Philippines Dep. of Finance Says Wealth Tax Plan Would Be Self-Defeating

By Mary Swire,
Photo: on Unsplash
The Philippines Department of Finance (DOF) has issued a statement warning against introducing a new tax on the super wealthy.

The statement refers to a proposal to impose a tax on the "super-rich", those with assets in excess of PHP 1 billion ($ 19 million). The DOF said the bill would encourage aggressive tax avoidance schemes and drive capital and investment out of the Philippines.

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Hong Kong new re-domiciliation mechanism for investment funds

By Cathy Chan - LC Lawyers LLP
Image by Arnie Chou - Pexels

A new Bill allowing private investment funds to be established in Hong Kong in the form of limited partnership funds (the “LPFs”), demonstrates the determination of the Hong Kong government to develop Hong Kong as a major fund domicile by strengthening and simplifying Hong Kong’s new fund vehicles’ regime, and potentially to encourage more offshore funds to go “onshore”.

It is also clear that lawmakers are looking to strike a balance between sufficient regulatory oversight and efficiency of fund re-domiciliation.

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Two options
for Citizenship
by Investment
in Granada

Located in the southeastern part of the Caribbean Sea and belonging to the Commonwealth, Grenada is one of the nations that offers foreign executives an attractive citizenship-by-investment program.

A Grenadian passport gives you the possibility to visit, without visa requirements, 140 nations, including the group of Schengen countries in Europe, the United Kingdom, and in particular Hong Kong and China. Since the country has an E-2 treaty with the United States, investors and their families also have the option of obtaining residency in the United States within a period of one year through the purchase or creation of a business.

There are two investment options that qualify for applying for the Grenada Citizenship Program: a contribution to a government fund or an investment in a pre-approved real estate project.

The National Transformation Fund (NTF) focuses on the development of the Grenadian economy through investment in key industries. The application requires a non-refundable contribution of USD 150,000 for a single applicant or USD 200,000 for a family of up to 4 members.

The other option is the purchase of a property, which must be part of a project previously approved by the government. The minimum purchase value is $ 350,000. When you buy a good, you could sell it later to get the money invested.

In addition to the aforementioned amounts, for any investment option you must consider the Government fee of USD 50,000 for a family of 4, the Processing fee of USD 1,500 per person of legal age and the Application fee also of 1,500 USD.

To know in detail the required documentation, as well as the additional benefits, both for this and for other second passport programs, contact your experts in residency and citizenship:
Globo Consulting.
Money Laundering,
How to protect our companies?
It becomes imperative for companies in the financial services area to carry out due diligence in relation to their customers (KYC, Know the customer). Knowing who the customer is is not just a convenience, it is an obligation.
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