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Tax and Jurisdictions

Playing by rules is best, says Liechtenstein tax amnesty expert

Extending the deadline to disclose assets held in Liechtenstein is an “important development” for British ultra-high net worth families, but it will be “dangerous to wait” to come clean about tax arrears.

Rashmi Kumar

Extending the deadline to disclose assets held in Liechtenstein is an “important development” for British ultra-high net worth families, but it will be “dangerous to wait” to come clean about tax arrears.

Family offices need to plan for FATCA
Family offices, particularly those in Asia, need to be active and contact their financial institutions about the new US Foreign Account Tax Compliance Act, according to a leading tax lawyer.

Attracta Mooney

Family offices, particularly those in Asia, need to be active and contact their financial institutions about the new US Foreign Account Tax Compliance Act, according to a leading tax lawyer. 

Swiss wealth managers to lose billions on tax crackdown

Banks in Switzerland could lose as much as CHF50 billion (€40.7 billion) in assets under management as a result of a tax crackdown by the UK and Germany, says a new study.

Rashmi Kumar

Banks in Switzerland could lose as much as CHF50 billion (€40.7 billion) in assets under management as a result of a tax crackdown by the UK and Germany, says a new study. According to management consulting firm Booz & Co, wealth managers in Switzerland will also lose CHF1.1 billion in revenues, as clients with the two European countries withdraw their money before the tax treaties come into effect in 2013.

Wealthy families and family offices should take quick action to clear tax arrears, says expert

Ultra-high net worth families and family offices in the UK need to move quickly and clear up their tax arrears to benefit from the Liechtenstein Disclosure Facility, according to an expert in international taxation.

Rashmi Kumar

Ultra-high net worth families and family offices in the UK need to move quickly and clear up their tax arrears to benefit from the Liechtenstein Disclosure Facility, according to an expert in international taxation.

The Dodd-Frank Act and Europe
Many multi family offices in the UK are already subject to Financial Services Authority regulation and SEC requirements would not impose much more in the way of additional compliance requirements other than a possible inspection, says Stonehage Investment Partners’ Paul Hecker.

Paul Golden

Many multi family offices in the UK are already subject to Financial Services Authority regulation and SEC requirements would not impose much more in the way of additional compliance requirements other than a possible inspection, says Stonehage Investment Partners’ Paul Hecker. 

Dodd-Frank: The worst case for family offices
Charles Lowenhaupt of Lowenhaupt Global Advisors is perhaps the most vocal critic of the new regime. In a white paper written in July, he claimed the rules introduced under Dodd-Frank posed the most significant institutional challenges in history to US families of wealth and family offices.

Paul Golden

Charles Lowenhaupt of Lowenhaupt Global Advisors is perhaps the most vocal critic of the new regime. In a white paper written in July, he claimed the rules introduced under Dodd-Frank posed the most significant institutional challenges in history to US families of wealth and family offices.