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).
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:
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.
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.
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.
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.
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.