South African resident clients today can internationalise their wealth through specific exchange control concessions, meaning such individuals can apply for an annual allowance of ZAR10m per calendar year, a far greater and more flexible scenario than was the case some years back. With the right advice and support from their trustee, or independent advisor, theyRead More
Must Read: How the 2021 tax law amendment will affect South African emigration and retirement funds.
Access to South African retirement funds will become a factor of tax residency instead of exchange control residency. TAKEAWAY: A client planning to emigrate from South Africa should cash-out their current pension fund if they want to access the funds within three years of leaving the country; if your client has been living abroad for more than threeRead More
The Big Debate: Are trusts required by SA law to pay interest on any outstanding loans to SA lenders?
We have seen much confusion on this important topic and here we hope to provide some simple answers to help you navigate this question. TAKEAWAY: A popular way of financing a trust from South Africa is to sell assets to the trust and leave the consideration outstanding as a loan, or to loan funds to theRead More
Hatstone Lawyers in Jersey has advised the Bank of London and The Middle East plc (BLME) on the Jersey aspects of its successful Sharia’a compliant refinance of a £6 million London property for a high net-worth private client, alongside Druces’ London property and corporate teams, led by Partner, Gemma Wright, and Senior Associate, Claire Rigby. Bella Ward,Read More
Hatstone is delighted to announce that it has appointed Robert Rakison as Senior International Counsel, with effect from 1 August 2020. Robert’s primary affiliation will be our Jersey office, though he will continue to work from London. Senior Group Partner, Simon Vivian, and Robert Rakison have known each other for many years – Simon becameRead More
Law No. 129, which deals with the establishment and regulation of a beneficial owner register, was approved in Panama on 17 March 2020 and became law on 20 March 2020. In summary, the new Law requires a resident agent to file certain information in relation to the ultimate beneficial owner (the “UBO”) at the SuperintendenceRead More
Bill No. 169 (the “Bill”), which deals with the establishment and regulation of a beneficial owner register, has been approved by the Panamanian National Assembly. The Bill will become law once executed by the Panamanian President and published in the Panamanian Official Gazette. The Bill requires resident agents to file relevant information, such as detailsRead More
Hatstone is pleased to announce the appointment to Group Partner of Bella Ward, who will be based in the Hatstone’s Jersey office. Bella specialises in banking, finance, corporate, commercial and real estate transactions. She has a significant practice leading cross-border corporate, banking and capital markets transactions. Prior to joining Hatstone, Bella worked in the banking and finance and corporate departments of twoRead More
Hatstone has in the last six months promoted four of its lawyers in South Africa. Dr Erin Nel, who is an international trust and compliance specialist, was promoted to Senior Associate. Her role entails dealing with regulatory and trust-related matters, drafting corporate agreements and documents, wealth management, as well as supporting the Hatstone Group with local and internationalRead More
Hatstone’s Jersey office is delighted to announce the promotion of one of its lawyers. Private client specialist Michael Shenkin has been promoted to Of Counsel. Michael advises trustees, beneficiaries, family offices and private individuals on the establishment, maintenance, administration and governance of their structures and in relation to personal matters, both contentious and non-contentious. Simon Vivian, Group Partner atRead More