Wealth & Tax Planning Escrow Service

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1 Wealth & Tax Planning Escrow Service

2 Parties to Escrow Services Simplified structure Depositor A = Seller E.g. sale / Purchase Agreement Depositor B = Buyer Escrow Agreement Release of purchase price upon (joint) instruction of depositors Escrow agent Deposit of purchase price Assets Assets booked with a bank and managed by the bank or a designated party Setting up an escrow Agreement to act as an Escrow Agent can only be granted once all relevant documentation / information has been collected (e.g. sales and purchase agreement, copies of passports, company documents, special power of attorney) The Escrow Agent drafts the Escrow Agreement on a neutral basis in cooperation with the partners Funds are released upon fulfilment of pre-defined conditions and / or upon joint instruction of the involved parties The Escrow Agent cannot act at its own discretion

3 Wealth & Tax Planning Escrow Service What is an escrow? An escrow is a simple but effective solution to the age-old dilemma of buyers not wanting to release payment until they receive the purchased goods and sellers not wanting to release custody until payments are guaranteed. The purpose of an escrow is to conduct exchanges through an independent third party known as the Escrow Agent. In principle, escrow means depositing an amount until pre-defined conditions are met in order to ensure that the various underlying transactions are completed safely, fairly and efficiently. The Escrow Agent is the entity who shall enable the proper fulfilment of a specific agreement within a certain period of time for and on behalf of the parties, who may potentially distrust each other. The minimum duration of the service is one month and it can last for several years depending on the terms of the agreement. A financial or fiduciary institution can act as the Escrow Agent. The conditions which have to be fulfilled in order to complete the transaction will be determined in advance in the Escrow Agreement, which will be drafted by the Escrow Agent. Typical cases of escrow: Sale / purchase of shares Sale / purchase of art and real estate Sale / purchase of intellectual property (e.g. royalties, software) M&A deals An escrow can offer several advantages. These include: Ensuring that none of the parties backs out of the contract for a certain period of time More peace of mind for the involved parties, ensuring that none of the parties withdraws unilaterally from the contract for a certain period of time Financial protection in the amount of the assets deposited with the Escrow Agent The specifics of each transaction can be modified where necessary to accommodate the needs of individual clients Cross-border transactions can be handled The Escrow Agent as a neutral fiduciary entity will act independently and provide the targeted deliverable of the underlying transaction The agreement clearly specifies all the rights and duties of the Escrow Agent and the contracting parties and will be signed by all of them. However, the Escrow Agent is not a party to the underlying transaction or contract, but acts only on a fiduciary basis.

4 Important legal information This publication constitutes marketing material and is not the result of independent financial research. Therefore the legal requirements regarding the independence of financial research do not apply. The information and opinions expressed in this publication were produced by Bank Julius Baer & Co. Ltd., Zurich, as of the date of writing and are subject to change without notice. This publication is intended for information purposes only and does not constitute an offer or an invitation by, or on behalf of, Julius Baer to make any investments. Opinions and comments of the authors reflect their current views, but not necessarily of other Julius Baer entities or any other third party. Services and/or products mentioned in this publication may not be suitable for all recipients and may not be available in all countries. Clients of Julius Baer are kindly requested to get in touch with the local Julius Baer entity in order to be informed about the services and/or products available in such country. This publication has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Before entering into any transaction, investors should consider the suitability of the transaction to individual circumstances and objectives. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific investor. Julius Baer recommends that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences. Past performance is not a reliable indicator of future results. Performance forecasts are not a reliable indicator of future performance. The investor may not get back the amount invested. Although the information and data herein are obtained from sources believed to be reliable, no representation is made that the information is accurate or complete. Bank Julius Baer & Co. Ltd., Zurich, its subsidiaries and affiliated companies do not accept liability for any loss arising from the use of this publication. This publication may only be distributed in countries where its distribution is legally permitted. This information is not directed to any person in any jurisdiction where (by reason of that person s nationality, residence or otherwise) such publications are prohibited. Dubai International Financial Centre: this information has been distributed by Julius Baer (Middle East) Ltd. It may not be relied upon by or distributed to retail clients. Please note that Julius Baer (Middle East) Ltd. offers financial products or services only to professional clients who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks. The products or services mentioned will be available only to professional clients in line with the definition of the Dubai Financial Services Authority (DFSA) Conduct of Business Module. Julius Baer (Middle East) Ltd. is duly licensed and regulated by the DFSA. Germany: Bank Julius Bär Europe AG, authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), disseminates this publication to its clients. This publication has been produced by Bank Julius Baer & Co. Ltd., Zurich, which is supervised by the Swiss Financial Market Supervisory Authority FINMA. Neither the legal requirements regarding the independence of investment research nor the prohibition of trading previous to the announcement of financial analyses apply. Hong Kong: this publication has been distributed in Hong Kong by and on behalf of, and is attributable to, Bank Julius Baer & Co. Ltd., Hong Kong branch, which holds a full banking license issued by the Hong Kong Monetary Authority under the Banking Ordinance (Chapter 155 of the Laws of Hong Kong SAR). The Bank is also a registered institution under the Securities and Futures Ordinance (SFO) (Chapter 571 of the Laws of Hong Kong SAR) to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities with Central Entity number AUR302. This publication must not be issued, circulated or distributed in Hong Kong other than to professional investors as defined in the SFO. The contents of this publication have not been reviewed by any regulatory authority. If you have any queries concerning this publication, please contact your Hong Kong relationship manager. Bank Julius Baer & Co. Ltd. is incorporated in Switzerland. Singapore: this publication has been distributed by the Singapore branch of Bank Julius Baer & Co. Ltd., Zurich, and is available for accredited investors only. As the Singapore branch of Bank Julius Baer & Co. Ltd., Zurich, has a unit exemption under section 100(2) of the Financial Advisers Act, it is exempted from many of the requirements of the Financial Advisers Act, amongst others, the requirement to disclose any interest in, or any interest in the acquisition or disposal of, any securities or financial instruments that may be referred to in this publication. Further details of these exemptions are available on request. Please contact a representative of the Singapore branch of Bank Julius Baer & Co. Ltd., Zurich, with respect to any inquiries concerning this publication. Switzerland: in Switzerland this publication has been distributed by Bank Julius Baer & Co. Ltd., Zurich, authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA. United Arab Emirates: this information has been distributed by a representative office of Bank Julius Baer & Co. Ltd., Zurich, authorised and regulated by the Central Bank of the United Arab Emirates. United Kingdom: this publication has been produced by Bank Julius Baer & Co. Ltd., Zurich. It is a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 (FSMA) and has been approved for distribution in the UK by Julius Baer International Limited, which is authorised and regulated by the Financial Services Authority (FSA). Rules made by the FSA under the FSMA for the protection of retail clients do not apply to services provided by members of the Julius Baer Group outside the UK and the Financial Services Compensation Scheme will not apply. United States: NEITHER THIS REPORT NOR ANY COPY THEREOF MAY BE SENT, TAKEN INTO OR DISTRIBUTED IN THE UNITED STATES OR TO ANY US PERSON. Julius Baer Group, 2012

5 Escrow Service At a glance Facts Governing Law Minimum value of Escrow Funds Duration of Service Investments Termination Escrow Service Any law if applicable No minimum Depending on the conditions set out in the agreement Possible depending on the duration of the agreement According to the agreement signed by the contracting parties Involved parties Seller Buyer Function of the service provider Depositor of the goods Depositor of the purchase price Escrow Agent: neutral and independent party that shall enable the proper fulfilment of the agreed conditions Benefits Additional layer of protection Financial protection More peace of mind for the involved parties Transactions are handled by a neutral party Can be used for cross-border transactions Complex cases are executed professionally

6 JULIUS BAER GROUP Head Office Bahnhofstrasse 36 P.O. Box 8010 Zurich Switzerland Telephone +41 (0) Fax +41 (0) The Julius Baer Group is present in over 40 locations worldwide. From Zurich (Head Office), Dubai, Frankfurt, Geneva, Guernsey, Hong Kong, London, Lugano, Milan, Monaco, Montevideo, Moscow, Nassau to Singapore. 11/2012 Publ. No. PU00180EN JULIUS BAER GROUP, 2012

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