25.02.21, Bosco Online Workshop “Banking, Asset Protection, Investments”

On February 25, Bosco Online Workshop “Banking, Asset Protection, Investments” was held, where international experts and more than 200 listeners from 40 countries participated in.

The following topics were discussed at the conference:

How U.S. Citizens can Benefit from Offshore Bank Accounts. - Jamie Vrijhof-Droese, Managing Partner at WHVP Ltd.;

Opportunities offered by the Peace Agreement between the UAE and Israel. - Urs Stirnimann, Founder of Swiss ILC Services DMCC;

Tax structuring and asset protection for HNWI: New trends in Switzerland and Liechtenstein. - Alexander Yudovich, Head of Russian & CIS Desk at Rechtsanwälte Lennert Partners AG. 

Jamie Vrijhof-Droese, Managing Partner at WHVP Ltd., spoke about how US citizens can profit from offshore bank accounts.

According to the Speaker, Switzerland is the №2 financial center in Europe. In the world, Zurich is number 10 and Geneva is number 14.

Jamie also talked about the benefits of offshore bank accounts:

- international diversification of assets;

- finance in a protected financial jurisdiction;

- an additional level of asset protection and increased confidentiality;

- protection from the influence of the national currency.

Benefits of working with offshore accounts:

- extensive experience and specialization in American clients;

- personalized service and long-term relationships;

- independence with zero conflict of interest.

The Speaker also shared information about the process of creating an offshore bank account:

Training:

- Research;

- Due diligence.

Analysis:

Discussion of issues.

Clarification:

- Determination of needs;

- Choice of services, bank and account type.

Beginning of work:

- Preparation of documents;

- Opening a bank account;

- Refill.

How to Choose a Wealth Management Consultant? Here are some questions that help you to decide:

Which governing body regulates your organization?

What are your academic and professional skills?

What is your commission?

How would you invest my funds?

How often do you communicate with your clients?

How quickly can I close my account and get my investment back?

Jamie also offered services to WHVP, which specializes in asset management related to several top-notch private banks in Switzerland and Austria, such as Bank Winter, Kaiser Partner, Vontobel and WIener Privatbank.

Urs Stirnimann, Founder of Swiss ILC Services DMCC, spoke about the possibilities of a peace agreement between the UAE and Israel.

New opportunities have opened up for business:

• transnational corporations had offices (representative offices) in two countries, and now they can be merged;
• many will include Israel in their regional headquarters in Dubai;
• many Israelis speak Arabic;
• both countries are leading the way in financial technology, blockchain and crypto technology.

The agreement also had a positive impact on real estate and living conditions:

• huge opportunities in real estate in the UAE;
• very low prices;
• beaches similar to Tel Aviv, Eilat, but real estate prices are 3 times lower;
• easy and affordable to use the services of nannies, drivers, cooks, nurses.

Tax situation:

• no tax (except VAT 5%);
• the UAE has signed over 90 tax treaties (Israel will be next);
• UAE foundations are also ideal for Israelis.

Alexander Yudovich, Head of Russian & CIS Desk at Rechtsanwälte Lennert Partners AG, spoke about tax structuring and asset protection for HNWIs using the example of Switzerland and Liechtenstein.

Alexander spoke about the creation of offshore accounts in Switzerland and Liechtenstein:

Switzerland advantages:

1. Some of the best company laws in the world.
2. Already existing jurisprudence;
3. Share capital of AG from CHF 100,000;
4. Cantons with low taxes.

Liechtenstein advantages:

1. Single market with Switzerland (Swiss francs, customs union, etc.);
2. Case law CH and AT;
3. Share capital of AG from CHF 50,000;
4. Income tax 12.5%, VAT - 7.7% (the same with CH);
5. Member of the EAEU (free entry to the EU market).

Alexander also spoke about the CFC consequences and CRS reporting when reclassifying active companies into passive ones:

Does not apply to individual and company accounts that are only used for asset management. The new version of § 165 of the Criminal Law LI, from 1 July 2019, the use of active (services, production, trade, etc.) companies without a physical presence will be limited, considered as a means of tax savings and therefore potentially classified as tax fraud.

Consequently, such bank transfer companies must document:

- their physical content in the place of effective management: the presence of a sufficient number of qualified employees;

- availability of adequate office/storage space with appropriate infrastructure;

- availability of reasonable costs for the company’s activities.

This can be achieved by submitting employment contracts, leases, utility bills and/or financial statements showing payroll/insurance/rent costs.

More detailed information about the event is available by the link:

https://bosco-conference.com/en/archive-2021/bosco-online-workshop-25-february-2021

Video recordings of the conference and other events are available on our YouTube channel:

https://www.youtube.com/channel/UC5rGKWFFr7HXqFRrKS-7CKA

Register for our next events and stay tuned!