Private Banking Insights

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Welcome to the new Private Banking Insight video series from Baker McKenzie Link. Below you will find a series of short videos providing a snapshot of latest developments in Private Banking, from the authors of our Private Banking online resource, in a range of jurisdictions. Follow us on LinkedIn to find out when the latest video is loaded and to learn more about other Link developments or contact us for your free trial access to the Private Banking Resource.

Featured Insights

Panama - Private Registry System for Beneficial Owners of Entities

Author/s: Carlos Ucar

This video discusses Law 1.29 from 2020, under which information about the final beneficial owners of Panamanian Corporate Entities will be maintained in a restricted access, private, and secure database.

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Belgium

The Belgian Cayman Tax: a quick update.

Author/s: Julie Permeke and Marie Krug

The Belgian Cayman Tax could be considered a type of controlled foreign corporation regulation, providing that certain offshore entities will be tax-transparent in Belgium. This video explains the possible implications of the Belgian Cayman Tax, including the structures targeted, blacklist entities, and that Belgian investors should take this tax into account regarding their foreign investments.

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Finland

Tax Deferral on Unit-Linked Product Withdrawals – Prepare for Change?

Author/s: Henri Heikkonen

The Finnish government published a proposal in 2018 on amendments to Finnish life insurance and capitalization bond taxation. According to the proposal, withdrawals from life insurances or capitalization bonds would be taxed in proportion to the capital and income in the insurance/bond.

India

Reduction in the Tax Rates of Domestic Companies

Author/s: Anushka Arora

This video briefly explains the new tax rates in India for certain domestic companies. Under the Income-tax Act, tax rates have been reduced for certain companies, and an exemption provided from the Minimum Alternate Tax (MAT) for the companies taxed at the new reduced rates.

Russia

Currency Control Regulations: Reporting Requirements on Brokerage Accounts

Author/s: Sergei Zhestkov

From January 1, 2020, under the Russian currency control law, there are essentially two reporting requirements applicable to brokerage accounts: (i) annual cash flow reporting (due by June 1 each year, with the first reporting due by June 1, 2021 for calendar year 2020); and (ii) a one-time notification within one month of opening, closing, or change of the ‘requisites’ ofa foreign brokerage account. This video explains the new rules, and how they may affect you.

Taiwan

Same-Sex Marriage

Author/s: Daniel Chou and Nancy Huang

Taiwan made history in 2019, in becoming the first country in Asia to permit same-sex marriage. The first same-sex marriages in Taiwan took place in May, 2019.

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Private Banking Resource

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