Insights

In the April issue of B2B Magazine, Fabian Schmid and Anael Rosalen shed light on the special features of de minimis portfolio managers and their differences from portfolio managers of collective assets.

After the licence is before the audit: Following the granting of the licence, asset managers and trustees must put the newly developed risk management and compliance framework into practice, which is very important for a smooth audit later on. A key challenge is the documentation requirements, because in the future asset managers must, for example, keep a "watch list" of any insider information that may exist and a "restricted list" of any prohibitions or restrictions on trading in certain financial instruments. In addition, asset managers and trustees will now be prudentially monitored by supervisory organisations.

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Confirmation of the practice of the Federal Tax Administration in the area of withholding tax in the case of a secondary adjustment.

Hundreds of independent asset managers or trustees have recently received or will soon receive a licence from FINMA. One of the most important associated changes is that these institutions must comply with comprehensive reporting or licensing requirements before implementing important entrepreneurial decisions such as the replacement of member of the board of directors or executive board, the change of organisation or the transfer of a significant shareholding. Initial experience shows that there are numerous challenges associated with the new obligations. In this article, the most important elements of the notification and authorisation obligation as well as sticking points for implementation in practice are outlined.

The new Federal Act on Data Protection (nFADP) and the corresponding ordinance will come into force in Switzerland on 1 September 2023. All companies that process personal data which affects natural persons in Switzerland fall within the scope of the law and are equally affected. Regardless of the industry in which you operate and regardless of the size of your company, you must comply with the new legal requirements.

For the tax assessment of advances and loans in Swiss francs and in foreign currencies, the Swiss Federal Tax Administration (FTA) publishes the recognised interest rates annually. The interest rates were massively increased in 2023 compared to previous years.

If a profit is made through the sale of a property in Liechtenstein, the seller must pay property gains tax (Grundstücksgewinnsteuer). The tax is levied on the difference between the initial investment costs and the proceeds of the sale. The investment costs include not only the purchase price but also, for example, value-enhancing expenses. It is not always clear whether a measure is value-enhancing or merely value-maintaining. Christian Reichert and Michael Heeb have summarised the topic in an article in the Wirtschaftregional of 10 February 2023, explaining how the real estate gain is calculated, which special cases exist and why you should already keep the tax in mind when acquiring a property.

With Revenue Procedure 2022-43, the US tax authority IRS published the new Qualified Intermediary (QI) Agreement in December 2022. All Qualified Intermediaries – i.e. the vast majority of banks and securities firms – have until 1 May 2023 to convert their existing QI Agreement into the new version on the electronic IRS portal.

The question of the extent to which cryptocurrencies and other virtual assets are reportable within the framework of the automatic exchange of information (AEOI) has preoccupied financial institutions for several years. At the end of 2022, the OECD adopted a draft for a system for reporting crypto assets, the so-called Crypto-Asset Reporting Framework, or CARF for short. What does the CARF contain and what are the reporting obligations?

Changes in commercial law effective January 1, 2023, result in various tax planning opportunities and increased flexibility. This is especially true for foreign-controlled Swiss companies.

The private law establishment is very popular due to her flexibility. The establishment in Liechtenstein has no counterparts in other legal systems. The establishment may be structured like a foundation or a corporation. The law defines the establishment as a legally autonomous, organized, permanent undertaking dedicated to economic or other objects and entered in the Commercial Register, which has holdings of material and possibly personal resources.

The Swiss “Aktiengesellschaft” or abbreviated “AG” (in English: “company limited by shares” / “Ltd.”) is the most preferred legal form of a Swiss company.

The Liechtenstein foundation is a legal entity without shareholders. A foundation has beneficiaries who are entitled to enjoy the foundation assets and/or income according to the will of the founder. The Liechtenstein foundation is used for asset protection and estate planning. The Foundation is regulated in art. 522 § 1 – 41 of the Liechtenstein Persons and Companies Act (PGR).

The Swiss “Aktiengesellschaft” or abbreviated “AG” (in English: “company limited by shares” / “Ltd.”) is the most preferred legal form of a Swiss company.

Liechtenstein is the only continental European country where the legal structure of a trust is known. With a trust, the settlor endows trust assets upon the trustee, together with the obligation to manage and use them in his own name and on the behalf of the rules in the trust deed.