Italy: Natural becomes legitimate

By Patrizia Giannini, S4B Solutions 4 Business

Revolutionary reforms to laws of he­reditary succession, No. 219/12: The Italian Parliament has recently enacted a new law, No. 219/12, which became effective on 1 January 2013. This has amended the provisions of the Civil Code relating to filiation (wills and hereditary descent), eliminating all distinctions between "legitimate" chil­dren (born in wedlock) and "natural" children (born outside of marriage).

Continue Reading

U.S. tax deferral savings plan in Malta

Fotolia 42571592 S

By James Barber-Lomax and Prof. Robert Anthony, Anthony & Cie

For U.S. resident and non-resident taxpayers there has traditionally been limited means by which to save on a tax-efficient basis. Individuals can contribute to various types of insurance contracts and other recognised pension vehicles, with some offering tax relief on funding. However, there are a number of restrictions which can make these plans highly unattractive. These are noted below:

Continue Reading

Royal Court Awaits Hastings-Bass Ruling

Fotolia 25793761 S 635

By Nigel Pearmain and Daniel Walker, Voisin

This was an application by the Trustee requesting the Royal Court to set aside and/or confirm to be invalid as having been made by mistake a deed of amendment, a deed of exclusion and a deed of appointment. This was the first time the Court in Jersey has had to consider the continued applicability of the rule in Hastings-Bass since the English Court of Appeal decision in Pitt -v- Holt and Futter -v- Futter.

Continue Reading

Blocking a family member's involvement in a business

Fotolia 43152306 S 635px

By Sergio Guerrero Rosas, Guerrero y Santana, S.C.

In developed economies, just as in emerging markets, most companies are born as family businesses. However companies or businesses in which a family owns a majority stake often face an unpleasant reality. In fact, the probability that they will prosper in the long term is low, given that, according to statistical data, only 5% continue to generate value for the shareholders after the third generation. One of the risks faced by these companies arises from the fact that the generations succeeding the founder do not always inherit the same leadership and entrepreneurial vision.

Continue Reading

Jersey Limited Liability Partnerships

Fotolia 26056108 S 635x197p

By Kate Anderson, Voisin

Limited liability partnerships ("LLPs") were introduced to Jersey in 1998, when the Limited Liability Partnerships (Jersey) Law 1997 (the "Law") came into effect. However, despite being hailed as an exciting new structure, Jersey LLPs were targeted at large professional partnerships, and as such the Law contained a requirement that a £5 million bond or similar financial provision ("Financial Provision") was maintained for the benefit of creditors upon the winding up of the LLP.

Continue Reading

Important aspects of the amendments to the legislation on trusts proposed by the Panamanian Superintendence of Banks

Fotolia 30944666 S 635px

By Oliver Muñoz, Quijano & Associates

The Superintendency of Banks in the Republic of Panama has recently submitted the following documents for the consideration of the companies that have a Panamanian trust licence (i.e. "trust companies"):
(i) A bill of amendments to Law 1 of 1984 regulating Trust in Panama, and
(ii) A bill stipulating rules for the regulation and supervision of trust companies and the trust business in Panama.

Continue Reading

The Danish property market - the knot is untied, creating great opportunities for international investors

By Per Hansen

Admitted: the Danish property market has never been at the centre of interest for international property investors. Nevertheless, it is and has for many years been an attractive option.  For decades, Denmark has had a strong economy with political stability, fair growth, low inflation, low interest rates and a high employment rate. But even so, when the financial crisis hit Denmark in 2008, it did so with considerable weight and sent the property market into a limbo which still lingers.

Continue Reading

The new tax regime of trusts in France

By Prof. Robert Anthony, Anthony & Cie

The article 14 of the modified finance act for 2011 created a new system taxation for the foreign trusts of which the beneficiaries or the settlors, being physical persons, are or were fiscal residents of France. The correct application of these new regulations is based at first on the declaration/disclosure of trusts to the French tax authorities and it under the unique administrative and financial responsibility of the indicated trustee called appointed as the manager of the trust.

Continue Reading

GGI Logo 70x50px

GGI Geneva Group
International AG

Schaffhauserstrasse 550
P.O. Box 286
8052 Zurich
Switzerland

Contact

T: +41 44 2561818
F: +41 44 2561811
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ggi.com