/Estate planning

Taxation in Georgia

Georgia, a country in the Caucasus region, is located on a crossroad between European and Asian markets. Due to Georgia’s business advantages, such as a low-cost workforce, a stable political environment, an attractive tax regime, and a well-developed infrastructure, an increasing number of foreign investors choose to outsource their business activities in Georgia. Moreover, in order [...]

Will UK Tax Your Castle?

The UK considers introducing a mansion tax which will target the properties that are worth more than £2 million. The owners of such properties will be obliged to pay an annual progressive tax starting from 1% of the property value. The mansion tax regime was proposed by two UK political parties, namely, the Labor Party and [...]

Luxembourg Announces Tax Amnesty Plan

Luxembourg has recently announced its first tax amnesty plan for undeclared income. The temporary tax amnesty scheme for 2016-2017 aims at “laundering” tax evaders and regulating “assets and income held by persons with tax residence in Luxembourg.” According to the current Luxembourg legislation, sanctions for a willful tax fraud and evasion include (i) a fine of [...]

Dubai Launches Wills and Probate Registry

Dubai International Financial Centre (DIFC) launched a Wills and Probate Registry based on common law. The Registry aims at simplifying the distribution of assets owned by non-Muslims’ in Dubai upon their decease. The Registry was initiated in order to improve investment environment in Dubai and address the cultural diversity of people who own assets in the [...]

Panamanian Private Interest Foundation

The Panamanian Private Interest Foundation is affordable, discreet, flexible and can be a very good planning tool in the context of estate planning. As is generally known, the Panamanian Private Interest Foundation (PIF), which has existed since 1995, is almost an identical copy of the mother of all foundations, namely the Liechtenstein Foundation. The Stiftung (or [...]

Austrian Foundation

Introduction Two decades ago, the Austrian government wanted to provide an excellent instrument which could support the preservation and the accumulation of wealth for the benefit of a family. Subsequently, the Austrian Private Foundation Act was enacted on the first of September 1993 and made it possible to establish a foundation in Austria for private purposes [...]

Protectors of a trust

Introduction A protector is a person who is given administrative or dispositive powers under the terms of a trust instrument, not exclusively for his own benefit. The main difference between a protector and a trustee is that a trustee holds the assets of a trust while a protector does not. In some trust instruments and relevant [...]