3 4


ESTATE AND TAX PLANNING FOR ASIAN FAMILIES AND THEIR BUSINESSES [ JOE FIELD ]


I think it is important to underscore the fact that in the Islamic communities – and when you look at Pakistan, Indonesia, Malaysia, the vast majority of the population is Islamic – increasingly, the role of Shari’a law and Shari’a dispositions of assets are becoming the norm rather than the exception. Quite often people will come and see you and say, “Well, canwe set up a structure in some other country? Will that solve our problems?” The answer is a very definite, “Maybe”. If you have the patriarch setting up a trust for family assets, the question you have to ask yourself is, “Was he the legal owner of the property? Did he have the legal right to create the structure that he did?” Who owns the property may change at the moment of death, and there are mandatorily dispositions of property in both the civil law and Shari’a. While it may be relatively easy to circumnavigate these problems, they have to be confronted in advance.


FROM THE LONDON CONFERENCE, JUNE 2016


ACCESS TO EUROPE VIA MALTA AND OTHER ROUTES [ PETER KRUMMENACHER ]


The Maltese want to attract talent – people who contribute to the country.


There are several European passport programme possibilities nowadays – in Malta or Cyprus, and options in Austria, Slovakia and Bulgaria. The most modern, the most successful passport programme, is the one Malta introduced in April 2014. Malta is a small island between Italy and Africa. It is very small – only 300 square kilometres. If you fly in by aeroplane you are able to viewthe whole island. It is a small, pleasant, attractive country. Typically, our clients who go for Malta acquire Maltese citizenship, in order to have the option ofmoving to another European country if they want to. To qualify for citizenship, the main applicant must invest €650,000 in the National Development and Social Fund in Malta, invest in real estate for a period of five years either through a purchase for the minimum amount of €350,000, or a lease in the amount of €16,000 a year, and invest €150,000 for five years in government bonds... The Maltese want to attract talent, not just money. They want to attract


people who contribute to the country. The procedure is to visit Malta and complete an initial due diligence process and, if all is in order, you will receive a residence permit. This residence permit is valid for one year but doesn’t require you to stay the whole year in Malta. During this first year you must establish genuine links with the country, which means you should visit the country at least two or three times. It is a strict requirement to buy or rent an apartment for your exclusive use. Other demonstrable links might include bringing a yacht, if you have one, to a Maltese harbour, or becoming a member of a local golf club, or setting up a company in Malta.


FROM THE MONTE-CARLO MEETING, OCTOBER 2015


The ITPA Green Book 2016 www.itpa.org


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