South East Asia in focus BLP s Private Client practice

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1 South East Asia in focus BLP s Private Client practice

2 Berwin Leighton Paisner LLP The protection and governance of personal and business wealth is a major concern for many high net worth individuals and their families, particularly at a time of uncertainty. A well designed wealth structure provides a means of sharing, managing and maintaining a family s wealth, protecting it for future generations. We can help. We are excited about the growth of the wealth management industry in Singapore. The local market is attracting assets and people from all around the world - it is a pivotal time to be in South East Asia. Nisha Chadha Senior Associate Introduction Our Private Client practice in Singapore is part of BLP s wider tax team and a key part of one of London s largest private client groups. We advise on a vast breadth of tax and trusts issues facing private clients, family offices, trustees and banks, and are committed to our clients and their advisers in South East Asia. Asia Pacific is one of the fastest growing and most important regions in terms of high net worth population. Serving the sophisticated and diverse international needs of wealthy clients, in particular families, remains of key importance. We provide high quality international estate structuring and tax advisory services for which the team in London is well known - this is essential at a time when international clients are seeking strong, stable, asset holding structures and are facing ever more complex challenges from increasingly assertive tax authorities around the world. Nisha Chadha Senior Associate nisha.chadha@blplaw.com WINNER Private Client Team of the Year WINNER PRIVATE CLIENT TEAM OF THE YEAR South East Asia in focus /01

3 Capabilities Capabilities Capabilities We have over 60 years experience of advising private clients. Many original client families are still with us three and four generations down the line. Understanding the needs of creators and owners of wealth The key concern for many high net worth families is to protect their family s wealth for future generations and achieve the continuance of their family businesses, wherever they may be located across the world. Integrated advice beyond personal tax and trust matters Our Singapore team works seamlessly with our corporate commercial and corporate tax colleagues and those in our real estate and financial services and regulatory teams across all our international offices, to cover the widest spectrum of legal needs. Advising trustees/fiduciaries Trustees and fiduciaries are faced with constantly changing tax and regulatory rules. As well as providing advice on all aspects of the on-going management of trusts and foundations we conduct tax and trusts audits to check existing structures remain tax efficient and continue to fulfil the family s needs. We also assist trustees and fiduciaries to comply with their tax and regulatory obligations. Dispute resolution and voluntary disclosure The transfer of wealth between generations and the management of family wealth can give rise to disputes even in the most cohesive family. We act in complex multi-jurisdictional trust and succession disputes, working with families, trustees and beneficiaries to find long-term solutions and manage on-going risks. We also help individuals deal with tax authority investigations into their personal or business affairs, and advise individuals who wish to regularise their tax affairs through voluntary disclosure. Structuring philanthropic giving We design philanthropic structures which allow families to coordinate their international charitable giving, including charities, charitable foundations and purpose trusts. Integrated advice beyond personal tax and trust matters Advising trustees/ fiduciaries Dispute resolution and voluntary disclosure Understanding the needs of creators and owners of wealth Structuring philanthropic giving HOW WE CAN HELP Tax planning Governance structures Structure creation for multi-domiciled families Private and institutional investment structures Succession Tax planning Wealthy individuals, families and institutional clients require advice on a broad range of UK and international tax issues. We advise on the taxation of individuals, trusts, foundations, partnerships and other asset holding vehicles. Structure creation for multi-domiciled families Family members often live in different countries. We ensure that the governance structures we design provide the opportunity for targeted tax planning and are flexible enough to react to changes in the family and in local tax and succession rules. Cross-border advice has to be first class and address the complex conflicts of law issues, including international treaties, which arise. Private and institutional investment structures Our team has long experience of advising on the design and establishment of private collective investment structures for high net worth international families and of advising wealth management institutions on the development of investment products for particular investor markets. Succession Wills for clients with international assets, and heirs in multiple jurisdictions, need to be drafted taking local succession rules and inheritance and estate taxes into consideration. We link our years of experience of drafting Wills of this nature with our advice on all aspects of probate and estate administration for local and cross-border estates. Governance structures Every family is unique. We get to know a family and its philosophy, values and objectives in order to design the right governance structure. Our governance structures range from contractual or simple trust and company arrangements through to the more complex involving any number of different vehicles, depending on the needs of the family. 02/ South East Asia in focus South East Asia in focus /03

4 Recent work examples Recent work examples RECENT WORK EXAMPLES The breadth of our expertise and experience enables us to provide clients with seamless advice on all the issues that concern their personal and business affairs. Ultra high net worth individual Advising an UHNW individual on international succession planning, including drafting Wills to deal with assets in multiple jurisdictions and advising on complex succession issues such as forced heirship, community of property rules and the validity of choice of law provisions determining which law will govern the succession to the individual s estate. International charitable giving Advising on the establishment of a philanthropic structure through which the family will co-ordinate its international charitable giving. Cross-border estates Advising on a multi-jurisdictional estate comprising assets subject to forced heirship, including advising on conflict of law issues as to the domicile of the deceased at the time of his death and a potential dispute. Advising on the variation of a beneficiary s interest under a Will to create a trust to benefit future generations. Ultra high net worth family Designing and advising on the setting up of a dynastic structure to govern the control of and succession to a multi-billion dollar family owned trading group. The structure had to deal with governance, succession, division of interests and profits and the investment policy, as well as some general guidelines for the family. The instruction was to build a truly dynastic structure to last in perpetuity. BLP has achieved thoroughbred status amongst private client law practices. Non-UK domiciled individual Advising on the UK domicile rules, including preparing a detailed domicile statement on the structuring of investment in UK real estate. Governance structure Designing and establishing a governance structure to hold the family s business interests and personal assets, to adhere with Shari a succession and investment rules. The structure comprises private trust companies, trusts for individual family members and a family office. The ultimate governance entity in the structure is a foundation. Director, Trust Company Family office Advising a family office on the management of the family s portfolio of trusts and foundations. We also advised on the private financial affairs of a number of the family members. This included advice on a project to harmonise the operation of the trusts, and amending the trusts to provide for a protector. Voluntary disclosure We have, and continue to, act for a number of HNW individuals and have assisted their advisors in relation to the regularisation of their UK tax affairs under the Lichtenstein Disclosure Facility (LDF) or through voluntary disclosure outside the LDF. We are dealing with cases worth (collectively) approaching 2 billion, including cases involving complex issues relating to estates, assets held in trusts, foundations, and other asset holding vehicles. [The] team at BLP has first-class technical expertise. It advises on high-value and multi-jurisdictional trust, tax, asset protection and succession matters, including shari ah law issues, and has an impressive list of institutional wealth management clients. Trustees of offshore trust Advising the trustees who are defending a claim from a beneficiary in relation to the administration of the trust. Legal 500, / South East Asia in focus South East Asia in focus /05

5 Our Singapore office At a glance Our Singapore office Established in 2007, BLP Singapore has continued to invest in bringing the best legal talent to our clients and the office has a team of over 20 lawyers. BLP Singapore offers clients top quality legal services focusing on: Corporate foreign direct investment, joint ventures, mergers and acquisitions, private equity and corporate and commercial law. Finance full range of international and domestic financing techniques including secured and unsecured lending, asset and project finance and leveraged finance. Projects transactional support on infrastructure and other projects in the power, energy and natural resources sector. International Arbitration counsel in disputes involving a variety of jurisdictions, seats and applicable laws. Private Client vast breadth of UK and international tax and trusts issues facing private clients, family offices, trustees and banks. Regional scope Our clients can rely on the highest quality legal advice from a team which brings well in excess of 100 years of combined expertise. We have qualified lawyers from England, Australia, New Zealand, Singapore and Indonesia with experience in more than 20 jurisdictions. We have also launched an office in Hong Kong for the purposes of serving clients in the Greater China region. Every member of this team is personally committed to helping clients locally and throughout the world to achieve their objectives in Asia and beyond. At a glance Some key statistics that set the scene 70 areas of the law BLP is number ranked in >100 YEARS of years our lawyers have collectively spent in APAC Worldwide support BLP is able to service your legal needs globally, as we have done for many of our clients. In the last two years, we have handled clients interests in 130 different jurisdictions. More than one-third of our business has an international dimension. A peer comments that the team is wonderful to work with; the lawyers are contemplative, do their homework and really focus. Chambers, of11 8 we ve done work in 8 of the top 10 Asian economies International offices 12 of the world s major banks have appointed BLP 5 times winner of Law Firm of the Year awards in 8 years 130 with clients or work in over 130 countries, you will get the expertise they need 06/ South East Asia in focus South East Asia in focus /07

6 Awards Private Client Team of the Year The Lawyer Awards, 2012 Private Client Team of the Year Legal Business Awards, 2012 Shortlisted for Law Firm of the Year - Citywealth Magic Circle Awards, 2012 UK Law Firm of the Year Legal Week, 2010 UK Law Firm of the Year The Lawyer, 2010 International Office of the Year Goltsblat BLP, Moscow Legal Business, 2010 Client Service Award Financial Times Innovative Lawyers Awards, 2010 Best Tax Team in a Law Firm LexisNexis Taxation Awards, 2009 FT Innovative Lawyers Award for Client Service Lawyers on Demand Financial Times, 2008 UK Law Firm of the Year Chambers Europe, 2008 About BLP Today s world demands clear, pragmatic legal advice that is grounded in commercial objectives. Our clients benefit not just from our excellence in technical quality, but also from our close understanding of the business realities and imperatives that they face. Our achievements for clients are made possible by brilliant people. Prized for their legal talent and commercial focus, BLP lawyers are renowned for being personally committed to clients success. Our approach has seen us win five Law Firm of the Year awards and three FT Innovative Lawyer awards. With experience in over 70 legal disciplines and 130 countries, you will get the expertise, business insight and value-added thinking you need, wherever you need it. Expertise Commercial Competition, EU and Trade Construction Corporate Finance Dispute Resolution Employment, Pensions and Incentives Finance Funds and Financial Services Intellectual Property Private Client Projects Real Estate Regulatory and Compliance Restructuring and Insolvency Tax

7 Getting in touch When you need a practical legal solution for your next business opportunity or challenge, please get in touch. Singapore 9 Raffles Place #24-01 Republic Plaza Singapore Simon Phelps T: simon.phelps@blplaw.com Nisha Chadha T: nisha.chadha@blplaw.com Clients and work in 130 countries, delivered via offices in: Abu Dhabi, Beijing, Berlin, Brussels, Dubai, Frankfurt, Hong Kong, London, Moscow, Paris and Singapore