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Dr. Steve Fanny passes away President, finance minister, FSA chair send condolences

By Gerard Govinden   Seychelles has lost one of its brightest minds in the offshore sector, Dr Steve Fanny, who passed away on March, 13th. He was 50 years old.   According to a police communique, Dr. Fanny’s body was found where he was staying in Pointe Au Sel after they had been alerted at around 3.30 pm. The police added that he died from a presumed hanging and they have already opened an investigation and an autopsy will be performed to establish the cause of his death.   Dr. Fanny was the chief executive of the Financial Services Authority (FSA),...
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Dominica Blacklisted as a Non-cooperative Jurisdiction for Tax Purposes by the EU Council

By Dominica News Online   Dominica has been added to the list of jurisdictions that are considered non-cooperative for tax purposes by the European Union (EU) Council.   On Monday, February 22, 2021, the council announced that the tax blacklist was due to Dominica receiving a “‘partially compliant’ rating from the Global Forum and has not yet resolved this issue.”   According to a press release, a jurisdiction can be blacklisted if they have “not engaged in constructive dialogue with the EU on tax governance or failed to deliver on their commitments to implement the reforms necessary to comply with a set...
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The New China Individual Income Tax (IIT) Law and Its Impacts on Overseas Chinese

By EY Greater China   The fifth session of the 13th National People’s Congress Standing Committee passed the revisions to the China Individual Income Tax (IIT) Law on 31 August 2018. The effective date of the New IIT Law is 1 January 2019.    We will discuss the issues which may have impacts on Chinese nationals who have overseas income and their Chinese employers in the following.    The new China Individual Income Tax (IIT) Law implies more strict registration requirements. Chinese employer needs to register outbound employees’ information before the end of February of the following year. It also means increased employer obligations as...
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The Abu Dhabi Global Market: an Analysis of its Asset Protection Laws in Relation to Foundations and Trusts.

By Alex Baker of Griffin Trust AG, Liechtenstein and Andrew Baker of Griffin Corporate Services Ltd, Abu Dhabi           This short article introduces the Abu Dhabi Global Market (“ADGM”) and highlights a perceived advantage offered by an ADGM foundation compared to an ADGM trust in relation to asset protection.   Introduction to the Abu Dhabi Global Market The ADGM is one of the principal free zone jurisdictions in the United Arab Emirates (“UAE”). It offers an attractive range of vehicles that can be used by individuals for asset protection and/or succession planning purposes and by businesses involved...
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Mauritius: International Tax Planning Update & Opportunities

By Mr. Patrice Tze Sek Sum, CPA (US), MIntTax, TEP   1. Overview   Over the past few years, Mauritius has undergone significant transformation in order to maintain itself as a serious jurisdiction of substance. While Mauritius remains the de facto hub to Africa due to its political stability, independent judiciary and strong institutional framework, and absence of foreign currency exchange control, it has had its fair share of challenges over the past year. Mauritius has enhanced its AML/CFT laws accordingly and restructured some of its tax regimes which were deemed harmful from the perspective of the OECD especially in regard to some ring-fencing...
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For Asia’s Super-Rich, Singapore Family Offices Keep the Wealth Churning – but Hong Kong Wants a Piece of the Pie too

By Kok Xinghui   Singapore is popularly known as an Asian financial hub where companies set up regional headquarters and rich individuals park their wealth. In recent years, it has also been attracting another sort of investment through a vehicle that is just gaining popularity in the region: corporate entities called family offices that moneyed families use to structure the way they invest and preserve their riches.   From 2017 to 2019, the number of family offices in Singapore grew by five times as the region got wealthier. Some of these offices were set up by Singaporean families who want to manage their assets better,...