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The Global Guide to Trusts, 2nd Edition A Systematic Analysis of the Legal Regime and Tax Treatment of Trusts in 28 Jurisdictions

By Jean-Marc Tirard
Academy & Finance December 2020

Specifications

ISBN-13
9782970143208
Publisher
Academy & Finance
Publication
December 2020
Format
Hardback , 496 pages
Jurisdiction
Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Cyprus, France, Germany, Hong Kong, India, Indonesia, International, Israel, Italy, Liechtenstein, Luxembourg, Malta, Mexico, Netherlands, New Zealand, Portugal, Russia, South Africa, Spain, Switzerland, U.K., U.S. ? Countri(es) for reference only

Details

The Global Guide to Trusts represents the work of a team of leading outstanding tax practitioners active in 28 jurisdictions under the editorship of an internationally recognized trust expert. The Global Guide to Trusts facilitates the understanding of international tax issues and provides specific guidance in such facets of international taxation of trusts as the following:

  • Tax treatment of the creation of a trust
  • Tax treatment of income and capital gains
  • Tax treatment of distribution from a trust to its beneficiaries
  • Tax implications of settlor’s death
  • Tax implications of the termination of a trust
  • Reporting obligations

 

The second edition 2020 covers 7 new jurisdictions (Austria, China, Cyprus, Liechtenstein, Luxembourg, Malta, South Africa) and expands on new developments:

  • Sham trusts
  • Applicability of tax treaties to trusts
  • Applicability to trusts of anti-avoidance tax rules
  • Trustees regulation
  • Registers of trusts

 

28 Jurisdictions includes:

Argentina, Austria, Australia, Belgium, Brazil, Canada, China, Cyprus, France, Germany, Hong Kong, India, Indonesia, Israel, Italy, Liechtenstein, Luxembourg, Malta, Mexico, Netherlands, New Zealand, Portugal, Russia, Spain, South Africa, Switzerland, U.K., U.S.



Table of Contents

For each jurisdiction, the author answers the same set of 27 questions.

Legal considerations
1. What is the legal system based on in your jurisdiction?
2. Is the concept of trust part of your domestic law?
3. Has your country ratified the Convention on the Law Applicable Trusts and on their Recognition?
4. When the answer to the above two questions is negative, is a trust created under foreign law recognised as such? Alternatively, is the trust (or trustee) analogised to any specific type of domestic person or comparable entity?
5. Are there “similar” or comparable legal structures which can be used in your jurisdiction instead of a trust for estate planning purposes?
6. What legal constraints should be taken into consideration when transferring assets into a trust?
7. Can a trust acquire property in its own name and be registered as such when registration is required? If not, can this be achieved indirectly?
8. Under what circumstances, might a trust be set aside in your country on grounds of sham or for any other reasons?

Tax considerations
9. What are the main taxes which are relevant in respect of trusts?
10. Has your jurisdiction developed specific tax rules to deal with trusts?
11. Are domestic and foreign trusts treated differently in relation to tax?
12. When is a trust considered to be resident for tax purposes in your jurisdiction?
13. Are the tax treaties concluded by your country applicable to trusts?
14. Are there any specific anti-avoidance tax rules applicable to trusts? Are there circumstances under which trusts are at risk under GAAR or anti abuse of law measures?

Tax treatment of the creation of a trust
15. What are the tax consequences of the creation of a trust?
16. Are any transfer and/or capital gains tax due upon lifetime or testamentary transfers of assets to trusts?
17. Is the treatment different depending on whether the transfer is made to a revocable or irrevocable trust? To a life interest or to a discretionary trust?

Tax treatment of income and capital gains
18. Is a trust a taxable entity?
19. If not, who is subject to income/capital gains taxes in respect of the trust’s income and gains?

Tax treatment of distribution from a trust to its beneficiaries
20. What taxes apply to distributions of trust income to resident/non-resident beneficiaries?
21. What taxes apply to distributions of capital gains from a trust?
22. What taxes apply to distributions of capital from a trust?

Tax implications of settlor’s death
23. What are the tax implications for the trust, trustee, settlor’s estate and/or beneficiaries of the settlor’s death?

Tax implications of the termination of a trust
24. What are the tax implications for the trust trustee, settlor and/or beneficiary on termination of a trust?

Reporting obligations
25. Are the trust, trustees, settlors and/or beneficiaries subject to reporting obligations in relation to the trust?

Trustees regulation
26. Are trustees regulated in your country? What are the main regulatory requirements?

Registers of trusts
27. Is there in your country a register of trusts and/ or of beneficiaries of trusts? Which trusts should be registered? What information should be provided? Who can access the information? What are the consequences of failure to comply?

About the Author

  1. ARGENTINA Ezequiel Lipovetzky, Pablo Martin Muir & Maximiliano Yudica Bartels, Bruchou
  2. AUSTRIA Niklas Schmidt & Eva Stadler, Wolf Theiss
  3. AUSTRALIA Allan Blaikie & Mathew Fenwick, Clayton Utz
  4. BELGIUM Jacques Malherbe, Simont Braun & François Malherbe, van den Berg & Partners
  5. BRAZIL Fernando Retzler Martins, SV Law
  6. CANADA Wendi P. Crowe & Rahul Sharma, Miller Thomson
  7. CHINA Hao Wang, Ray Yin & Partners P.R.C. Lawyers
  8. CYPRUS Elias Neocleous, Elias Neocleous & Co
  9. FRANCE Jean-Marc Tirard, Tirard Naudin
  10. GERMANY Christian von Oertzen, Flick Gocke Schaumburg
  11. HONG KONG William Ahern, Ahern Lawyers
  12. INDIA Shabnam Shaikh & Bijal Ajinkya, Khaitan & Co
  13. INDONESIA Freddy Karyadi, ABNR Law
  14. ISRAEL Shaul Grossman, Meitar Law Offices
  15. ITALY Nicola Saccardo, Maisto e Associati
  16. LIECHTENSTEIN Johannes Gasser, Gasser Partner
  17. LUXEMBOURG Eric Fort & Marianne Rau, Arendt & Medernach
  18. MALTA Anthony Cremona, Ganado Advocates
  19. MEXICO L. G. Del Valle Torres, Jáuregui y Del Valle
  20. NETHERLANDS T. Clement, Norbruis Clement Advocaten
  21. NEW ZEALAND John W. Hart, John W. Hart Ltd
  22. PORTUGAL Jorge de Abreu & Cidália Conceição, Abreu & Marques e Associados
  23. RUSSIA Dmitry A. Pentsov, Froriep Legal
  24. SOUTH AFRICA Michael Honiball, Werksmans Attorneys
  25. SPAIN Florentino Carreño, Cuatrecasas
  26. SWITZERLAND Xavier Oberson, Oberson Abels
  27. UK Clare Maurice, Maurice Turnor Gardner
  28. USA Ellen Harrison, McDermott Will & Emery

 

Since 2000, Academy & Finance, a Swiss company with offices in Geneva and Hong Kong, is specialized in the organisation of conferences on tax and estate planning issues. Academy & Finance published “Les trusts anglo saxons et les pays de droit civil” by Jean-Paul Beraudo and Jean-Marc Tirard (2006) and the first edition of the Global Guide to Trusts, edited by Jean-Marc Tirard (2017).

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