March 28, 2023

Bittersweet Christmas in Spain – Beckham Regime 2.0 and Solidarity Tax

March 28, 2023/ Ruchelman P.L.L.C.

Last year, Christmas in Spain brought with it good news for some individuals and bad news for others. Regarding the good news, the Beckham Regime was improved as was the start-up ecosystem regime for entrepreneurs. Regarding the bad news, Spain adopted a second wealth tax to soak up wealth tax that appropriately went unpaid where certain regions provided relief for assets situated in the local region. Spanish residents that previously paid no Wealth tax will be subject to the Solidarity tax. Luis J. Durá Garcia, the Managing Partner of Durá Tax & Legal, Madrid and Valencia, tells all.

January 30, 2023

Swiss Lump Sum Tax Regime – Based on Annual Expenditures

January 30, 2023/ Ruchelman P.L.L.C.

Switzerland can be an attractive country of residence for foreign nationals not pursuing an economic activity in Switzerland. Besides the ordinary income and wealth tax regime, Switzerland provides advantageous tax regimes for expatriates and for high-net-worth individuals. Lump sum tax regimes are based on rulings obtained from Cantonal tax authorities, and the tax base and tax rates vary among the Cantons. Aliasghar Kanani, a Partner of LE/AX Law Firm, Geneva, explains the rules that apply to income, wealth, and inheritance taxes and the advance planning that can prove helpful.

September 27, 2021

Planning for Nonresident Investment in French Real Estate – The Choice of Company Matters

September 27, 2021/ Ruchelman P.L.L.C.

Among wealthy Europeans, it is common for those who are not French to own a secondary residence in France, and to do so through a company. Two recurring questions are posed to a French tax adviser representing a non-French client. Should the company be French or foreign? Should the company be subject to corporate tax or not? Sophie Borenstein, a Partner in the Paris office of Klein Wenner explains the variables that must be considered when providing answers. Some work in one set of circumstances and others work in other circumstances. Good advice must be tailored to the anticipated use of the property.

January 24, 2021

French Treatment of Foreign Trusts

January 24, 2021/ Ruchelman P.L.L.C.

The French Trust Register was introduced in December 2013 by a law enacted to stop tax fraud and serious economic and financial crimes. In October 2016, the French Constitutional Court ruled that public access to the Trust Register was unconstitutional. In the period since that decision, French authorities have issued two rulings allowing a broad class of persons to gain access to trust data. including tax officers, customs officials, professionals having compliance duties to combat money laundering and terrorist financing, journalists, and N.G.O.’s. Dimitar Hadjiveltchev, Partner, Adea Meidani, Counsel, and Loïc Soubeyran-Viotto, Associate, all of CMS Francis Lefebvre Avocats in Paris, address recent events regarding French tax treatment of foreign trusts and beneficiaries. They begin with the trust register – who must report, what must be reported and who have access – and move on to explain the myriad of taxes that may be imposed on trusts, settlors, and beneficiaries including income tax on distributions, inheritance and gift taxes, and real estate wealth tax.

March 29, 2019

Democrats Turn to Tax Reform to Reduce Wealth Disparity

March 29, 2019/ Ruchelman P.L.L.C.

The U.S. Federal deficit is expected to reach $1 trillion in 2019. Meanwhile, a hedge fund billionaire recently purchased a New York City condominium for $238 million, and it is estimated that the top 0.1% possess almost the same amount of wealth as the bottom 90% of all households. Clearly there are wealth disparities and funding needs in U.S. When it comes to tax policy, Democrats have traditionally focused on tax relief, including a negative income tax, for poor and working-class families. Several recent pronouncements and extensive press coverage indicate a new approach, designed to tax the wealthiest individuals at significant rates of tax. Nina Krauthamer explains how current Democratic Party policy makers are planning to even out the distribution of wealth.

March 15, 2015

India Announces Ambitious Budget for 2015-16

March 15, 2015/ Web Admin

The Indian Finance Minister presented the Budget for 2015-16 and the Finance Bill, 2015 in Parliament on February 28, 2015. The budget statement is indicative that the Indian Government is making a sincere attempt to establish a non-adversarial, stable, certain, and simplified tax regime, conducive to encouraging investment, including foreign investment. Guest contributor Jairaj Purandare of JPM Avisors Pvt Ltd, in Mumbai, India, provides a comprehensive assessment of the provisions, including policy announcements and proposed amendments to the tax law.