Latest news with #assetprotection
Zawya
7 days ago
- Business
- Zawya
RAK ICC strengthens foundations regime with 2025 legislative enhancements
Ras Al Khaimah, UAE: Ras Al Khaimah International Corporate Centre (RAK ICC) has announced significant amendments to its Foundations Regulations 2019, which took effect on 31 July 2025. The changes represent one of the most substantial updates to the regime since its introduction, reinforcing the UAE's position as a competitive jurisdiction for wealth structuring and long-term asset protection. RAK ICC Foundations are widely recognized for their flexibility, confidentiality, and legal robustness, making them a preferred choice for high-net-worth individuals, entrepreneurs, and family offices, both within the UAE and internationally. These structures are commonly used for succession planning, family governance, and consolidating diverse assets under a single legal entity. The 2025 amendments introduce stronger legal safeguards and improved governance measures which include: Firewall Provisions – Stronger protection from foreign judgments conflicting with RAK ICC Regulations. Three-Year Statute of Limitations – Limits challenges to establishment or asset transfers to three years. Cause of Action Provisions – Creditor fraud claims are limited to the specific asset involved and only if rendering the founder insolvent. Duress and Officer Protections – Nullifies actions taken under foreign legal coercion, preserving internal governance autonomy of a foundation. Strengthened Arbitration Framework – Disputes can be resolved privately with court-level powers. Private Trustee Foundation Provisions – Clarifies asset segregation and fiduciary integrity for property held in trust by a foundation. Assets held within RAK ICC Foundation will now benefit from enhanced firewall provisions, ensuring that foreign judgments conflicting with UAE law cannot be enforced against them. A new three-year limitation period has been established for challenging the formation of a foundation or the transfer of assets into it, providing greater certainty for founders and beneficiaries. The reforms also tighten creditor protection rules by requiring proof of insolvency in fraudulent transfer claims, with liability capped at the value of the disputed asset to prevent overreach into unrelated holdings. In addition, the updated regulations address governance integrity and operational resilience. Officers of a foundation who receive foreign orders inconsistent with RAK ICC law are obligated to disregard them, thereby safeguarding the autonomy of the foundation's decision-making. The framework now explicitly confirms that assets held in trust by a foundation are legally distinct and separate from foundation property, ensuring clear asset segregation. Dispute resolution has also been strengthened, with arbitration provisions expanded to grant tribunals court-like powers, enabling disputes to be resolved efficiently, confidentially, and in line with international best practices. These changes are part of RAK ICC's broader strategy to maintain a forward-looking legal and regulatory environment that meets global standards while catering to the specific needs of its client base. They reflect the jurisdiction's commitment to supporting sophisticated wealth planning strategies that balance control, privacy, and long-term security. By enhancing its Foundations regime, RAK ICC is cementing its position in the UAE as a trusted partner for those seeking secure, adaptable, and internationally compliant solutions for wealth preservation and intergenerational planning. About RAK ICC Ras Al Khaimah International Corporate Centre (RAK ICC) is a corporate registry based in Ras Al Khaimah, United Arab Emirates. The organisation provides international business companies and foundations, typically used for private and business structuring, asset consolidation, and succession planning. To date, RAK ICC has incorporated thousands of international companies and supports multi-billion dirhams in structured assets. It serves high-net-worth individuals, entrepreneurs, and businesses seeking flexible and secure solutions for long-term business and wealth management. For media enquiries, contact us at: Email: info@ Website:
The Guardian
10-08-2025
- Business
- The Guardian
Kwasi Kwarteng to speak at event for firm that helps super-rich pay less tax
Kwasi Kwarteng, the former chancellor dismissed after 38 days following his disastrous 2022 mini-budget for Liz Truss, has been hired as a keynote speaker by an advisory firm offering services to help the super-rich pay less tax. Nomad Capitalist, which bills itself as the 'masters of international mobility', lists the second shortest-serving postwar incumbent of 11 Downing Street as one of the star attractions at its annual conference, which will take place in September in Kuala Lumpur, Malaysia. A promotional video for the event, which promises to share with delegates 'actionable strategies on taxes, second citizenships, asset protection and global investments', opens with the words: 'It's a really powerful experience to come together for an event like this all in the name of freedom.' Other speakers include Steve Wozniak, the co-founder of Apple, and the investigative journalist Glenn Greenwald. When approached by the Guardian, Kwarteng said: 'I'm just giving a talk there. I have nothing else to say,' before adding: 'I'm not an MP, I'm not an office holder, I'm a private citizen and I've been asked to speak at this thing. Make of it what you will.' The former chancellor would not reveal how much he was charging to appear in Malaysia. The event includes a programme of speakers and networking functions during a four-day gathering marketed as 'the world's number one event for global citizens'. He said: 'It's a classic kind of Guardian thing [to report on]. Multimillionaires, libertarians all that kind of stuff. It is just a private thing, someone asked me to do it and I'm doing it.' When the Reform UK party leader, Nigel Farage, spoke at last year's Nomad Capitalist conference, he declared to parliament that he had earned £40,075 for the 10-hour job. The event programme states that Kwarteng will be talking about 'the impact of global political decisions on international business and investment'. His 2022 tax-cutting mini-budget was widely criticised for triggering a financial crisis that led to emergency bond purchases by the Bank of England; it also hit the pockets of ordinary people. The group's promotional material says: 'When millionaires, digital celebrities, and successful founders seek to lower their taxes and create an international Plan B, they turn to the masters of international mobility – Nomad Capitalist. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'We specialise in legally and ethically reducing your tax rate, diversifying and safeguarding your assets, growing your passport portfolio, and maximizing freedom.' A spokesperson for Nomad Capitalist said: 'We can confirm that Kwasi Kwarteng is scheduled to speak at Nomad Capitalist Live 2025 in Kuala Lumpur this September. As with all our speakers, Mr Kwarteng has been invited to share his insights on global economic trends and the future of international mobility. 'Nomad Capitalist Live brings together a diverse group of leaders, entrepreneurs, and professionals to discuss legal, ethical strategies for global citizenship, tax efficiency, and asset protection. The event is designed to explore ideas around freedom, mobility, and global investment – not to promote any one political agenda.'
Forbes
07-08-2025
- Business
- Forbes
Choosing The Right Trustee And Why It Matters
Royce Ramey, CFA, is co-CEO of Versant Capital Management, a multifamily office in Dallas and Phoenix serving ultra-high-net-worth families. Trusts are a powerful tool for families to transfer their wealth and help achieve other financial goals, such as asset protection and privacy. But one of the most important, and often overlooked, decisions when creating a trust is choosing the right trustee. Each trust needs a trustee to make the decisions governed by the trust document. Serving as a trustee is a significant responsibility that requires time, specific skills, knowledge and dedication. Selecting a trustee well-equipped to handle these duties is one of the most important decisions the person setting up the trust—aka the grantor—can make. A trustee's responsibilities are multifaceted. As fiduciaries, trustees are charged with managing trust assets, making distributions according to the trust's terms and adhering strictly to the grantor's intent and the language in the trust agreement. Trustees must have expertise in investing, tax planning and tax return preparation, as well as the ability to understand legal documents. To the extent a trustee does not have this expertise, they can hire professionals to assist them. Throughout my career advising multigenerational families, I've seen firsthand how the selection of a trustee can either preserve or erode a family's legacy. At Versant Capital Management, I help families navigate complex estate planning decisions as part of our comprehensive family office services. Yet, too often, choosing the right trustee is an afterthought, when in reality it can profoundly shape the outcomes and dynamics of a trust for years to come. Distribution Decisions An important role of the trustee is making distribution decisions. A trustee is holding assets for the beneficiary's benefit, and he or she must distribute those assets as the trust document lays out. The trustee must interpret the trust document's provisions carefully so that distributions align with the grantor's intentions. This decision-making process can require balancing the needs of current beneficiaries with those of future generations, a task that demands fairness and foresight. Grantor's Intent The trustee's understanding of and commitment to the grantor's intent are equally important and at the heart of what it means to be a trustee. A trustee should demonstrate a deep familiarity with the grantor's values and priorities so that their decisions reflect the spirit of the trust's mission. Exercising sound discretion while remaining faithful to the grantor's wishes is a delicate balancing act that requires insight and judgment. For example, consider a situation where a trust names two beneficiaries with very different financial circumstances. A thoughtful trustee would need to understand the grantor's intent. Did they want distributions to be equal regardless of each beneficiary's needs, or did they want the trustee to consider each individual's financial situation when making distribution decisions? Interpreting and honoring that intent is a core part of the trustee's role. Relationship With Beneficiaries The relationship between the trustee and the beneficiaries is another important factor to consider. Trustees must approach this relationship with sensitivity and impartiality, building trust and addressing any conflicts that may arise. An effective trustee is skilled in conflict resolution and adept at maintaining open communication while prioritizing the trust's objectives. Balancing empathy with objectivity is key to ensuring that all beneficiaries feel their needs are considered fairly. Capacity And Responsiveness Capacity and responsiveness are additional considerations when selecting a trustee. A trustee must have the time and resources necessary to manage the trust effectively. This level of commitment includes being available to provide individualized attention to the trust's specific requirements and responding promptly to beneficiary requests, which could include emergencies or unforeseen circumstances. Trustee Options Grantors can choose from a few different types of trustees, each with distinct advantages and challenges. Individual trustees are often family members or trusted friends who bring personal knowledge of the family's dynamics and a strong alignment with the grantor's values. However, they may face challenges such as conflicts of interest, a lack of expertise in complex financial or legal matters and limited availability. Additionally, the finite lifespan of an individual trustee necessitates careful succession planning to maintain continuity. Corporate trustees, on the other hand, are professional institutions specializing in trust management. They offer a high level of objectivity, efficiency and expertise, with teams of specialists in the legal, tax and investment fields. Their unlimited lifespan eliminates concerns about succession, providing long-term stability for the trust. However, corporate trustees may lack the personal connection to family dynamics that an individual trustee might provide. Co-trustees can combine the strengths of individual and corporate trustees. By pairing an individual trustee's family insights with a corporate trustee's professional expertise, co-trustee arrangements balance understanding family relationships with ensuring effective administration. While this approach offers significant benefits, it also requires careful coordination and communication to avoid conflicts or inefficiencies between co-trustees. Questions To Ask When evaluating potential trustees, grantors should consider several key questions: • Does the trustee have experience managing trusts of similar size and complexity? • How will they handle conflicts among beneficiaries? • What steps will they take to maintain compliance with the trust's terms and the grantor's intent? • How will they manage investments and distribution decisions? • Can they dedicate sufficient time and attention to the trust's needs? • What fees will the trustee charge? Asking these questions can help you determine whether a potential trustee possesses the necessary expertise, judgment and capacity to fulfill their fiduciary responsibilities effectively. Whether appointing an individual, a corporate institution or both, grantors should weigh their options carefully. By making a thoughtful and informed choice, grantors can safeguard the trust's purpose and promote harmony among beneficiaries. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Forbes
01-07-2025
- Business
- Forbes
Reporting The Foreign Trust In Your Backyard
The US Treasury Department building is seen in Washington, DC, January 19, 2023. (Photo by SAUL LOEB ... More / AFP) (Photo by SAUL LOEB/AFP via Getty Images) Cross-border asset protection planning involves delicate balancing of ensuring that trusts are properly classified because foreign trusts carry significant and expensive reporting obligations that are generally best avoided unless the tax-efficiency and asset protection benefits outweigh the heightened tax and penalty exposure. A foreign trust, contrary to its identification, does not need to be located outside the United States. Some trusts, located domestically, can be classified as foreign trusts under the Internal Revenue Code (IRC) which creates a plethora of generally undesired and unintended consequences. In 2024, the U.S. Treasury, issued long overdue regulations on foreign trust adding additional administrative reporting requirements, burdens, and qualifications on foreign trusts, highlighting the current importance of ensuring trusts are classified correctly. Defining Domestic and Foreign Trusts The Internal Revenue Code, Sec. 7701, defines any trust other than a trust that is a United States person, such as, a domestic trust, as a foreign trust. Under Treas. Reg. Sec. 301.7701-7(a)(2). a trust is considered domestic if it satisfies both the "court test" and the 'control test.' If a trust fails to meet either of these two tests, it would be classified as a foreign trust for U.S. tax purposes. Common Pitfalls Leading to Foreign Classification Some common trust drafting language that can result in a foreign trust qualification for even a trust located in a U.S. state include: Tax Implications of Foreign Trust Classification When a trust is deemed foreign, significant reporting and compliance oblgations are triggered upon U.S. persons associated with it, including grantors, beneficiaries, and trustees: Form 3520: This Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts requires U.S. persons with an interest in the trust to report certain transactions with foreign trusts, including transfers and distributions or face penalties of $10,000 or more based on a percentage of the gross reportable amount. Form 3520-A: This Annual Information Return of Foreign Trust With a U.S. Owner require foreign trusts with U.S. owners to file this return annually or face penalties of $10,000 or more based on the gross value of the trust assets attributed to the filer. The Risks of Misclassification Of A Domestic Trust As a Foreign Trust Suppose a U.S. family establishes a trust in Nevada, appointing a U.S. trustee and grants a foreign protector the power to replace the trustee. Regardless of the trust's domestic appearance, the foreign protector's authority over substantial decisions may subject the trust to foreign trust classification for failure to meet the control test and in addition to the reporting requirements, the filer may be subject to penalties and interest for failure to file in prior years also. Tips To Maintain Domestic Trust Status The following tips may support a trust to retain its domestic classification: Misclassification of a trust that is intended to be domestic can be dire and result in significant penalties which can be especially surprising for beneficiaries who do not expect to be subject to the complex U.S. foreign trust rules. The reporting requirements and penalties especially as detailed under the regulations released in 2024 can be expensive and administratively burdensome. Seeing penalty abatement for reasonable cause can also be time-consuming and expensive so preventing the misclassification is a better course of action. Following the case law and detailed criteria for trust classification and instituting best practices can safeguard individuals' trusts' domestic status and avoid unintended tax and liability consequences.
Yahoo
29-06-2025
- Business
- Yahoo
I'm a financial planner. These are the 5 key relationships all my wealthy clients seem to have.
Most wealthy individuals rely on a team of experts for financial and legal guidance. Key relationships include financial advisors, CPAs, attorneys, life coaches, and mentors. These experts help manage complexity, protect assets, and support personal and professional growth. I've been working with high-income professionals for over a decade, as a certified public accountant and certified financial planner. During my time working with wealthy clients, one thing has become clear: they don't achieve success alone. Behind every wealthy client is a trusted team — experts they rely on to make sound decisions and stay ahead. As the saying goes, "If you want to go fast, go alone. If you want to go far, go together." In my experience, all of my wealthy clients have five key relationships. As wealth grows, so does financial complexity. That's why it is crucial to work with an advisor who offers comprehensive services and acts in your best interest—a fiduciary. One of the most important areas where my wealthy clients seek help is with their finances. By working with a financial advisor, they ensure they have a comprehensive financial plan that supports continued wealth building, protects their assets, and enables them to share their wealth meaningfully. Delegating this responsibility frees up their time and energy to focus on income-generating activities, like running a business or managing investment properties. As soon as your financial life becomes more complex, it's time to bring in a CPA. Taxes are rarely anyone's favorite subject, and as income and assets grow, so does the complexity. Most of my clients have built wealth through business ownership, real estate, or investments — all of which come with significant tax and accounting challenges. Every wealthy individual I've worked with has had a strong CPA on their team, not just for tax compliance, but to proactively plan for the future. Don't wait until tax season to realize you need one. Whether it's bookkeeping, payroll, or advanced tax planning, a knowledgeable CPA helps ensure everything is done accurately and strategically. Many high-net-worth individuals face legal challenges at some point, whether it's from a disgruntled employee, an unhappy customer, or complex business dealings. To safeguard their assets, wealthy clients often have a team of attorneys covering areas like business law, estate planning, and family matters. They've worked too hard to build their wealth to risk losing it over avoidable legal issues. Legal protection isn't just about reacting to problems—it's about proactively shielding your assets from potential threats. Even if you're not yet wealthy, it's wise to begin implementing legal protections early. Asset protection isn't just for the ultra-rich — it's a critical part of building lasting wealth. Wealthy individuals often lead complex and demanding lives—running businesses, managing investments, or frequently traveling. With so much happening, it can be difficult to stay centered, grounded, and emotionally balanced. That's where a life coach becomes invaluable. Life coaches support their clients in improving overall well-being, finding clarity, and aligning their personal and professional goals. Whether it's navigating life transitions, managing stress, or seeking greater fulfillment, a life coach helps high-achieving individuals live with intention and purpose. Most wealthy individuals have trusted advisors in their corner — people they can count on for strategic advice and direction. Just as important, many of these individuals also give back by mentoring others. As they climb the ladder of success, they recognize the importance of investing in the next generation, understanding they didn't get to where they are alone. Mentorship becomes a way to carry the torch and uplift others on their journey. Jovan Johnson, CPA and CFP, is the co-owner of Piece of Wealth Planning and specializes in strategic tax planning, personal financial planning, and small business accounting. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
