regulatory landscape.


The Evolving US-Cuba Trade Landscape


Audrey Pumariega

On 17 December 2014, President Obama announced historic changes relaxing US policy toward Cuba. On 16 January 2015, the US Department of Treasury and Commerce published amended rules implementing these changes effective immediately. Prospects for increased trade between the United States and Cuba are brighter than at any time during the past five decades. But are they bright enough to encourage serious investment?


Amendments to Taiwan Fair Trade Act Foster More Vigorous Competition Law Enforcement


The most comprehensive amendments to the Taiwan Fair Trade Act (TFTA) since it took effect in 1992 were approved on 22 January 2015. The amendments cover several areas including merger control, cartels, resale price maintenance (RPM) and investigatory powers.


FOCUS ON INTERNATIONAL PRIVATE CLIENT

A New Era of Global Tax Enforcement and Compliance


Global transparency initiatives herald the coming of a new age of automatic information exchange and global tax enforcement, which is likely to render the concepts of „tax havens“ and banking secrecy increasingly meaningless.


Company Ownership of Jets and Yachts


As the popularity of private jet and yacht ownership continues to rise, so do the challenges that face international families with connections to the United Kingdom and United States who want to establish and maintain a suitable structure for owning these luxury assets.


Invalid Deeds of Retirements and Appointments


Nicholas Holland | Lynsey McIntyre

Changing trustees is one of the riskiest moments in a settlement; the decision is not one to be taken lightly. The process involves an audit of the history of the settlement beyond anything to which it has been previously subjected. Errors in the crafting of the document that allows for the retirement of one trustee (the deed of retirement and appointment (DORA)) often have catastrophic effects for the settlement and those connected with it.


Cross-Border Direct Investing


Mark S. Selinger

Investing abroad can be enticing for even the most seasoned, level-headed family office investor. In addition to doing business in an exotic local – who can resist the thought of a closing in a Tuscan villa? – investing outside an investor’s home jurisdiction can offer access to opportunities that may not be available, or may be too expensive, at home.