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Private Client & Offshore Services

16 January 2020
Ashley Fife Stable environment for high-net-worth private clients

Bermuda - Carey Olsen Bermuda

High-net-worth families are increasingly seeking to establish or redomicile trusts and structures to politically, economically and socially stable tax neutral jurisdictions that are reputable and geographically well situated. Although the number of jurisdictions that meet these criteria may be dwindling, Bermuda has a long history of legal, political and social stability.

Author: Ashley Fife
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Bradley Kruger New opportunities for blockchain use in insurance industry

Cayman Islands - Ogier

It has been more than a decade since blockchain – or distributed ledger technology – appeared on the financial services landscape. Yet, it is still capable of generating excitement as its value in transforming processes continues to develop. As blockchain increases its reach and its impact in specific industries grows, this will generate a need for suitable models of insurance. Cayman-based technology companies have expressed interest in buying insurance from local insurers.

Author: Bradley Kruger
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Radhika Gaggar Small steps, giant leaps: 2019 in review for private client law

India - Cyril Amarchand Mangaldas

Over the past year, Indian private client law took a number of small steps which were potentially giant leaps for the legal regime. That is to say, although no noteworthy legislation was enacted, a number of amendments and rules were introduced to existing laws which mark a significant shift in the legal position. This article examines three key legal developments which took place in the Indian private client space in 2019 and the main trends expected in 2020.

Authors: Radhika Gaggar, Shaishavi Kadakia, Priyattama Bhanj
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Katrina Edge Enforcement of Security Interests (Jersey) Law 2012

Jersey - Ogier

Under the Security Interests (Jersey) Law 1983, the powers of a secured party on enforcement were limited to a power of sale. The Security Interests (Jersey) Law 2012 changed the way in which security is created over intangible movables and introduced a wider range of enforcement powers. This article examines the enforcement of security interests in the event of default.

Authors: Katrina Edge, Simon Felton, Bruce MacNeil
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Pedro Cortés Gaming and economic diversification: is Macau merely a gaming tourist region?

Macau - Rato, Ling, Lei & Cortés Advogados

Economic diversification cannot be achieved overnight; nonetheless, the government regularly promotes it in public announcements. However, can Macau really have a diversified economy, given its existing dependence on gaming? Arguably, in order to diversify its economy, Macau must establish clear rules and enforced compliance in this sector.

Authors: Pedro Cortés, Madalena Perestrello, Óscar Madureira
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James Brockhurst HMRC opines on situs of cryptoassets

United Kingdom - Forsters LLP

Her Majesty's Revenue and Customs has a marvellous ability to confound expectations. In the latest plot twist, it updated its Cryptoassets: Tax for Individuals guidance to include a section on the situs of cryptoassets, which is a bold departure from established principles.

Author: James Brockhurst
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Jennie Cherry Overview (January 2020)

USA - Kozusko Harris Duncan

US gift, estate and generation-skipping transfer tax exemption amounts have been updated for tax year 2020. Advisers to international families must be able to recognise when a family member has come in contact with the US tax net and plan accordingly. For family members domiciled in the United States, special attention should be paid to the estate tax exemption amount which is scheduled to be automatically reduced at the end of 2025.

Authors: Jennie Cherry, Gordon P Stone III
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Recent updates

Charlotte Brown Guernsey's data protection regime – shifting attitudes

Guernsey - Ogier

Author: Charlotte Brown
Nic Journeaux Slowly getting to grips with unjust enrichment and Jersey's legal 'hot potatoes'

Jersey - Ogier

Author: Nic Journeaux
Mark Santangeli Subscription-secured financings: perfection versus enforcement

Cayman Islands - Ogier

Authors: Mark Santangeli, James Lydeard
Rupert Mead 'Tis the season for giving: valuable tax savings available on transfer of art and heritage assets

United Kingdom - Forsters LLP

Authors: Rupert Mead, Charles Hancock
Jennie Cherry Completing US tax forms: Form SS-4 – Application for Employer Identification Number

USA - Kozusko Harris Duncan

Author: Jennie Cherry
Sandrine Giroud Game changer for Swiss trustees: new licensing obligation from 2020

Switzerland - LALIVE

Authors: Sandrine Giroud, Felix Neri