Philippine Global Families: Key Domestic and International Legal, Tax, and Regulatory Developments Affecting Global Philippine Families
Apr 18, 2024
- Philippine tax update, including status of the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA), General Tax Amnesty and Banking Privacy;
- International anti-money laundering status of the Philippines, and key Financial Action Task Force (FATF) developments including need for Philippines to establish a register of foreign and domestic trusts;
- US Foreign Grantor Trust developments, including possible invalidity if trust created in traditional trust jurisdictions, such as Singapore or Hong Kong, what are the risks and what steps can be taken to mitigate the risk of invalidity;
- Family Charters and possible unintended legal consequences in the event of family shareholders dispute;
- Second Passports and Philippine Succession Law, possible estate planning options, whether common law passport (St. Kitts, Saint Lucia, Grenada, Antigua) can override domestic Philippine civil law succession.
- Philippine marriage and whether foreign courts in Singapore, Hong Kong or BVI would recognize and enforce matrimonial community property rights?
Chair
Zac Lucas
Partner – International Private Wealth
Spencer West
Panel Members
Joshua Gilbert F. Paraiso
Partner
PJS Law
Marie Cherylle Z. Hular
Partner
Salvador Llanillo & Bernardo
Sharon Yam
Country Head, Ocorian Singapore, Head of Private Clients
Ocorian
Stella Cabalatungan
Executive Vice President, Head of Wealth Management Group
BDO Private Bank
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