Substance requirements on and offshore – where are we headed? 30 November 2022

Speaker:

• Richard Grasby is a Partner in Appleby’s Hong Kong office, leading the Private Client, Trusts and Family Office practice. www.applebyglobal.com

Topic: Substance requirements on and offshore – where are we headed?

In late 2017, the European Union announced its campaign against so-called non-cooperative tax jurisdictions resulting in 'economic substance' requirements to be implemented in a number of offshore financial centres such as the BVI, Cayman Islands, Bermuda and the Channel Islands.

Subsequently in late 2021, the EU announced that they would be targeting so-called “shell companies” in the EU. The concern being that existing legislation is not considered to have adequately addressed the issue of entities with minimal substance or economic activity, known as shell companies, being used within the EU.

Our speaker will discuss both initiatives and also look at the potential direction of travel.

Speaker CV

Richard Grasby advises trustees, ultra-high net worth individuals, private trust companies and family offices on the establishment, restructuring and administration of trusts, including special trusts i.e. BVI VISTA, Cayman STAR and Employee Benefit Trusts. He regularly assists in estate administration, succession planning and family governance. Private clients and family offices instruct Richard to advise on the use of corporate vehicles for asset holding and succession planning purposes. Richard is an expert in regulatory law including AML, AEOI, economic substance and licensing and risk management for trust companies. He also advises on collective investment funds, particularly unit trusts and private label funds.

Richard has acted for many of the world’s leading trust companies, financial institutions, wealthy individuals and related structures. Richard has over 20 years’ post qualification experience with the majority spent in offshore firms. Richard has lived and worked in Jersey, London, the Cayman Islands and (since 2009) Hong Kong. He is admitted as a solicitor in England and Wales and the British Virgin Islands and is a Registered Foreign Lawyer in Hong Kong.

Richard is an active member of STEP. He has been on the local executive committee since 2012 and is a former chair.

Richard is an elected Academician of the International Academy of Estate and Trust Law (the only such offshore practitioner in APAC). He is also a Certified Anti Money Laundering Specialist.

Timetable

17.15 - 17.30 / Registration

17.30 - 18.30 / Talk and questions

18.30 - 19.30 / Apéro and networking

Cancellation

Booked places can be cancelled up to 24 hours before the event. Only cancellations made in due time will be refunded. Substitutions may be made at any time.