Under new anti-money laundering legislation due to become effective in Italy in 2017, all foreign trusts with tax effects in Italy shall have to be filed and registered on the Italian Register of Enterprises. They include trusts with Italian settlor, Italian beneficiaries, Italian assets, Italian source income or treated as Italian resident trust under Italian tax law.
Tag Archive for Foreign Trusts
The IRS posted FAQ’s today on the effective dates of FATCA agreements for entities that apply on or after April 1 to be withholding foreign partnerships or withholding foreign trusts.
Qualified Intermediaries: Withholding Foreign Partnerships/ Withholding Foreign Trusts
Q1. How does a Financial Institution that is not currently a Qualified Intermediary (“QI”), a Withholding Foreign Partnership (“WP”), or a Withholding Foreign Trust (“WT”) register to become one?
Q2. How do FIs that are currently QIs, WPs and WTs renew their agreements?
Q3. I am not currently a QI/WP/WT. Can I use the LB&I registration portal to register for Read more
The use of Foreign Trusts in financial planning can provide significant benefits to a client. As was discussed in Foreign Trusts and Legal Risks, (1) particularly important benefits can be derived utilizing Offshore Financial Centers whose laws are crafted to facilitate shelter from potential judgments and penal revenue assessments. But these benefits that can be so beneficial to a client also must be scrutinized for financial risks, be it credit, legal, or market risks. The ability to assert legal jurisdiction upon a Foreign Trust and the fiduciary (2) formulate an aspect of legal risk that is a part of that analysis. That legal risk embraces the implications of enforcement jurisdiction and the concept of the doctrine of comity among sovereign nations. Coupled with enforcement jurisdictional notions of one sovereign that Read more