The growth of multi-jurisdiction family offices is complicating wealth planning matters for Asia’s ultra high net worth families, exposing them to heightened risk, ranging from matrimonial laws to migration to tax, and could ultimately threaten the stability of the family unit if not tackled head-on. “As families become more global, the jurisdictions that they have connections with become more diversified. […]

The post Global ambitions demand better governance, says DBS PB appeared first on Asian Private Banker.

Incoming changes that could slash taxes on certain fees earned by fund managers and independent wealth managers are welcome but long overdue, Ronald Chan, founder and chief investment officer, Chartwell Capital, told Asian Private Banker. The Hong Kong government announced proposed changes to its carried interest regime in March 2026, to provide asset and wealth managers with preferential tax treatment […]

The post Hong Kong’s carried interest refresh: Too little, too late for private credit? appeared first on Asian Private Banker.

Wealthy individuals in Asia with US exposure risk being caught out by recent changes in US tax policy, including measures under President Donald Trump’s One Big Beautiful Bill Act (OBBBA), Jessica Cutrera of Leo Wealth, a Hong Kong-based independent wealth advisor, told Asian Private Banker. “There are a lot of individuals in Greater China and Southeast Asia, especially Indonesia and Thailand, […]

The post “Never advised properly”: Leo Wealth flags US tax risks for Asia’s HNW appeared first on Asian Private Banker.

The thorny issue of succession planning has been thrust into the spotlight for wealthy Chinese families as China expands its enforcement of global income tax and a family dispute much-discussed on the Chinese internet raises important questions for dual-jurisdiction trust structures. China’s crackdown and enforcement of global income tax began last year by targeting the ultra rich and has, in […]

The post Wahaha Case and tax crackdown shine spotlight on China’s family trusts appeared first on Asian Private Banker.

Following the recent budget announcements from the governments of Hong Kong and Singapore, Asian Private Banker spoke to industry experts to learn how the new measures will impact private wealth investors. Singapore plans to inject cash into the country’s sluggish stock market via an equity investment fund, while ASEAN funds are set to benefit from tax changes. The Lion City […]

The post Regulation Focus: Singapore redirects cash to capital markets, Hong Kong eyes tax easing for SFOs appeared first on Asian Private Banker.

The Hong Kong government will relax the requirements for its cash-for-residency scheme in March as part of its latest efforts to attract wealthy individuals to the city. Hong Kong’s New Capital Investment Entrant Scheme (CIES) requires applicants to make investments in Hong Kong under specified channels in return for residency status. According to a government statement on Tuesday, effective from […]

The post Hong Kong to relax cash-for-residency rules appeared first on Asian Private Banker.

Hong Kong plans to grant tax concessions to investments including virtual assets and private credit for fund managers and family offices, a move that industry experts said will help to boost the city’s attractiveness as an asset and wealth management hub. The city’s Financial Services and the Treasury Bureau at the end of November issued a consultation paper on enhancements […]

The post “On par with Singapore”: Hong Kong boosts tax breaks for private credit appeared first on Asian Private Banker.

The following is an excerpt from Asian Private Banker’s Bottom Line newsletter – an essential rundown of all of the past week’s essential news and views on the region’s private banking industry. Bottom Line is available to all APB subscribers. On Wednesday, the UK’s Labour government announced that it would raise taxes by about GBP 40 billion (US$51.6 billion) annually […]

The post Bottom Line: Ronnie O’Sullivan’s Hong Kong move is right on cue appeared first on Asian Private Banker.

China’s tax authorities are putting more scrutiny on the offshore income of ultra/high net worth individuals (U/HNWIs), according to legal experts, in a move that could have ramifications for private bankers in key global wealth hubs. While laws are already in place requiring Chinese citizens to declare and pay tax on overseas income, such laws were rarely enforced until now, […]

The post China is now enforcing offshore income tax. Should private bankers be worried? appeared first on Asian Private Banker.

The United Arab Emirates is set to be among the beneficiaries if the UK follows through with proposals to raise taxes affecting U/HNWIs, leading wealth advisors told Asian Private Banker. Following the summer’s election of a Labour government, wealthy individuals with UK exposure will likely face more stringent treatment when it comes to taxation. Prime Minister Sir Keir Starmer teased […]

The post With 9,500 HNWIs set to flee higher UK taxes, which wealth hubs will benefit? appeared first on Asian Private Banker.

Law firms in Hong Kong and Singapore have identified private wealth as a growth area amid huge inflows of mainland Chinese capital, and with more clients seeking wealth protection and succession planning services in an increasingly volatile world. The great wealth transfer in Asia has prompted some law firms to form a dedicated team with full services to clients, add […]

The post Private wealth business booms for Asia law firms amid IPO slump appeared first on Asian Private Banker.

Significant ETF inflows and the rapid development of the semiconductor industry are fuelling positive sentiment for Taiwan’s wealth market, industry experts told Asian Private Banker. A surge in demand for chips needed to fuel the global artificial intelligence boom has powered the island’s TAIEX index, one of the world’s best-performing stock markets in 2024, filling the coffers of Taiwan’s UHNW […]

The post Taiwan wealth market “impossible not to talk about” as AI boom fuels inflows appeared first on Asian Private Banker.

A sweeping change to tax rules in Thailand could drive more of the Southeast Asian country’s burgeoning wealth into the hands of foreign private banks and asset managers, according to bankers and lawyers. Starting 1 January 2024, Thai residents who intend to bring foreign-sourced income into the country have to pay personal income tax of up to 35% upon remittance, […]

The post Global private banks eye Thai windfall after sweeping tax change appeared first on Asian Private Banker.

In this round-up: HKMA asks banks to implement vaccine passports; S’pore raises taxes for the wealthy; PBs often rely on error-prone manual fee disclosure checks; Privacy concerns hamper record-keeping HKMA asks banks to implement vaccine passports Private banks have expressed concern about a potential disruption to their business operations since the Hong Kong government on 24 February announced additional anti-COVID […]

The post February Regulatory Round-up: HKMA urges banks to implement vaccine passports appeared first on Asian Private Banker.

Hong Kong HNW families considering emigration are advised to spend sufficient time on tax planning to avoid unpleasant surprises in their adopted countries. Beijing’s tightening grip on Hong Kong is forcing many families to explore their options and rethink their futures. Some have decided to emigrate. According to the Census and Statistics Department, Hong Kong’s estimated total population had dropped […]

The post Emigrating Hong Kong HNWIs often oblivious of the need for proper tax planning appeared first on Asian Private Banker.

A global minimum corporate tax regime could benefit wealth management centres such as Hong Kong and Singapore, because they are “jurisdictions with substance” that would maintain a lower corporate tax rate, even if a global minimum corporate tax rate becomes effective. US President Joe Biden’s support for a global minimum corporate tax rate, as proposed by the OECD, has trained […]

The post As “jurisdictions with substance”, WM hubs such as HK and SG could gain from global minimum corporate tax rate appeared first on Asian Private Banker.

There has been speculation around the winds of change — or the current lack of it — in Singapore’s wealth tax regime, since deputy prime minister Heng Swee Keat said he would start reviewing the current approach. But tax experts expect no significant change to the status quo, which remains a key draw for HNWIs living and investing in the […]

The post Absence of wealth tax is one of Singapore’s “key propositions” to HNWIs: Grant Thornton appeared first on Asian Private Banker.

Ernst & Young Tax Services Limited (EY) estimates the fiscal deficit of the HKSAR government will be a record HK$363 billion in 2020/21 financial year, yet the consultant holds that this is “not an appropriate time” to discuss any tax increases and instead suggested measures in the upcoming budget to reduce the tax burden so as to maintain the city’s […]

The post EY sees Hong Kong posting record HK$363B deficit; advises tax cuts to retain international finance hub status appeared first on Asian Private Banker.

Chinese expats in the financial services industry have been grappling with the issue of reporting their foreign income to the China tax authorities. Experts argue that now is the time for China tax residents to recognise their worldwide tax obligations. The Ministry of Finance (MOF) and the State Taxation Administration (STA) of the People’s Republic of China on 17 Jan 2020 […]

The post Chinese expats need to understand their global income tax obligations: tax experts appeared first on Asian Private Banker.

Refinitiv has acquired US-based fintech Scivantage for an undisclosed amount, netting it a pair of solutions aimed at enhancing digital wealth management capabilities around portfolio analytics and tax reporting. The two solutions include Wealthsqope, a configurable dashboard for portfolio management, and Maxit E2E, a solution centred around US tax information reporting for brokerage clients. Both wealth managers and their clients […]

The post Refinitiv acquires to bolster its WM analytics and tax reporting capabilities appeared first on Asian Private Banker.

The Union Budget of India for 2020–2021 presented by the Finance Minister Nirmala Sitharaman on 1 February 2020 has abolished the Dividend Distribution Tax (DDT) and replaced it with a dividend tax on the shareholders. The measure could hurt HNWIs the most. Starting 1 April 2020, the current effective DDT rate of 20.56% imposed on Indian companies (according to the […]

The post HNWIs most affected by abolition of India’s dividend distribution tax appeared first on Asian Private Banker.

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the “Global Forum”) held its 10th-anniversary meeting in Paris last week. It had cause for celebration: ten years since the G20 Leaders declared that “the era of banking secrecy is over”, the Global Forum has achieved great progress in implementing the standards for international tax transparency and exchange […]

The post ‘Unprecedented success’ in combating offshore tax evasion over the past decade: OECD appeared first on Asian Private Banker.

Across jurisdictions, vague tax regulations have created compliance challenges for HNWIs and their advisors, according to Michael Olesnicky, senior consultant at Baker McKenzie. “Nothing particularly stunning happened with respect to regulatory developments in Asia over the last year, except for the introduction of the new individual income tax law in China,” Olesnicky told Asian Private Banker, sharing his takeaway from the […]

The post “Vague” new tax rules raise compliance concerns appeared first on Asian Private Banker.

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 […]

The post Economic substance rules will have “minor” impact on HNWIs: Baker McKenzie appeared first on Asian Private Banker.

Although tax reporting is becoming increasingly standardised across jurisdictions, emigrating HNWIs must acquaint themselves with the relevant local tax arrangements in order to avoid “unexpected surprises”, according to global tax and professional services network, BDO. While the CRS tax reporting scheme continues to facilitate the development of relatively universal tax-reporting standards across Asian jurisdictions, BDO has cautioned individuals to examine and […]

The post Relocating HNWIs must scrutinise local tax rules to avoid shocks: BDO appeared first on Asian Private Banker.

November was another busy month for regulators in the region, with financial watchdogs announcing new initiatives in fintech and fund regulations, and tax authorities revamping laws and implementing amnesty schemes. The month kicked off with the Securities and Futures Commission (SFC) issuing guidance on how it will regulate virtual assets under the existing regulatory framework. The watchdog limited access to crypto-asset […]

The post November Regulatory Round-up: New tax initiatives in China and Malaysia; SFC implements FMCC; regulators introduce several fintech rules appeared first on Asian Private Banker.

China’s double taxation agreements will continue to apply when China’s new individual income tax (IIT) rules are implemented, offering some relief to citizens who identify as tax residents in other jurisdictions. On 1 January 2019, the People’s Republic of China (PRC) will implement its new IIT rules that it updated in response to the Common Reporting Standard (CRS) international exchange […]

The post Double tax rules to still apply following China’s IIT reform: KPMG appeared first on Asian Private Banker.

Chinese HNWIs should heed the new tax clearance requirements and the revision to the definition of ‘tax resident’ in China’s individual income tax (IIT) reform, according to tax specialists. On 29 June, the People’s Republic of China (PRC) released the draft of the IIT reform. Together with a series of subsequent additions and amendments, the new rules have raised concerns amongst local […]

The post Individual income tax reform could ‘notably impact’ Chinese HNWIs appeared first on Asian Private Banker.

With ambitions to grow AUM in the high single digits in the coming few years, DBS Private Bank is strategically positioning Indonesia as a key market, where its “overriding priority” is to grow by actively broadening and deepening its footprint, according to Joseph Poon, managing director and head of Southeast Asia at DBS Private Bank. In July this year, the […]

The post DBS PB’s Poon homes in on Indonesia’s burgeoning onshore wealth appeared first on Asian Private Banker.

Standard Chartered Private Bank has launched a new platform allowing non-domiciled British residents to separate their UK and non-UK assets, thereby reducing the burden associated with tax compliance. The new technology-based service will provide clients access to an extensive investment product suite — including global equities, funds, and discretionary investment mandates booked in Jersey on the condition that the user […]

The post StanChart PB launches automatic asset segregation service to reduce tax reporting burden appeared first on Asian Private Banker.

Singapore has the leg up on Hong Kong in terms of facilitating philanthropy by offering larger tax incentives and better efficiency in setting up charities, according to the Centre for Asian Philanthropy and Society (CAPS). By offering a 250% tax deduction on charitable donations to both individuals and corporates, Singapore tops the table for the biggest charitable tax incentives, both in […]

The post Hong Kong lags Singapore in facilitating philanthropy appeared first on Asian Private Banker.

The introduction of a new GST reverse charge in Singapore will increase ‘tax leakage’ for funds and private asset structure owners, a KPMG tax specialist has warned. The new charge, aimed at foreign service providers, has come as the Singapore government outlined its plans to broaden its tax base in its latest budget — under which the city-state will also raise its […]

The post Singapore GST reverse charge will increase “leakage”: KPMG appeared first on Asian Private Banker.

With the US corporate tax rate being reduced from 35 to 20 percent as part of the House of Representative’s latest tax reform proposal, specialists believe that this could encourage more HNWIs to invest through corporations rather than as individuals. The US House of Representatives approved its version of the tax reform legislation on 16 November, with one of the […]

The post US corporate tax cut incentivises Asian HNWIs to invest through companies appeared first on Asian Private Banker.

With hard economic data confirming a strengthening of the global business cycle, especially in developed markets, Pictet Wealth Management expects DM equities to surge “at the same pace as” their earnings growth. “Recent hard data confirms that inflation pressure remains mild in both the US and the euro area,” the wealth manager said in its latest investment note. “We expect […]

The post Pictet WM: DM equities to surge at same pace of earnings growth appeared first on Asian Private Banker.

Amendments to Hong Kong’s tax legislation were presented to the Legislative Council yesterday, paving the way for the city to enter into multilateral tax cooperation agreements. “The chief executive in Council currently does not have powers under the Inland Revenue Ordinance to give effect to multilateral agreements or arrangements for international tax cooperation,” law firm Baker McKenzie said in a […]

The post Hong Kong a step closer to entering multilateral tax transparency network appeared first on Asian Private Banker.

Hong Kong’s tax authority has signed a Common Reporting Standard (CRS) agreement with Switzerland, and the government department has drafted amendments to tax laws aimed at facilitating Hong Kong’s inclusion in the multilateral tax transparency network. “We have been seeking to expand Hong Kong’s AEOI (Automatic Exchange of Financial Account Information) network with our tax treaty partners,” a spokesperson for […]

The post HK signs CRS agreement with Switzerland, plans afoot to enter multilateral network appeared first on Asian Private Banker.

Indonesian tax officials will start collecting tax from “hidden wealth” that was not declared under the country’s tax amnesty programme, according to Hestu Yoga Saksama, spokesman for the directorate general of taxation. “For nine months, we intensively called on taxpayers to utilise the tax pardon. It is time now to enforce the law, particularly for those who did not take […]

The post “Time to enforce the law”: Indonesian tax office appeared first on Asian Private Banker.

Wealthy individuals in India are using Asian jurisdictions, including Hong Kong and Singapore, as tax havens instead of Switzerland, according to newly released data. Over 53% of offshore Indian wealth is held in Hong Kong, Macau, Singapore, Malaysia and Bahrain, while the proportion of wealth booked with Swiss banks has fallen from 58% to 31% over the past decade, according […]

The post Over 53% of offshore Indian wealth now held in Asian tax havens appeared first on Asian Private Banker.

Each year, a significant number of wealthy British citizens encounter “nasty tax surprises” when they move back to the UK without having robust tax planning measures in place, according to Ishali Patel, a Hong Kong-based associate director at professional services firm Buzzacott. “We do see a lot of people who go back without doing any planning at all and having […]

The post Wealthy British expats face “nasty tax surprises” when moving back appeared first on Asian Private Banker.

The common reporting standard (CRS) regime will be positive for private banks and far less onerous than many in the industry expect, according to Pictet Wealth Management’s APAC CEO, Claude Haberer. Haberer told Asian Private Banker that CRS will be “very simple” for private banks, whose only obligation is to inform local authorities about clients’ tax information. Advertisement A spokesperson […]

The post Compared to FATCA, CRS will be “very simple” for private banks appeared first on Asian Private Banker.

With the common reporting standard (CRS) regime looming, a consultant tells Asian Private Banker that “financial complexity” will increase worldwide over the short- to medium-term. “We see additional complexity in meeting the CRS requirements, but as we all get used to the regulation it should simplify and reduce complexity,” Henry Reynolds, an accounting and tax portfolio director at TMF Group, […]

The post CRS will temporarily increase financial complexity, consultant says appeared first on Asian Private Banker.

Wealthy families are taking advantage of an incentive scheme in Singapore that grants tax exemptions to fund management companies, such that the city-state is fast becoming a preferred destination for qualifying family offices to put down their roots, tax specialists tell Asian Private Banker. While the incentive programme is not aimed at family offices specifically – it was introduced in […]

The post Wealthy families taking advantage of Singapore’s asset manager tax incentives appeared first on Asian Private Banker.

Private banks and wealth managers in Asia have a “crucial window” of just 11 days to renew their US tax agreements in order to remain participants of the foreign account tax compliance act (FATCA), a tax consultant says. Given the high number of US expats in Hong Kong and Singapore, the US Internal Revenue Service (IRS) has “focused its attention” […]

The post Private banks in Asia need to renew their FATCA agreements by month’s end appeared first on Asian Private Banker.

Singapore signed an agreement relating to the automatic exchange of financial account information (AEOI) scheme with Switzerland yesterday, ahead of a working meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes, held in Geneva. The bilateral agreement was signed by Huey Min Chia-Tern, deputy commissioner of the Inland Revenue Authority of Singapore, and Alexander Karrer, […]

The post Singapore signs AEOI agreement with Switzerland appeared first on Asian Private Banker.

Hong Kong’s tax authority has signed a bilateral agreement with its counterpart in New Zealand concerning the automatic exchange of financial account information (AEOI) scheme. The Inland Revenue Department (IRD) said in a statement last Friday that its agreement with New Zealand expands its AEOI partner network to 14 jurisdictions. Hong Kong and New Zealand previously had a double tax […]

The post Hong Kong signs AEOI agreement with New Zealand appeared first on Asian Private Banker.

Singapore will sign a bilateral ‘tax treaty’ agreement with Indonesia when the island nation’s confidentiality and data protection safeguards are brought in line with international standards, according to Indranee Rajah, a senior minister of state for finance and law in Singapore. “On Singapore’s side, these [safeguards] are in place, and we look forward to when Indonesia is able to let […]

The post Singapore will sign tax treaty with Indonesia when its safeguards are in place: minister appeared first on Asian Private Banker.

To implement the common reporting standard (CRS) framework effectively, Asian countries face “a really big cultural challenge” that will inevitably have to be addressed, says Jersey Finance CEO Geoff Cook. “Privacy is a bigger issue here in Asia, because it’s about family wealth,” Cook tells Asian Private Banker. While corporates in the US and Europe have fragmented shareholdings, “it’s completely […]

The post Asia’s bias towards family-owned businesses means “privacy is a bigger issue here” ahead of CRS rollout appeared first on Asian Private Banker.

Singapore has signed two multilateral tax reporting agreements, effectively expanding the city-state’s information exchange network from 23 to 91 jurisdictions, and including the country in a tax reporting network concerning multinational enterprises. Singapore signed multilateral agreements covering the automatic exchange of financial account information (AEOI) – which facilitates the exchange of tax information relating to individuals and entities, and the […]

The post Singapore signs multilateral tax reporting agreements to bolster partner network appeared first on Asian Private Banker.

Hong Kong has signed an automatic exchange of financial account information (AEOI) agreement with Indonesia, and has also gazetted changes to its tax framework in order to facilitate the rollout of the OECD initiative. The Inland Revenue Department’s latest amendment ordinance enables Hong Kong to implement the AEOI scheme “more effectively”, a government spokesperson said in a statement. “We must […]

The post Hong Kong signs AEOI agreement with Indonesia, prepares for information exchanges appeared first on Asian Private Banker.

The wave of global tax changes aimed at improving compliance and transparency “is far more radical than in any other period of time in history”, says Richard Weisman, international tax partner at Baker McKenzie in Hong Kong. Private banks and high net worth individuals are grappling with a raft of new tax laws around the world, including the Foreign Account […]

The post Changes to tax landscape more extreme “than any period in history”, says tax specialist appeared first on Asian Private Banker.

With China readying for the implementation of the common reporting standard (CRS) from July, a law firm has advised Chinese citizens that they will likely not be able to avoid being subject to the automatic exchange of financial account information (AEOI) by changing nationality. A joint statement titled “Managing methods for due diligence on non-resident financial accounts” (translated from Chinese: 《非居民金融账户涉税信息尽职调查管理办法》) […]

The post Unlikely that Chinese citizens can avoid AEOI scrutiny by changing nationality, says law firm appeared first on Asian Private Banker.

Indonesia’s finance minister said yesterday that “bank secrecy has ended with regard to tax purposes”, after the country announced progress in its preparations for the automatic exchange of information (AEOI) scheme. According to Indonesian publication netral news, finance minister Sri Mulyani Indrawati confirmed that the minimum account balance to be reported under the AEOI scheme in Indonesia will be US$250,000, […]

The post Bank secrecy relating to taxes “has ended”, says Indonesia’s finance minister appeared first on Asian Private Banker.

While an overhaul of the UK’s non-domicile taxation rules has been put on hold, British expats who have already adjusted their asset planning have not done so in vain, says Withers Worldwide. The law firm advises expats from the UK to proceed with their asset planning “largely on the basis that the rules will be effective [retrospectively] from 6 April […]

The post British expats urged to plan for ‘non-dom’ tax changes despite delays appeared first on Asian Private Banker.

The Hong Kong government this week signed competent authority agreements (CAAs) – relating to the automatic exchange of financial account information (AEOI) – with two more countries, as part of its efforts to speed up its AEOI collaborations to avoid being labelled as “non-cooperative” by the OECD. The government’s information website said Portugal and South Africa became the eighth and ninth […]

The post HK signs two more AEOI agreements, 63 others in the pipeline appeared first on Asian Private Banker.

Proposed reforms to the UK’s non-domicile taxation rules are “making people to think twice about going back to UK,” says Carlo Gray, partner and head of Buzzacott Expatriate Tax Services in Hong Kong, who adds that British expats in the city showing concern ahead of the rollout date of 6 April 2017. Buzzacot says that they have received a flurry of enquiries from Brits […]

The post Brit Expats “thinking twice” about returning home ahead of UK non-dom tax reforms appeared first on Asian Private Banker.

The Hong Kong government is considering expanding its list of reportable jurisdictions for the Automatic Exchange of Information (AEOI) and this will impact those financial institutions that have thus far taken a “narrow approach” to the CRS regime, Richard Weisman, international tax partner at Baker & McKenzie in Hong Kong, tells Asian Private Banker. Currently, Hong Kong has just two […]

The post HK private banks must “rapidly expand” AEOI compliance approach, as govt eyes new reporting partners appeared first on Asian Private Banker.

Indonesian authorities report that Rp135.4 trillion (US$10.5 billion) – or nearly 25% of Bank Indonesia’s tax amnesty target – was repatriated by last Friday, following an aggressive lobbying campaign by President Jokowi Widodo who visited some of the country’s wealthiest to push his cause. Friday marked the deadline for those wanting to take advantage of a minimum 2% penalty on […]

The post Indonesia achieves quarter of amnesty target at first waypoint appeared first on Asian Private Banker.

Although doubts remain as to whether Indonesia will be able to meet its ambitious target of Rp165 trillion (US$12.6 billion) in tax redemptions, progress is being made with 1,929 tax payers registering for the amnesty, according to media reports. These individuals have reportedly contributed Rp6.9 trillion (US$530 million) of declared assets and Rp123.2 billion (US$9.4 million) in redemptions. As of 5 September 2016, […]

The post Indonesia amnesty lures 1,929 new taxpayers appeared first on Asian Private Banker.

Global law firm, Withers, has shared its views on the UK’s non-dom reforms that are expected to take effect in April next year, having been first mooted during 2015’s summer budget speech. Long-term non-doms… …will officially be treated as taxable UK domiciliaries if they have resided in the country for 15 of the past 20 years. Split years will also be considered for […]

The post Withers reacts to UK non-dom reforms appeared first on Asian Private Banker.

In an attempt to close Indonesia’s budget gap, Indonesia’s recently appointed finance minister has urged tax dodgers to settle for the 2% penalty and repatriate funds or face “hell”. What’s more, Sri Mulyani Indrawati, the official in question, has warned wealthy business owners with offshore assets not to take her remarks lightly, according to media reports. “Basically, you have heaven and […]

The post Ignore tax amnesty deal and risk “hell”, warns Indonesian finance minister appeared first on Asian Private Banker.

Singapore has hit back at claims that it is actively seeking to undermine Indonesia’s tax amnesty, which could see as much as US$100 billion in assets stashed offshore flow back into the archipelago state’s coffers. Media reports have been swirling that Singaporean banks are actively offering tax incentives to clients to keep their assets parked offshore – a charge that […]

The post Singaporean minister bites back at Indonesia amnesty accusation with Facebook post appeared first on Asian Private Banker.

The US continues to hunt for its tax evaders and spotlighting offshore tax evasion, this time singling out UBS Wealth Management in Singapore for its association with a US citizen. The Internal Revenue Service (IRS) has asked a US judge to make UBS produce and hand over documents on Ching-Ye Hsiaw, a client who lives in China but is a […]

The post US targets tax evasion, UBS account in Singapore appeared first on Asian Private Banker.

While the onset of FATCA continues to take up a vast majority of independent tax advisory work, there are growing concerns in Asia surrounding UK tax compliance, say experts. Many high net worth British and foreign nationals residing in Hong Kong and Southeast Asia are facing tax advisory needs, says Carlo Gray, partner at Buzzacott: “From a UK tax perspective, […]

The post UK tax residential laws plague HK HNWIs appeared first on Asian Private Banker.

With the onset of stringent compliance issues, private banks are referring their clients to independent advisers, particularly when it comes to dealing with FATCA and CRS. “Private banks are facing stringent compliance issues that are leading them to refer their clients to independent advisers for their clients’ tax issues such as FATCA,” says Debby Davidson, Hong Kong-based managing director for […]

The post FATCA, CRS forcing private banks to outsource tax advisory services appeared first on Asian Private Banker.

With the Indian government and the US Internal Revenue Service inking in June a tax information sharing agreement under the Foreign Account Tax Compliance Act (FATCA), non-resident Indians (NRIs) with dual American citizenship are seeing rising banking concerns regarding their holdings, say sources close to the matter. “As financial institutions including private banks are under pressure, NRIs with US-linked accounts […]

The post NRIs’ FATCA concerns rise following June pact appeared first on Asian Private Banker.

With Asian assets under management (AUMs) set to more than double to US$16.2 trillion by 2020, PwC notes that wealth managers will be forced to turn to tax technology in order to strengthen their full tax advisory capabilities. Investors will expect asset management providers to have “robust and efficient tax infrastructures”, says a new PwC report. The rising AUM figures for […]

The post Tax technology key for private banks, says PwC appeared first on Asian Private Banker.

In a bid to uproot tax evasion, the Securities and Exchange Board of India (SEBI) have sent letters of warning to wealth managers in low-tax jurisdictions like Hong Kong and Singapore. Based on media reports in India, the Indian government has started to approach private banks to ask them to register their offshore units with its regulatory watchdog unit. The […]

The post India cracks down on tax evasion in Hong Kong, Singapore appeared first on Asian Private Banker.

Non-natural persons’ (NNPs) buying high-valued United Kingdom (UK) property could face greater rates as the country looks to close a £1 billion (US$1.6 billion) stamp duty loophole by targeting levy-free purchases through offshore companies. This spells bad news for Asia Pacific’s wealthy who, according to a recent report by Citi Private Bank and Knight Frank, prefer the United Kingdom as […]

The post Buyer beware! Foreign investors to face higher tax rates for UK property appeared first on Asian Private Banker.

Singapore’s government, keen to establish the city-state as the region’s preeminent wealth management hub, has turned its eyes to  precious metals – or rather the taxes surrounding the importing and supplying of investment-grade gold, silver, and platinum – abolishing taxes associated with the metals’ buying and storage. As of October 1st this year, Singapore has done away with a 7% […]

The post Singapore ‘goes for gold’ with GST exemption on precious metals appeared first on Asian Private Banker.

“Clients in the Philippines have mostly used offshore Swiss banks since the 1960s for the benefits of banking secrecy policies,” says a market head at a Hong Kong-based private bank. “But since the crackdown on the issue in recent years, both internationally and domestically, the fortress is being pulled down and clients are looking for other differentiators.” Since the election […]

The post Heard on the street: Collapse of banking secrecy sees Swiss banks fall out of favour with Philippines clients appeared first on Asian Private Banker.

Asian buyers are injecting billions of dollars into the US residential real estate market, making them the second largest group of foreign buyers in the country after Canadians, according to the National Association of Realtors, America’s largest trade association. However, private banks in Asia have been unable to cash in on this Westward exodus of capital because they are deterred […]

The post Expensive and complex US taxation deters private banks from capitalising on US property boom appeared first on Asian Private Banker.

Following German finance minister Wolfgang Schaeuble’s weekend visit to Singapore, Germany and Singapore have agreed to further strengthen their double-taxation agreement in order to meet international standards on information sharing. This comes in the wake of a German-Swiss tax treaty, signed April 2012, which itself comes into effect next year. According to a statement released by Germany’s Federal Ministry of […]

The post Singapore and Germany to cooperate on tax evasion enforcement appeared first on Asian Private Banker.

Although the city-state’s strategic commitment to becoming Asia’s wealth management hub has been lauded by many, private bankers are now beginning to fear that Singapore’s time in the spotlight could come at an unexpected cost. “It’s higher profile has made Singapore extremely wary of attracting any negative publicity,” says one managing director and head of wealth management in Singapore. “This […]

The post Will the private banking industry pay for Singapore’s higher profile? appeared first on Asian Private Banker.

US tax laws are never out of the spotlight for long and have once again made news as the US government re-thinks worldwide estate and gift taxes. US persons based domestically or abroad including most green card holders, will now have an exemption amount of US$1,000,000 on worldwide estate and gift taxes. The threshold used to be US$5,120,000. The new […]

The post US widens tax net for green card holders — again appeared first on Asian Private Banker.

Recently, concerns have risen about European assets flowing into Singapore with the intention to dodge taxes. The city-state has been flagged by German media reports which claim that Swiss private bankers are advising clients to bank in Singapore as Germany approaches the implementation of a new tax treaty which will tax assets held in Swiss accounts as well. In light […]

The post Private banks in Singapore warned against serving European tax evaders appeared first on Asian Private Banker.

Julius Baer has experienced another case of data theft with regards to clients attempting to dodge taxes in Germany. In German media reports, Boris Collardi, chief executive of Julius Baer is said to have identified the alleged thief. The allegedly stolen data is said to have landed in the hands of a North Rhine-Westaphalia tax investigator as part of a […]

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If there was any doubt regarding the seriousness of the US Treasury’s intent to mop up taxes from wealthy but errant citizens, the latest intergovernmental agreement (IGA) should conclusively put these to rest. The IGA expands on an in-principle agreement first announced by the US in February between itself and the UK, France, Germany, Italy and Spain. In June, Japan […]

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The Indian government has agreed to pardon more than 100 wealthy citizens who allegedly evaded taxes on undisclosed funds in HSBC Private Bank’s Geneva unit. Should the amnestied Indians agree to repatriate money from Geneva to pay their taxes, no criminal proceedings or penalties will be levied against them. These 100 clients are part of a list of 700 HSBC […]

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The preservation of wealth is seen as the top priority for family offices worldwide, according to a recent survey by JP Morgan Private Bank conducted to single family offices. Of those surveyed, 73% identified preserving wealth as the most crucial consideration when managing assets. 22% and 23%, respectively, saw maximizing returns and minimising taxes as the most important aspect. With […]

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85% of Asian respondents want to but more ETFs over the next 12 months, according to the second Asian ETFs Survey sponsored by Deutsche Bank ETFs. Asian ETF buyers have also become more aware of key investment considerations, such as taxation and liquidity, and are more familiar with product structures. Close to 300 institutions, intermediaries and investors from Australia, mainland […]

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