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Economic substance rules will have “minor” impact on HNWIs: Baker McKenzie

Although the new economic substance requirements for offshore centres have affected some HNWIs, estate and trust structures require only “slight tweaks” to remain compliant, according to Dawn Quek, principal at Baker McKenzie Wong & Leow. Following in the footsteps of the European Union (EU), the OECD issued an economic substance rule which came into effect on 1 January. Accordingly, entities incorporated in…

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