Trust Law (Amendment) Ordinance 2013 in Hong Kong

There has been the new Trust Law Bill passed by the Hong Kong government on July 17th, 2013. The new trust law is expanding the default powers of trustees and intended to attract more settlers to favour Hong Kong as their jurisdiction of choice in wealth and estate planning.

Information Exchange latest news

Recently and backing G20 and Global Forum efforts to strengthen tax cooperation and stamp out cross-border tax evasion, a peer review reports assessing the tax systems of 13 jurisdictions for information exchange has been released by the Global Forum on Transparency and Exchange of Information for Tax Purposes. All the reports assess the jurisdictions’ commitment…

“Transparency and Trust” in Company Ownership and Control

The Department for Business, Innovation and Skills (BIS) recently released a discussion paper on ‘Transparency and Trust’ dealing with the questions of ownership and control of companies. This paper was prepared in response to Prime Minister David Cameron’s proposal to his counterparts at the G8 summit in June that reforms be put in place to…

Bank of Cyprus finally recapitalised

Today The Central Bank of Cyprus and The Ministry of Finance and announced that the Bank of Cyprus has been fully recapitalised by the overall conversion of 47,5% of uninsured deposits into shares in the Bank of Cyprus.