Annual Cross-Border Considerations for Advisers: Global Families and Business Owners

Overview

Preserving and growing wealth through optimising planning strategies, avoiding costly mistakes and implementing good governance

Advice is multi-layered and overlaying the complexities is the constant and fast-paced changes to local and global legislation, international efforts for aligned taxes and reporting, local and global business operations, asset locations, taxes and family footprints and dynamics. Bringing together the complexities and advising clients requires an understanding of current trends and the diversification of wealth. The preparation of the documents that flows from the advice and the implementation and ongoing maintenance of the plan is key. It is important to understand how different assets can be held and the impact of the type of structure used, understanding the diversification into non-traditional assets. Communication between stakeholders is essential, including communication with the client and their inner circle. The pandemic exposed the importance and need for communication between different generations and relationship holders, flagged topics for each generation, with an aim to protect family values, highlighting the role of solid advice on family wealth.

Asset protection and legacy planning is imperative, and the pandemic has created a heightened focus which stretches wider than the client’s personal needs, there is an awareness that more must be done from an environmental, social and governance (ESG) perspective. Advisers needs to understand the overall changing landscape for advice which incorporates all the elements, including a focus on finding purpose through philanthropy. The pandemic has intensified discussions about the interconnectedness of wealth and advice.

Key considerations

Tax liabilities and reporting are difficult to define due to various factors such as nationality, employment, or residence issues. The event aims to highlight, accelerate, and ignite wealth and succession planning trends and solutions. We will review the impact of planning with local and international advisers, looking at the trends, what does an international estate plan look like, visiting certain jurisdictions, looking at what are the main risk trends for family wealth, how does ESG impact on the client’s wealth journey. What is the impact of international tax, what is the role of non-traditional assets, on the planning journey? Some of the common question’s advisers face will be addressed during the panel discussion:

• I just bought a vacation home outside my home country. Should I do anything?
• My daughter married someone in a foreign country. Should I change my trust?
• Will I be able to do tax planning by using offshore trusts or similar structures?
• What is the key-tax considerations per jurisdiction, for example, situs tax, death taxes, other taxes?
• My child emigrated and became a non-resident. What should my estate planning considerations be?

The complexities of advice and the changes to the advice landscape for families and business owners can be navigated by finding an international network, using different planning techniques and advice methods. Advisers must gain an understanding of how to plan for clients with a collection of art, classic cars, wine and whisky, coins, and stamps. The criteria for exotic investments are broad and they are generally tangible items.

Compliance and reporting are key, South Africa is an early adopter of the international standard for the Automatic Exchange of Financial Account Information, advisers must understand the reporting requirements and risk of non-compliance.

PROGRAMME

Conference topics: Day 1 (19 August 2021)

• Introduction to international estate planning and global tax regime, Kath Zagatti I. de Moura, Dubai
• Incorporating international estate planning principles and strategies into your South African planning, Bernard Mofokeng and Andrew Wellsted, South Africa
• Exchange control and estate planning, Chantal Robertson, South Africa and Hanneke Farrand, Isle of Man
• Reporting under CRS and FATCA, Justine van Wyk, South Africa
• Environmental social governance (ESG), Elena Ilkova, South Africa

Conference topics: Day 2 (20 August 2021)

• The application of the South African income tax provisions pertaining to trusts, the attribution rules and transfer pricing, Emil Brincker and Louis Botha, South Africa
• Estate planning tips, Catherine de Maid, United Kingdom
• Risks that can destroy family wealth, Tsitsi Mutendi, Zimbabwe
• Your network is your net worth, David Grammig, Switzerland
• Exotic asset classes, Chris Johnson, United Kingdom and Byron Murphy, Singapore
• The art of purchasing a high-quality car for collection or use, speaker TBC, Europe
• Other collectables, speaker TBC, USA
• Panel discussion, various speakers
• Philanthropy and closure, Prince Siluma, South Africa

* Please note, programme and topics are subject to change.

CPD

This event and successful completion of the online assessment will secure 4 hours verifiable output Tax CPD points per session(day).

Event Pricing

This webinar does not form part of any CPD subscription package.

Price for both days:

SAIT member (verified): R960.00

Other member: R1 150.00

Company price: R1 900.00

Payments & Cancellations

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  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.

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