The international Jewish family
May 11, 2011 15:57ByAnonymous, Anonymous
Your parents have retired to Netanya, your daughter is in Australia and your son has settled in New York and started a family there. You could be heading for an inheritance nightmare. Anglo Capital has teamed up with the international law firm Withers LLP to share their expertise on tax and financial planning for "the international Jewish family".
At a recent seminar in London, an invited audience of financial professionals, trustees and high-net-worth individuals discussed UK, US and Israeli tax issues, US and Lichtenstein voluntary disclosure programmes, the possible pitfalls of acquiring property in the US and tax benefits granted to new Israeli residents.
Chaired by Withers' partner, Elaine Aarons, Anglo Capital was represented by CEO Philip Braude and the Withers' team included Tim George (UK), Jay Krause (US) and Justine Markovitz (Switzerland). Withers LLP is an international law firm with particular expertise in assisting individuals and families based in over 80 jurisdictions to mitigate their exposure to tax, both during their own lives and for future generations.
Anglo Capital is a financial services company offering comprehensive financial planning services, specialising in international tax structuring and wealth management. It also has extensive experience in assisting Israeli-resident clients to ensure that their family's offshore trust benefits from the generous Israel tax benefits that may be obtained if the trust is correctly structured.
"Recent changes in legislation in a number of jurisdictions can cause unexpected problems", explains Braude, "and families should look carefully at their wealth structuring arrangements. For example, having parents or children living in a different jurisdiction may have devastating impact on inheritance, with risks of double taxation in some situations. Domicile, residency and citizenship statuses have many different implications in different countries. Some people think, for example, that not going on aliyah protects them from exposure to the Israeli tax system, but spending more than a certain number of days per year in Israel may bring you into the system, for better or for worse. It is important to investigate the many advantages for new Israeli residents."
Parents in Netanya, daughter in Australia, son in New York? You could be heading for an inheritance nightmare
"However," comments Tim George, "if you do decide to leave the UK, recent case law has shown that it is no longer simply a case of spending fewer than 90 days in the UK in any tax year. You must make a clean break from the UK and you should take advice to ensure you are not accidentally pulled back into the UK tax net."
Justine Markovitz adds that "many families with accounts or structures in Switzerland or Liechtenstein are not able to use their money, as it has not been declared to the tax authorities. Whether you are leaving the UK or staying, there are opportunities to make full disclosure of offshore accounts on beneficial terms, but these may not last forever."
Anglo Capital is running seminars with Withers LLP in the UK and in Israel, on financial and tax planning for the international Jewish family. They are also available for private consultations