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Wealth planning and offshore trust structures
Choosing the Right Offshore Jurisdiction Wealth and estate planning that make use of so-called offshore trust structures are popular. Such structures are useful for many reasons, including to support individuals and families who are seeking a change in residency, and to offer longevity, predictability and security that is not always available in one’s home country. They can more readily adapt to beneficiaries in different and changing jurisdictions, and in the right circumstances they can offer tax efficiencies. If you have determined that an offshore structure is right for you, you will find that there are many offshore jurisdictions that could potentially be suitable for your needs. This inBrief looks at how to go about evaluating and selecting the right jurisdiction for your...
Tax-Driven Changes in Residency for Canadians
Tax-Driven Changes in Residency for Canadians For those with sufficient assets, tax-driven relocations and changes in residency have become commonplace. They began to occur in earnest in the 1990s and have increased in popularity ever since. In the past 1-2 years in particular, the popularity of residency changes for tax reasons has seen a marked rise. This has been driven by several factors, which include: the steady reduction in other viable international tax planning strategies as the OECD continues to press aggressive reform, more mobile lifestyles brought about by COVID-19, and the expectation of an increased tax burden especially for the wealthy (also brought about by COVID-19, at least in part). In short, more people have begun to enjoy more mobility, and the comparative tax...
Family Business Succession in Austria
The Importance of Family Businesses We all know the topic from numerous books, movies and TV series. Thomas Mann's “Buddenbrooks”, HBO's “Succession” or books about real business families such as the Krupps or Henkel - the rise and sometimes also the fall of these families, their companies and the personal fates associated with them fascinate and move a large number of people. Whereas some publications just serve the peoples sensationalism (Thomas Mann excluded) the real part of the fascination with family businesses lies in the fact that they are actually an essential part of many people's lives. Family businesses are part of families. Around 1.9 million people in Austria are employed in family businesses. The owner family usually has a decisive influence on both social and political...
