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Tax and Jurisdictions

August 11, 2010

Billionaires might be lining up in the US to join the so-called Gates pledge initiative, but so far it has little support outside of America, writes Katie Barker.

Billionaires might be lining up in the US to join the so-called Gates pledge initiative, but so far it has little support outside of America, writes Katie Barker. 
 
Forty billionaires have signed up to the pledge, whereby they agree to give away at least half of their fortunes to philanthropy during their lifetime or shortly after their death. But not one of them is based outside of the US.
 

July 27, 2010

Few would argue that UBS is not beginning to improve the performance of its wealth management business. But some may question if the wealthy have regained the same level of trust they gave UBS back when it was the pre-eminent wealth manager in the world, writes David Bain.

Few would argue that UBS is not beginning to improve the performance of its wealth management business. But some may question if the wealthy have regained the same level of trust they gave UBS back when it was the pre-eminent wealth manager in the world, writes David Bain.
 
Tuesday's announcement of the bank's second quarter results show outflows from UBS' global wealth management business continuing to fall after the record amounts leaving the bank in 2009.
 

July 27, 2010

Liliane Bettencourt, L’Oreal heiress and France’s richest woman, was questioned on Monday by French police as part of an ongoing investigation into her finances.

Liliane Bettencourt, L'Oreal heiress and France's richest woman, was questioned on Monday by French police as part of an ongoing investigation into her finances.

Bettencourt (pictured) was being questioned as a witness in an investigation into tax evasion and apparent illegal donations given to the French government by the heiress.

July 16, 2010

Tax raids by governments on private banks, such as the one on Wednesday by German investigators on Credit Suisse offices, are a short term move by governments to raise cash but do not address the underlying problems, according to one family office executive.

Tax raids by governments on private banks, such as the one on Wednesday by German investigators on Credit Suisse offices, are a short term move by governments to raise cash but do not address the underlying problems, according to one family office executive.
 

July 7, 2010

L'Oreal heiress and France's richest woman Liliane Bettencourt is accused of paying president Sarkozy’s government €150,000 during the 2007 elections.

L'Oreal heiress and France's richest woman Liliane Bettencourt (pictured) is accused of paying president Sarkozy's government €150,000 during the 2007 elections.

The allegations come from Bettencourt's former accountant Claire Thibout in an interview with French news website Mediapart.

The interview claims that Bettencourt's financial advisor Patrice de Maistre gave French Labour Minister Eric Woerth a €150,000 donation. The accusation is severe as an individual political donation cannot exceed €7,500 a year under French law.

June 30, 2010

The financial crisis has demonstrated the need for new regulatory approaches and increased supervision of financial service providers. This has sparked a raft of new legislation that attempts to ensure no such crisis happens again.

The financial crisis has demonstrated the need for new regulatory approaches and more intense supervision of financial service providers, writes James Denton.

This has sparked a raft of new legislation from governments internationally as they attempt to ensure no such crisis happens again. Such regulation has consequences for wealthy families and their family offices who will need to comply with the new rules on reporting and governance.

June 28, 2010

The latest edition of Campden FO, the magazine dedicated to the global family office community, is now available. There are two areas of focus to this issue: tax and family offices in Asia.

The latest edition of Campden FO, the magazine dedicated to the global family office community, is now available. There are two areas of focus to this issue: tax and family offices in Asia. Click here to go straight to the issue.

June 22, 2010

Lilian Bettencourt, L’Oreal heiress and France’s richest woman, has said she will declare her overseas assets after she was caught on tape discussing apparently undisclosed holdings with an advisor.

Liliane Bettencourt, L'Oreal heiress and France's richest woman, said on Monday that she will declare her overseas assets after she was caught on tape discussing apparently undisclosed holdings with an advisor.

"I have decided to declare all of my family assets that are currently abroad in cooperation with the French tax authorities," said 87-year-old Bettencourt (pictured) in a statement.

June 18, 2010

Wealthy families around the world may appear to be facing a barrage of tax increases, but there is positive news if you look carefully, writes Selwyn Parker.

Wealthy families around the world may appear to be facing a barrage of tax increases, but there is positive news if you look carefully, writes Selwyn Parker.

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