As Britain faces political shifts, many of the nation’s wealthiest, like Nigerian-Lebanese entrepreneur Bassim Haidar, are exploring exit strategies due to proposed changes in tax regulations. The Labour Party’s recent electoral victory and its plans to abolish favorable tax conditions for non-domiciled residents (non-doms) have heightened worries among the affluent
With looming tax law changes regardless of the upcoming election outcomes, the ultra-wealthy are revisiting a reliable strategy in financial planning—Private Placement Life Insurance (PPLI). Known for its substantial tax benefits and customization options, PPLI allows policyholders to invest in a diverse range of assets like private equity, hedge funds,
Starting June 20, Detroit will offer its residents free will and estate planning services as part of a city-wide effort to help maintain generational wealth. Detroit City Councilman Scott Benson from District 3 spearheaded this initiative after discovering significant issues affecting the transfer of property titles within families. In Detroit,
In a significant move to simplify the tax payment process for cross-border investments within the European Union, new rule changes were approved on Tuesday aimed at enhancing the efficiency of the bloc’s capital markets. The European Council announced that these changes are specifically designed to alleviate issues surrounding “withholding” or
The Tax Cuts and Jobs Act of 2017, which was initially hailed as a transformative reform for the U.S. tax code, has not lived up to its promise of spurring investment, job creation, and economic growth. Instead, it has paved the way for widespread corporate tax avoidance, turning what were
Author: Virtuzone As 94% of companies in the UAE are small and medium-sized businesses, market analysts expect the milestone corporate tax law to bring a wave of changes that significantly impact start-ups, microbusinesses, and SMEs in the country. The UAE introduced the corporate tax in June 2023 as part of
The UK government is set to abolish the “non-domicile” (non-dom) tax status, affecting approximately 68,000 ultra-wealthy foreign residents. This significant change, announced by Chancellor Jeremy Hunt in the Spring Budget on March 6, aims to generate an additional £9 billion (S$15.4 billion) in revenue. This boost is intended to help
In a significant move aimed at enhancing national security, the U.S. government, led by President Biden, has initiated steps to curb foreign access to sensitive personal and government-related data. On February 28, 2024, President Biden signed an Executive Order, accompanied by a detailed fact sheet, that outlines new restrictions targeting
The head of Hong Kong’s Securities and Futures Commission (SFC), Tim Lui, has proposed significant adjustments to the Stock Connect program to increase stock market turnover and enhance investor sentiment. At the National People’s Congress (NPC) in Beijing, Lui suggested reducing the minimum asset requirement for mainland Chinese traders participating
The new year ushers in significant adjustments to the federal gift, estate, and generation-skipping transfer (GST) tax rules, reflecting inflation adjustments that substantially increase exemption amounts. These changes are crucial for individuals and families to understand as they reassess their estate and gifting strategies to maximize tax benefits. For 2024,
