Carey Group l Family Offices in Monaco

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Carey Group l Family Offices in Monaco"

Transcription

1 Carey Group l Family Offices in Monaco

2 Family Offices in Monaco Over the past few years, more wealthy individuals and families have been setting up their own private Family Office or joining Multi-Family Offices. The concept took off in the US, but is now firmly settled in Europe where London, Monaco and Switzerland are favoured locations. It has been estimated recently that more than 300 single Family Offices have been set up in London alone (for families with assets of more than GBP100 million) as well as more than 100 Multi-Family Offices. We estimate there are 40 private offices in Monaco. As the number of wealthy families is on the increase, this trend is likely to continue as families aim to employ expertise in-house or pool resources between themselves. There are a number of criteria that a family considers when selecting a particular jurisdiction including whether there is a beneficial tax regime, good local talent to hire, quality professional expertise investment, legal, trust, tax available locally and the quality of life. If the family will live in the jurisdiction, privacy and safety is also very important. For these reasons and more, many wealthy individuals and families have selected Monaco as a base for their private office. Briefly about Monaco The Principality of Monaco is home to some 35,000 residents, the vast majority of whom are not Monegasque. A good Mediterranean climate, strong pool of professionals and zero personal income tax rates are only part of the attraction. It is well located in the centre of Europe with good international connections, has unparalleled security with the highest police per population ratio in the world, excellent schools and a high quality lifestyle with a strong cultural focus. Monaco therefore meets many of the criteria that international individuals and families seek when selecting their base of operations. What is a Family Office? A single Family Office manages the affairs and/or assets of a single family including the financial investments, private physical assets, trust and corporate structures set up by the family for wealth protection and succession planning purposes. Family Offices do not provide services to third parties. So while it is often desirable for the family to create a corporate entity for reasons of limited liability, asset protection and privacy, these entities do not hold the same inherent risks as those of commercial trading companies.

3 Types of entity in Monaco Entities set up in Monaco will be for either business purposes (commercial) or civil purposes (non-commercial). The commercial entities that can be set up are: General Partnership (SNC) Limited Partnership (SCS) Limited Liability Company (SARL) Limited Company (SAM) commercial or civil objects are available Limited Partnership with shares (SCS) Administrative Offices pay tax at 2.66% of operating costs administrative and financial management for a group no activity except for group administration is permitted All companies authorised in Monaco require a presence in the Principality, whether or not the company is formed with commercial or non-commercial (civil) objectives. An individual or family can also form "civil" companies (Société Civile) that are non trading in order to hold assets as part of their international structuring. Monaco does not require financial statements to be filed publicly, a great advantage to maintaining privacy. Certain entities do not require an audit. Benefits of a Family Office A Family Office enables management of both the family's private and business interests in one location. It also facilitates the separation of private family affairs from the family's business interests, important in managing conflicts of interest that can occur such as between a shareholding family and the CEO of the family's underlying business. It will also help the family define their cultural values, important when significance and reputation rather than networth become overriding factors. For larger families, especially those with new generations coming through, the office will administer family governance structures introduced to bring order and certainty into how the family conducts itself internally and with the outside world.

4 Family Office entities in Monaco Once a family has decided to set up its Family Office in Monaco, the question then is what the best entity might be. Invariably, assets will be diversified over a number of jurisdictions and asset classes, from an underlying business to private properties in several jurisdictions, portfolios with different banks and investment houses, artwork, with perhaps an aircraft or yacht. The entity set up in Monaco will be part of or overseeing an international network of trusts, foundations and/or corporate entities which are set up for asset protection, succession planning and tax planning. Where the Monegasque entity fits into the structure will partly determine which entity is best suited. Private activity including the management of personal or family assets requires no authority from the government. So if a family member intends to be resident in Monaco, a company need not necessarily be formed although in practice one is often used to employ staff or hold local assets. If a family member is not resident in Monaco, then a Monegasque corporate entity will be required. Certain Family Offices in Monaco own fully operating commercial companies, with an ownership structure ultimately held wholly or partly by family members or family trusts. Invariably, assets will be diversified over a number of jurisdictions and asset classes, from an underlying business to private properties in several jurisdictions. Ultimately the selection of entity depends on whether the family will be resident in Monaco, where the assets are situated and the activities of the office - whether commercial in nature. Care should also be taken that the entity fits in with any current family holding structure in place.

5 Multi-Family Offices in Monaco According to a recent report, Multi-Family Offices account for 85% of the Family Office sector in the US compared with just 45% in Europe. So while single Family Offices have historically been important in Monaco, the growing importance of the Multi-Family Office model means that this too needs serious consideration when looking at Monaco and its suitability for Family Offices. As Multi-Family Offices provide services for profit to third party clients they require a business licence from the Monaco Government. Multi-Family Offices generally fall into two camps; those that provide I. investment services, or 2. corporate structure services. Both of these activities are regulated by SICCFIN, the Financial Services Regulator in Monaco which will ensure that the firm has complied with Monaco's laws on anti-money laundering and terrorist financing. Multi-Family Offices are often preferred by families where activities do not warrant a stand-alone office or they do not have the desire or resources to manage a separate office including to employ staff directly. Multi-Family Offices are also able to effectively pool resources for separate clients but often restrict themselves to a relatively small number of substantial clients to ensure that quality of service is not compromised...while single Family Offices have historically been important in Monaco, the growing importance of the Multi-Family Office model means that this too needs serious consideration..

6 Succession planning & taxes in Monaco Family succession planning It is all very well setting up a Monegasque entity but the next stage is to consider who or what will own it. The family and its advisers will consider issues such as succession planning and asset protection, whether the entity holds assets in Monaco, and ensuring that any risks are managed. Monaco is a civil law jurisdiction with forced heirship rules. Monaco situs assets will therefore be subject to Monaco's succession laws and inheritance (and gift) taxes. However, for certain residents who are nationals of countries that recognise trusts, it is possible to use Monaco's Law 214 enabling them to apply the laws of succession in the country of their nationality. Trust, foundation and corporate structures are also used and individuals and families may, if they can, set up both trust and Law 214 structures to plan for succession and to protect assets. Taxes in Monaco There are no personal income, capital gain or wealth taxes in Monaco. However, there are inheritance and gift taxes based on the relationship of the deceased to the recipient. These apply to Monaco situs assets. If the family sets up a commercial entity, these activities are taxable if more than 25% of the turnover derives from outside of Monaco. Profits are generally mitigated to reduce effective tax rates. There is no requirement for members of a family to be resident in Monaco in order to have a Family Office there. However, if the family is not resident, this will limit the types of entity it is possible to set up in the Principality. Monaco is part of the French VAT area so goods and services sold are subject to VAT at the same rates as those prevalent in France. If a Family Office employs staff, the employee pays social charge taxes of about 12% while the employer pays approximately 40% of the gross salary. Employees will also have rights under Monegasque employment laws.

7 Setting up a family office in Monaco Monaco for Family Offices Monaco is an excellent location for a family to both live and set up its private office. It offers a very attractive lifestyle in a convivial and safe location. Fiscally, it is also very attractive so structures set up can be managed in Monaco, either by a family s own private office or by a multi-family office. All this explains the continuing popularity of Monaco for individuals and families to set up their home and private offices. Carey Group Monaco Carey Group has significant experience in both setting up bespoke family offices and managing family offices in-house on behalf of clients. For a wealthy individual or family, Monaco is a very attractive base to set up a base and family office. Its practical mix of civil laws with recognition of common law trusts provides flexibility to plan effectively to protect and manage one's affairs.

8 Private Wealth Services Carey Group provides a range of wealth management solutions to high net worth individuals and families worldwide. Over 150 staff working from nine EU and non-eu jurisdictions offering corporate and private structures for a broad range of assets Independent group majority owned by the partners of Carey Olsen law firm, a leading Channel Islands practice Experience of managing different structures with varying governing laws Director led administration with real decision making authority A trustee board with a broad mix of legal, investment, accounting and administrative experience Investment review committee function which uses expertise from external partners to review investment performance and highlight issues for further consideration Experience of managing client relationships from multiple jurisdictions in a cohesive manner Proven reputation built up over 40 years in the fiduciary market Private Wealth Services Structuring and inheritance planning Company formation & administration Trust formation & administration Family office services Pension services Marine registration Aircraft services

9 Section Title Lindsay Leggat-Smith is Managing Director of the Monaco office. He holds a Law Degree from Edinburgh University and qualified as a Solicitor in Scotland. Moving to Paris in 1971, Lindsay practised commercial law there until 1980 when he transferred to Monaco. There, he dealt with all aspects of private client work, including high value asset transactions, before joining the international trust industry, working for a private banking group until 2003 when he established the Carey Group Monaco office. Lindsay is a member of The Society of Trust and Estate Practitioners and the current Chairman of the Monaco Association of Company Service Provides. Lindsay is fluent in English, French and German. Stéphane Postifferi is a Director and Commercial Manager in the Monaco office. He graduated from Nice Sophia Antipolis University in 1995 with a specialisation in International Business Law Practice and Management. Prior to setting up the Monaco office in 2003 and being appointed Director in 2005, he gained 4 years experience providing commercial, trust and corporate services to private clients and 4 years experience in private banking in Luxembourg, Monaco and Paris. Stéphane is fluent in French, English, Italian and Spanish and is a member of the Society of Trust and Estate Practitioner. We set up and manage international tax efficient structures for private clients, working in collaboration with other experts (e.g. legal, tax, banking) internationally. Our office includes qualified lawyers, accountants, tax advisers and trust professionals. Languages spoken include English, French, Italian, German and Spanish

10 Contacts Carey Group, Monaco T: F: E: Carey S.A.M. 24 Boulevard Princesse Charlotte, MC 98000, Monaco. To view the current Carey Group office contacts in detail with senior director profiles, please click the links below (requires web access). Group Contacts Meet The Team by individual office location director profiles and locations The information contained herein is a general summary and does not constitute professional tax, investment or legal advice and should not be relied upon. No responsibility is accepted for any errors contained in this information sheet which should not be circulated where such circulation would be an infringement of local laws or regulation. Carey Group does not provide tax, legal or investment advice which should be sought in the country of domicile/residence of every client.

Carey Group l Monaco Private Client Services

Carey Group l Monaco Private Client Services Carey Group l Monaco Private Client Services Carey Group History Our heritage dates back to 1968 when we established Carey Trustees Limited, one of the longest established independent trust companies in

More information

Carey Group l Establishing a Family Office

Carey Group l Establishing a Family Office Carey Group l Establishing a Family Office Why a Family Office A Family Office administers a family s wealth in a private, efficient and professional environment enabling control to remain with the family.

More information

trust and corporate services in Gibraltar

trust and corporate services in Gibraltar Acquarius Trust Group trust and corporate services in Gibraltar Comprehensive Global Fiduciary Services.the total solution built around you the people the service the quality Acquarius Trust Group 1 OUR

More information

WEALTH MANAGEMENT SOLUTIONS

WEALTH MANAGEMENT SOLUTIONS WEALTH MANAGEMENT SOLUTIONS Contents Wealth management 1 Boutique approach, global solutions 3 Traditonal values, innovative thinking 4 Working in partnership 4 Protecting wealth 6 Enhancing wealth 8 Distributing

More information

JERSEY PRIVATE TRUST COMPANIES

JERSEY PRIVATE TRUST COMPANIES Expertise Area: Jurisdiction: Trust & Fiduciary Jersey INTRODUCTION Private trust companies ( PTCs ) have been widely used in international structured finance transactions and are now used increasingly

More information

Carey Group l Retirement Annuity Trust Scheme (RATS)

Carey Group l Retirement Annuity Trust Scheme (RATS) Carey Group l Retirement Annuity Trust Scheme (RATS) KEY BENEFITS & CONTRIBUTIONS Carey Group offer a flexible and competitive solution for Guernsey residents wishing to establish a bespoke Retirement

More information

create and Preserve your offshore Wealth

create and Preserve your offshore Wealth create and Preserve your offshore Wealth Offshore Fiduciary services with FNB International Trustees, Guernsey With more than 40 years of experience in Guernsey, FNB International Trustees ( FNBIT ) is

More information

Carey Group l Relocation Services (E)

Carey Group l Relocation Services (E) Carey Group l Relocation (E) Carey Group provides relocation services and packages for various needs. Our business philosophy is based on an efficient combination of: Competence Connections, and Trust

More information

A passion to perform. Fiduciary Solutions

A passion to perform. Fiduciary Solutions A passion to perform Fiduciary Solutions Opportunities multiply as they are seized. Sun Tzu (6th century BC) Chinese General, Military Strategist Your wealth Managing your wealth presents serious issues

More information

Own. Understand. Save

Own. Understand. Save Own Understand Save Buying and owning a French residential property in 2015 Tax and other considerations for non-french tax resident owners Tax and other considerations for non-french tax resident owners

More information

Meridian Trust - Corporate & Fiduciary Services

Meridian Trust - Corporate & Fiduciary Services Meridian Trust - Corporate & Fiduciary Services It s not what we do, it s the way that we do it. 2 Meridian Trust is one of the leading corporate and fiduciary service providers in Cyprus. We have been

More information

Jersey. Establishing an Investment Management Business in Jersey. www.walkersglobal.com 2546557.6.

Jersey. Establishing an Investment Management Business in Jersey. www.walkersglobal.com 2546557.6. Jersey Establishing an Investment Management Business in Jersey www.walkersglobal.com 2546557.6. Jersey Page 1 Introduction Jersey is a world renowned centre for fund establishment, administration and

More information

Legal aspects of International Trusts in Cyprus and the EU. Maria Kyriacou Partner and Advocate Andreas Neocleous & Co LLC

Legal aspects of International Trusts in Cyprus and the EU. Maria Kyriacou Partner and Advocate Andreas Neocleous & Co LLC Legal aspects of International Trusts in Cyprus and the EU Maria Kyriacou Partner and Advocate Andreas Neocleous & Co LLC Who is a fiduciary? A fiduciary is a person who has undertaken to act for or on

More information

WEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION

WEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION WEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION PLANNING YOUR WEALTH MANAGEMENT STRATEGY Wealth creation and wealth preservation at LighthouseWealth we achieve this balance for our clients through

More information

German Tax Facts. The Expatriate Financial Guide to Germany

German Tax Facts. The Expatriate Financial Guide to Germany The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls

More information

GUIDE TO INVESTMENT FUNDS IN THE CAYMAN ISLANDS

GUIDE TO INVESTMENT FUNDS IN THE CAYMAN ISLANDS GUIDE TO INVESTMENT FUNDS IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Cayman Islands - Jurisdiction of Choice 2 2. Investment Funds 3 3. Investment Fund Structures 4 4. Investment Fund Vehicles 5 5. Director

More information

Wealth Management. Instinctively global

Wealth Management. Instinctively global Wealth Management Instinctively global In an integrated global economy clients need an integrated global law firm The wealth management landscape is changing and with it the needs of our clients. An instinctively

More information

LEGAL SERVICES FOR EXPATS LIVING IN THE UK AND ABROAD

LEGAL SERVICES FOR EXPATS LIVING IN THE UK AND ABROAD LEGAL SERVICES FOR EXPATS LIVING IN THE UK AND ABROAD www.pannone.com Legal Services for Expats Living in the UK and Abroad Pannone offers clear, friendly, straightforward, good advice to its family law

More information

A trusted guide, counsel and expert for the things that matter over a lifetime.

A trusted guide, counsel and expert for the things that matter over a lifetime. A trusted guide, counsel and expert for the things that matter over a lifetime. Life is full of challenges, opportunities and, sometimes, unexpected moments. But they re not the same for everyone we re

More information

GUIDE TO CAPTIVE INSURANCE COMPANIES IN THE CAYMAN ISLANDS

GUIDE TO CAPTIVE INSURANCE COMPANIES IN THE CAYMAN ISLANDS GUIDE TO CAPTIVE INSURANCE COMPANIES IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Cayman Islands Jurisdiction of Choice 2 2. Reasons for Establishing an Insurance Captive 3 3. Establishment and Licensing

More information

The international Insurance Policy. Kenforth Life Insurance Limited. trusted to deliver...

The international Insurance Policy. Kenforth Life Insurance Limited. trusted to deliver... The international Insurance Policy Kenforth Life Insurance Limited trusted to deliver... Introduction Sophisticated clients have for many years sought to legally protect their wealth for their families

More information

Spanish Tax Facts. The Expatriate Financial Guide to Spain

Spanish Tax Facts. The Expatriate Financial Guide to Spain The Expatriate Financial Guide to Spain Spanish Tax Facts Introduction Tax Year Assessment Basis Taxation in Spain occurs at a national level and at a regional ( Autonomous Community ) or municipal level.

More information

Tax-effective giving. made simple

Tax-effective giving. made simple Tax-effective giving made simple July 2015 1 Sayer Vincent LLP Chartered accountants and statutory auditors Invicta House 108 114 Golden Lane London EC1Y 0TL Offices in London, Bristol and Birmingham 020

More information

Private. Companies. in The Bahamas. an Innovative and sustainable response to 21st century client needs

Private. Companies. in The Bahamas. an Innovative and sustainable response to 21st century client needs Private Trust Companies in The Bahamas an Innovative and sustainable response to 21st century client needs Disclaimer The contents of this Guide are intended to be only an aid to undertstanding the Bahamas

More information

Special purpose vehicles. Family trust administration, full trusteeship services

Special purpose vehicles. Family trust administration, full trusteeship services Fiduciary Services New Street Management Limited provides trust and corporate fiduciary services and is licenced by the Guernsey Financial Services Commission. We provide institutional and private clients

More information

Professional TRUSTEE SERVICES PARTNERS IN MANAGING YOUR WEALTH

Professional TRUSTEE SERVICES PARTNERS IN MANAGING YOUR WEALTH Professional TRUSTEE SERVICES PARTNERS IN MANAGING YOUR WEALTH St. James s Place Trust Company Jersey Limited S t. James s Place Trust Company Jersey Limited ( the Trust Company ) was established in recognition

More information

Setting up your Business in Jersey Issues to consider

Setting up your Business in Jersey Issues to consider Jersey is a pro-business Island and provides the ideal location for future European operations. Jersey has an accessible, business-focused, independent government offering some of the lowest direct tax

More information

CLIENT RELATIONSHIP DISCLOSURE STATEMENT

CLIENT RELATIONSHIP DISCLOSURE STATEMENT A. INTRODUCTION CLIENT RELATIONSHIP DISCLOSURE STATEMENT Securities legislation in Canada requires Deans Knight Capital Management Ltd. ( Deans Knight or the firm ) to provide you with certain information

More information

THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED

THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED Company No. 2909192 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2011 Company Information Directors Mr Oliver Stocken (Chairman) Mr Daniel Alexander

More information

Forward Thinking. Business Planning LAYTONS. www.laytons.com

Forward Thinking. Business Planning LAYTONS. www.laytons.com Forward Thinking Business Planning www.laytons.com Businesses are no more than the individuals behind them. To recognise this, we have crafted this bespoke service by acting over many years for a range

More information

capital market credentials trusted to deliver

capital market credentials trusted to deliver capital market credentials trusted to deliver Contents About SMP Partners Introduction Breadth of Services The Isle of Man the preferred international jurisdiction Capital Market Credentials: International

More information

A Guide to the QFC. Collective Investment Schemes Regime

A Guide to the QFC. Collective Investment Schemes Regime A Guide to the QFC Collective Investment Schemes Regime Disclaimer The goal of the Qatar Financial Centre Regulatory Authority (Regulatory Authority) in producing this document is to provide a guide to

More information

Purchasing U.S. Real Estate

Purchasing U.S. Real Estate Purchasing U.S. Real Estate Tax Considerations for the Non-U.S. Investor Updated October 2015 Table of Contents Introduction... 2 Ownership in Personal Name... 2 Buying for Personal Use... 3 Buying for

More information

What is a trust? 3 Trusts Explained

What is a trust? 3 Trusts Explained Trusts Explained Trusts Explained 2 Many people, often without realising it, will come into contact at some point of their lives with a trust in one form or another. Yet trusts are widely misunderstood

More information

Planning your future.

Planning your future. Planning your future. Preserving your wealth. We live in a world whose main constant is change. 2 Introduction Introduction 3 Structuring your wealth in a changing world. We live in a world whose main

More information

Insurance management services

Insurance management services Insurance management services Global vision, local view About us Heritage Insurance Management is the leading independent insurance manager in the European time zone. We are part of the Heritage Group,

More information

Financial services regulation in Jersey

Financial services regulation in Jersey www.bedellgroup.com Jersey Guernsey London Dublin Mauritius BVI Singapore Financial services regulation in Jersey Bedell Cristin Jersey briefing briefing Jersey's reputation as a leading international

More information

Business and Taxation Guide to. Monaco

Business and Taxation Guide to. Monaco Business and Taxation Guide to Monaco 1 Preface This guide, initially prepared by Moores Rowland Corporate Services in 2011, was reviewed by Mike Burgess, Senior Managing Consultant at BKD LLP, who has

More information

master-feeder structures: made in luxembourg UCITS IV

master-feeder structures: made in luxembourg UCITS IV master-feeder structures: made in luxembourg UCITS IV What is a master-feeder structure? One of the main features of the UCITS IV Directive is the master-feeder structure, which provides for pooling of

More information

Holding companies in Ireland

Holding companies in Ireland Holding companies in Irel David Lawless Paul Moloney Dillon Eustace, Dublin Irel has long been a destination of choice for holding companies because of its low corporation tax rate of 12.5 percent, participation

More information

MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS

MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS INTRODUCTION 1. These Individual Savings Account Services Supplementary Terms (referred to hereafter as the Supplementary Terms ) apply

More information

UK RESIDENT NON DOMICILED NEEDING SPECIAL ATTENTION

UK RESIDENT NON DOMICILED NEEDING SPECIAL ATTENTION UK RESIDENT NON DOMICILED NEEDING SPECIAL ATTENTION The number of resident non-domiciled individuals in the UK is growing. Estimates vary but some suggest the figure could be as high as 60,000 foreign

More information

Carey Group Company Secretarial (UK) The professional corporate support service

Carey Group Company Secretarial (UK) The professional corporate support service Carey Group Company Secretarial (UK) The professional corporate support service The professional corporate support service For businesses incorporated in the UK, there is a raft of legislation, compliance

More information

Application for Status as a Registered Bank:

Application for Status as a Registered Bank: Application for Status as a Registered Bank: Material to be provided to the Reserve Bank Prudential Supervision Department Document Issued: Introduction 2 1. This release identifies the information which

More information

Welcome to this session on Professional Trustees. My name is Emma Rice and I am a Tax and Technical Support Consultant in Business Development.

Welcome to this session on Professional Trustees. My name is Emma Rice and I am a Tax and Technical Support Consultant in Business Development. Slide 1 Welcome to this session on Professional Trustees. My name is Emma Rice and I am a Tax and Technical Support Consultant in Business Development. Slide 2 The aim of this session is to provide an

More information

Introducing a unique partnership that will grow your business

Introducing a unique partnership that will grow your business Introducing a unique partnership that will grow your business THE ASSET PROTECTION STRATEGY This is your opportunity to create income streams that add real value to your business whilst enhancing existing

More information

A GUIDE TO LOMBARD S SERVICES TO PRIVATE INVESTORS IN EUROPE

A GUIDE TO LOMBARD S SERVICES TO PRIVATE INVESTORS IN EUROPE A GUIDE TO LOMBARD S SERVICES TO PRIVATE INVESTORS IN EUROPE The Privatbancassurer Lombard is the leading pan-european life assurance company specialising in wealth management services for high net worth

More information

Briefing. A Guide to Investment Funds in the British Virgin Islands. Client briefing. February 2007. Anti-Money Laundering. Choice of Jurisdiction

Briefing. A Guide to Investment Funds in the British Virgin Islands. Client briefing. February 2007. Anti-Money Laundering. Choice of Jurisdiction February 2007 Briefing A Guide to Investment Funds in the British Virgin Islands BVI/IF/13776284 The success of the final product is dependant on making many decisions. Whether they are; determining the

More information

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7 ALDERNEY THE MOST COMPETITIVE TAX ENVIRONMENT FOR EGAMBLING OPERATORS The global egambling and taxation environment is evolving into one of an increasing number of regulated markets, seeking to impose

More information

Prudential International

Prudential International For Adviser use only Prudential International Anti Money Laundering (AML) Requirements Guide for New Business,Top ups and Payments Out > Anti Money Laundering (AML) Requirements New Business and Top-ups

More information

Wealth Management. Guiding private client investment strategies. Wealth management as it should be

Wealth Management. Guiding private client investment strategies. Wealth management as it should be Wealth Management Guiding private client investment strategies Wealth management as it should be Managing private client wealth for over a century At Smith & Williamson Investment Management, our focus

More information

HEIR UN-APPARENT: ESTATE PLANNING FOR U.S. BENEFICIARIES

HEIR UN-APPARENT: ESTATE PLANNING FOR U.S. BENEFICIARIES HEIR UN-APPARENT: ESTATE PLANNING FOR U.S. BENEFICIARIES Jamie Golombek Managing Director, Tax & Estate Planning CIBC Private Wealth Management Estate planning involves consideration of who should benefit

More information

COMMENTARIES ON THE ARTICLES OF THE MODEL TAX CONVENTION

COMMENTARIES ON THE ARTICLES OF THE MODEL TAX CONVENTION COMMENTARIES ON THE ARTICLES OF THE MODEL TAX CONVENTION COMMENTARY ON ARTICLE 1 CONCERNING THE PERSONS COVERED BY THE CONVENTION 1. Whereas the earliest conventions in general were applicable to citizens

More information

Regulation of Investment Funds in The Bahamas

Regulation of Investment Funds in The Bahamas Regulation of Investment Funds in The Bahamas Contents 1. Definition of Investment Fund 3 2. Exclusions 3 3. Types of Investment Funds 3 Professional Funds 3 SMART Funds 3 Standard Funds 4 Recognized Foreign

More information

Cayman Islands Investment Funds

Cayman Islands Investment Funds Cayman Islands Investment Funds Introduction The Cayman Islands are becoming increasingly popular as a jurisdiction for the establishment of offshore investment funds. While these primarily involve institutional

More information

Relocating Businesses to Jersey. An introduction to working with us. www.ogier.com

Relocating Businesses to Jersey. An introduction to working with us. www.ogier.com Relocating Businesses to Jersey An introduction to working with us www.ogier.com Bahrain British Virgin Islands Cayman Islands Guernsey Hong Kong Ireland Jersey London Shanghai Tokyo Ogier is one of the

More information

Supplementary Financial Services Guide

Supplementary Financial Services Guide Supplementary Financial Services Guide Dated 27 July 2015 This Supplementary Financial Services Guide (SFSG) supplements Version. February 2015 of the Crowe Horwath Financial Advice Pty Ltd Financial Services

More information

For adviser use only. Your Guide to Relevant Life Policies

For adviser use only. Your Guide to Relevant Life Policies For adviser use only Your Guide to Relevant Life Policies Your guide to relevant life policies Welcome to the Scottish Provident guide to relevant life policies. In this guide you will find all the information

More information

Statement of Principles

Statement of Principles Statement of Principles Bank Registration and Supervision Prudential Supervision Department Document Issued: 2 TABLE OF CONTENTS Subject Page A. INTRODUCTION... 3 B. PURPOSES OF BANK REGISTRATION AND SUPERVISION...

More information

The Family Office Guide. A practical guide to the regulatory issues on setting up and running a family office in the UK

The Family Office Guide. A practical guide to the regulatory issues on setting up and running a family office in the UK The Family Office Guide A practical guide to the regulatory issues on setting up and running a family office in the UK About Taylor Wessing Taylor Wessing is a leading international law firm in Europe,

More information

Trust and Fiduciary Services. Preserving Your Wealth for Future Generations

Trust and Fiduciary Services. Preserving Your Wealth for Future Generations Trust and Fiduciary Services Preserving Your Wealth for Future Generations Enjoy Peace of Mind Our circumstances and needs rarely remain the same. They change and evolve throughout our lives, often out

More information

Cayman Islands Trusts

Cayman Islands Trusts Cayman Islands Trusts Foreword This memorandum has been prepared for the assistance of those who are considering the formation of trusts in the Cayman Islands ( Cayman ). It is not intended to be exhaustive

More information

FAMILY SOLUTIONS MOORE BLATCH. solicitors

FAMILY SOLUTIONS MOORE BLATCH. solicitors FAMILY SOLUTIONS MB MOORE BLATCH solicitors Specialist Family Lawyers Divorce and separation is a stressful and emotionally draining experience. Once a relationship has broken down, you ll need the understanding

More information

KEY PERSON PROTECTION TECHNICAL GUIDE YOUR GUIDE TO KEY PERSON PROTECTION.

KEY PERSON PROTECTION TECHNICAL GUIDE YOUR GUIDE TO KEY PERSON PROTECTION. KEY PERSON PROTECTION TECHNICAL GUIDE YOUR GUIDE TO KEY PERSON PROTECTION. 2 KEY PERSON PROTECTION TECHNICAL GUIDE CONTENTS INTRODUCTION YOUR GUIDE TO KEY PERSON PROTECTION WHAT ARE THE TAXATION EFFECTS?

More information

Investment Business in Bermuda

Investment Business in Bermuda Investment Business in Bermuda Foreword This memorandum has been prepared for the assistance of those who require information about the Investment Business Act 2003. It deals in broad terms with the requirements

More information

Nordea Trust Corporation Trust and Company Services

Nordea Trust Corporation Trust and Company Services Nordea Trust Corporation Trust and Company Services Although the information in this brochure is believed to be correct at the time of printing, Nordea Trust Corporation (Isle of Man) Limited cannot accept

More information

Offshore Solutions for Hotel and Resort Investment

Offshore Solutions for Hotel and Resort Investment Offshore Solutions for Hotel and Resort Investment Establishing and administering efficient offshore and onshore holding vehicles used for Hotel and Resort: - investment funds - financing - development

More information

Wealth & Tax Planning Private Trust

Wealth & Tax Planning Private Trust Wealth & Tax Planning Private Trust Parties to a Private Trust Simplified structure Principal = Settlor provides guidance Legal Title Trustee Settles assets Holds on Trust Protector (Optional) Private

More information

Multi Country Inventory (MCI) shipments and VAT

Multi Country Inventory (MCI) shipments and VAT Multi Country Inventory (MCI) shipments and VAT Do not let VAT be a barrier to using MCI Programme May 2014 All content in this webinar and this presentation is prepared by Meridian Global Services. Amazon

More information

GUIDE TO TRUSTS IN GUERNSEY

GUIDE TO TRUSTS IN GUERNSEY GUIDE TO TRUSTS IN GUERNSEY CONTENTS PREFACE 1 1. Guernsey as a Trust Jurisdiction 2 2. What is a Trust? 2 3. Regulation of Guernsey Trustees 3 4. Types of Trusts Commonly Used in Guernsey 3 5. Uses of

More information

private trust companies trusted to deliver...

private trust companies trusted to deliver... private trust companies trusted to deliver... About SMP Partners The SMP Partners Group of Companies consists of six core operating businesses. The group companies hold where relevant, licenses issued

More information

Building wealth that lasts for generations. Private Client Services with Intertrust

Building wealth that lasts for generations. Private Client Services with Intertrust Building wealth that lasts for generations Private Client Services with Intertrust We re the world s leading supplier of trust and corporate services. We meet and exceed expectations with our integrated

More information

INSOLVENCY CODE OF ETHICS

INSOLVENCY CODE OF ETHICS LIST OF CONTENTS INSOLVENCY CODE OF ETHICS Paragraphs Page No. Definitions 2 PART 1 GENERAL APPLICATION OF THE CODE 1-3 Introduction 3 4 Fundamental Principles 3 5-6 Framework Approach 3 7-16 Identification

More information

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. To whom does the SIB Law apply? 2 3. What is Securities Investment Business? 2 4. Excluded Activities

More information

The EU Succession Regulation (Brussels IV) and Conflicts of Law Anna Steward.

The EU Succession Regulation (Brussels IV) and Conflicts of Law Anna Steward. The EU Succession Regulation (Brussels IV) and Conflicts of Law Anna Steward www.charlesrussell.co.uk Background Regulation (EU) 650/2012 (otherwise known as Brussels IV) Entered into force in August 2012

More information

COMPANY SERVICES FOR PRIVATE CLIENTS ONLY NOT FOR DISTRIBUTION PRIVILEGED INFORMATION UKLLPCSOF V5 90108 OCRA.COM 1/13

COMPANY SERVICES FOR PRIVATE CLIENTS ONLY NOT FOR DISTRIBUTION PRIVILEGED INFORMATION UKLLPCSOF V5 90108 OCRA.COM 1/13 COMPANY SERVICES FOR PRIVATE CLIENTS ONLY NOT FOR DISTRIBUTION PRIVILEGED INFORMATION 1/13 GUIDANCE NOTES FOR APPLICANTS This order form leads you through a simple step by step procedure. Section 1 Section

More information

Setting up a Company in Offshore Jurisdiction

Setting up a Company in Offshore Jurisdiction Setting up a Company in Offshore Jurisdiction Incorporating a company in an offshore jurisdiction will bring numerous benefits to its owner. Offshore organizations enjoy significant tax relief, complete

More information

Sweden. International Estate Planning Guide. Individual Tax and Private Client Committee. Contact: Torgny Lebenberg

Sweden. International Estate Planning Guide. Individual Tax and Private Client Committee. Contact: Torgny Lebenberg Sweden International Estate Planning Guide Individual Tax and Private Client Committee Contact: Torgny Lebenberg LEBENBERG ADVOKATBYRÅ AB Stockholm, Sweden torgny.lebenberg@lebenberg.se Updated 9/2012

More information

PRIVATE TRUST COMPANIES THEIR APPLICATION TO PRIVATE CLIENTS RESIDENT OF CHINA, HONG KONG, SINGAPORE, INDONESIA AND OTHER NATIONS

PRIVATE TRUST COMPANIES THEIR APPLICATION TO PRIVATE CLIENTS RESIDENT OF CHINA, HONG KONG, SINGAPORE, INDONESIA AND OTHER NATIONS 1 PRIVATE TRUST COMPANIES THEIR APPLICATION TO PRIVATE CLIENTS RESIDENT OF CHINA, HONG KONG, SINGAPORE, INDONESIA AND OTHER NATIONS A presentation delivered to delegates of Swiss-Asia Wealth Exchange Delivered

More information

life moves in good company World Citizen Services AAPB_fullcolourC.eps ABN AMRO Private Banking, full-colour for coated paper

life moves in good company World Citizen Services AAPB_fullcolourC.eps ABN AMRO Private Banking, full-colour for coated paper life moves in good company Your life is like a journey. Getting the most out of it requires good company, especially when you aspire to move your life across borders. Our will help you move it wisely from

More information

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Issued: 11 February 2011 Glossary of terms: The following table provides

More information

Protecting your lifestyle and your wealth

Protecting your lifestyle and your wealth Protecting your lifestyle and your wealth Life assurance Critical illness cover Income protection Key person and partnership protection Over 30 years experience providing independent pension advice to

More information

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS Background A United Kingdom Limited Liability Partnership (LLP) has become a very popular vehicle for international commercial activity. This is because the

More information

_ EN. Wealth Planning Solutions. Together for you

_ EN. Wealth Planning Solutions. Together for you _ EN Wealth Planning Solutions Together for you Wealth Planning Solutions MANAGEMENT OF YOUR WEALTH TODAY Today the management of your wealth is not limited to the management of your assets in the bank.

More information

CLIENT AGREEMENT CLIENT AGREEMENT VERSION 1.5.15

CLIENT AGREEMENT CLIENT AGREEMENT VERSION 1.5.15 CLIENT AGREEMENT VERSION 1.5.15 CLIENT AGREEMENT Chadney Bulgin is authorised and regulated by the Financial Conduct Authority (FCA), FCA register number 483323. Contents 1. The Financial Conduct Authority

More information

Nina Johnston, Client Services Director Equiom (Isle of Man) Limited

Nina Johnston, Client Services Director Equiom (Isle of Man) Limited Nina Johnston, Client Services Director Equiom (Isle of Man) Limited Nina has over twenty years' experience within the offshore fiduciary sector, and joined Equiom in 2005. In addition to acting as Relationship

More information

Isle of Man. International Estate Planning Guide. Individual Tax and Private Client Committee. Contact:

Isle of Man. International Estate Planning Guide. Individual Tax and Private Client Committee. Contact: Isle of Man International Estate Planning Guide Individual Tax and Private Client Committee Contact: Anthony Markham Victoria Barrett Christopher Kinley Maitland Group Douglas Anthony.Markham@maitlandgroup.com

More information

RBC EQUITY PLAN ADMINISTRATION AND TRUSTEE SERVICES

RBC EQUITY PLAN ADMINISTRATION AND TRUSTEE SERVICES RBC EQUITY PLAN ADMINISTRATION AND TRUSTEE SERVICES EMPLOYEE EQUITY PLAN ADMINISTRATION AND TRUSTEE SERVICES Equity plans represent a vital part of employee compensation, being designed to recruit, reward

More information

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS. Paris, 19 December 2014

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS. Paris, 19 December 2014 EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS Paris, 19 December 2014 DISCLAIMER This presentation may contain forward-looking statements which are subject to certain risks and uncertainties regarding

More information

Investing into India through Mauritius

Investing into India through Mauritius BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS CYPRUS DUBAI HONG KONG LONDON MAURITIUS MOSCOW SÃO PAULO SINGAPORE conyersdill.com July 2010 Investing into India through Mauritius Mauritius Funds Mauritius

More information

INVESTMENT FUNDS INVESTMENT FUNDS & PRIVATE EQUITY CAYMAN ISLANDS GUERNSEY JERSEY C A P E TOW N. 1 / NOVEMBER 2013 Cayman Islands Investment Funds

INVESTMENT FUNDS INVESTMENT FUNDS & PRIVATE EQUITY CAYMAN ISLANDS GUERNSEY JERSEY C A P E TOW N. 1 / NOVEMBER 2013 Cayman Islands Investment Funds CAYMAN ISLANDS INVESTMENT FUNDS NOVEMBER 2013 INVESTMENT FUNDS & PRIVATE EQUITY W W W.C A R E YO L S E N.C O M B R I T I S H V I RG I N I S L A N D S C AY M A N I S L A N D S GUERNSEY JERSEY C A P E TOW

More information

Effective from 1 January 2009. Code of Ethics for insolvency practitioners.

Effective from 1 January 2009. Code of Ethics for insolvency practitioners. INSOLVENCY PRACTITIONERS (PART D) Effective from 1 January 2009. Code of Ethics for insolvency practitioners. On 1 January 2014 a minor change was made to paragraph 400.3 of the code. The change clarifies

More information

Private Wealth Management

Private Wealth Management Private Wealth Management 1 Cazenove European Fund About us Cazenove Capital Management provides a comprehensive and independent wealth management service. We believe that this independence is fundamental

More information

Listing Agents and Corporate Advisers

Listing Agents and Corporate Advisers Listing Agents and Corporate Advisers GUIDE TO BECOMING A LISTING AGENT OR CORPORATE ADVISER The Cayman Islands Stock Exchange P.O. Box 2408GT Grand Cayman Cayman Islands Telephone: +1 345 945 6060 Email:

More information

The Comprehensive Service

The Comprehensive Service The Comprehensive Service At PML Accounting Limited, we understand that business affairs need to be dealt with efficiently and effectively, so we have developed a specialist accounting service specifically

More information

INSURANCE COMPANY MANAGEMENT IN GIBRALTAR. December 2011

INSURANCE COMPANY MANAGEMENT IN GIBRALTAR. December 2011 INSURANCE COMPANY MANAGEMENT IN GIBRALTAR December 2011 We communicate with you to understand your business, providing the expertise and creativity to develop and deliver excellent captive solutions, and

More information

Self Managed Super Funds Take charge

Self Managed Super Funds Take charge Self Managed Super Funds Take charge Gain control of your financial future with a Self-Managed Super Fund (SMSF) About Markiewicz & Co. Markiewicz & Co. is one of Australia s leading full service investment

More information