On 18 January 2016 Hong Kong signed a double taxation agreement (DTA) with Russia. This agreement comes shortly after Hong Kong concluded a DTA with Romania in November 2015, which is also on the ‘Belt and Road’ route, and brings the number of DTAs in Hong Kong to thirty-four.
Professor Chan, Secretary for Financial Services and the Treasury within the Hong Kong government, said, ‘The agreement will bolster the economic and trade connections between the two places. It will also offer added incentives for companies in Russia to do business or invest in Hong Kong, and vice versa.’
The DTA will come into force following ratification procedures on both sides. If these can be concluded in 2016, the DTA will be effective from 1 April 2017 in...
Vistra Hong Kong has been awarded 'Trust Company of the Year - Hong Kong' at the Citywealth IFC Awards 2016.
Now in their fifth year, the Citywealth International Financial Centre Awards were established to highlight the excellence of the advisers and managers in the private wealth sector in the major international financial centres.
Vistra Hong Kong were shortlisted along with four other firms: Bentley Reid, Equiom, Nerine and TMF.
The awards were judged by an international panel of highly respected practitioners from all sectors with experience of working with advisers in all the jurisdictions covered.
The winners were announced on Thursday evening at a gala awards dinner in London where David Rudge and David...
A European Company (also known as a ‘Societas Europaea’ or ‘SE’) is a modern corporate vehicle for conducting commercial activity in Europe and beyond.
SEs are primarily regulated by the EU, although national laws may apply if the SE is formed by way of a joint venture between two Member State companies.
SEs are becoming increasingly popular across Europe due to the many benefits they offer businesses. These include the following:
An SE’s registered office may be moved to another EU Member State without the need to liquidate the company.
An SE can be established in any EU Member State (subject to certain criteria), enabling a business to choose the most suitable tax and legal system within the EU.
Operating via an SE may...
Founded in 1999, Zürich-based family office and consulting company, globalOne ag, specialises in providing a wide range of fiduciary and family office services for clients mainly based in Asia.
The globalOne team, led by Bruno Sidler, will join the Vistra Zürich office to boost their existing private client services.
Commenting on the acquisition, Sascha Züger, Managing Director of Vistra Zürich, said, “We are delighted to welcome Bruno, globalOne colleagues and their clients to Vistra. We look forward to mutually building a successful collaboration in which Vistra’s global network and extensive services can complement globalOne’s expertise and experience, particularly in the Asian market”...
'Substance' is a widely known tax concept, often used in cross-border tax situations. Although the word 'substance' does not normally appear in the text of tax treaties, it is a key theme in international structures and tax planning. Various tax authorities and courts around the world are attacking structures which lack substance.
Since the Organisation for Economic Co-operation and Development (OECD) presented its action plan on base erosion and profit shifting (BEPS), the importance of substance has significantly increased. The ultimate goal of the BEPS initiative is to prevent the granting of double tax treaty benefits where international corporate structures are set up for the sole purpose of accessing those benefits.
If a structure...