Asian Wealth Solutions Forum 2019 - Exclusive Insights - Kevin Lee

Kevin Lee of Stephenson Harwood

Nov 13, 2019

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1. What motivates a client today to have a ‘structure’ in an IFC (International Finance Centre)? Succession planning? Diversification? Asset protection? Privacy?

Video transcript

1. What motivates a client today to have a ‘structure’ in an IFC (International Finance Centre)? Succession planning? Diversification? Asset protection? Privacy?

Our clients continue to be interested in International Financial Centres. A lot of them are trying to diversify their assets and their goals. Succession planning is a key. A lot of clients have multi-jurisdictional families now. How do they best support these families and ensure continuity in face of global issues? And the IFC they choose for their structure would be crucial to how this proceeds. Given that there are economic substance needs, and that with different tax laws applying, I think that they'll have to rethink how they use IFC's though. They cannot simply just set up a company somewhere. And so today we might actually see families moving to some of these IFC's, which could drive the move to more midshore jurisdictions.

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