Protección de Activos

Beneficios desde la perspectiva del inversionista

Business — Mon, 31 Oct 2011 12:23:23 +0000

Beneficios desde la perspectiva del inversionista

Son una señal positiva para la entrada de capitales extranjeros.Otorgan a los inversionistas seguridad respecto de los elementos negociados.Estos convenios establecen métodos para aliviar o neutralizar la doble tributación.En ningún caso estos convenios pueden crear una obligación tributaria no existente en la legislación interna. Establece límites a algunos aspectos de la participación de la recaudación de impuesto entre ambos países.

Convenios para evitar la doble imposición en materia de impuesto sobre la renta y el patrimonio.

En la actualidad, se utilizan dos modelos de convenios mundialmente aceptado: el de Naciones Unidas (ONU) y el de Organización de Cooperación y Desarrollo Económico ( OCDE ). Ambos modelos reconocen a los Estados suscriptores el derecho de gravar tanto en el país donde se ubica la fuente generadora de la renta, como en el país donde se encuentra la residencia del sujeto que la obtuvo. Sin embargo, el modelo de las Naciones Unidas prioriza el criterio de la fuente.

El escenario para medir la resistencia de la banca

Business — Sat, 23 Apr 2011 11:47:37 +0000

El escenario para medir la resistencia de la banca

El escenario adverso para medir la resistencia de la banca incluye hipótesis como un aumento del desempleo para 2012 de hasta el 22,4%, superior en 3,2 puntos a la previsión de Bruselas y que implicaría más de cinco millones de parados. Igualmente se toma como referencia una situación de deflación el próximo año.

También se contempla una caída bursátil del 14,3% en la Unión Europea, del 20% en el caso de España.

Especialmente sorprendidas son hipótesis relativas al deterioro del mercado de la vivienda. Se prevé, por ejemplo que en España los precios inmobiliarios sufran un deterioro peor de lo previsto. Así por ejemplo se hace el análisis pensando que los bienes inmuebles para usos comerciales podrían llegar hasta el 30% este año y el 24% el año próximo, cuando las previsiones apuntan a una caída del 15% y del 9%, respectivamente.

Es significativa también la hipótesis de un encarecimiento de la deuda pública medida como diferencial con el bono alemán a 10 años. Para el conjunto de la zona euro se hace el análisis pensando que la prima de riesgo podría subir 75 puntos básicos (0,75 puntos porcentuales), mientras que para España subiría 167 puntos básicos; para Irlanda, 258; para Portugal, 246, y para Grecia, 255 puntos básicos.

El examen incluirá las posibles pérdidas derivadas de un agravamiento de la crisis de la deuda soberana, pero solo en la cartera de negociación y no en la deuda que se tenga hasta vencimiento. Eso sí, las entidades estarán obligadas a dar información mucho más detallada al respecto. El recorte de valoración a aplicar al bono español a 10 años será del 14,3%, frente al 19,8% de Portugal, el 17,1% de Grecia o el 19,1% de Irlanda.

De la misma manera, para los inmuebles residenciales se hace el cálculo con una caída del 12% y 11% (lo que acumulado es un 22% en dos años), frente a una previsión en el escenario base de una pérdida de valor del 5% y del 3% respectivamente.

Tampoco se analizará la liquidez de una manera específica en estas pruebas. Sin embargo, sí se analizará el impacto del aumento de intereses, incluido el de la deuda soberana, sobre el coste de la financiación de las entidades. Esta medida nueva este año puede tener especial impacto en la banca española muy dependiente de la financiación mayorista.

La UE deja sin definir el capital que exigirá en las pruebas a la banca

Business — Wed, 23 Mar 2011 11:25:25 +0000

La UE deja sin definir el capital que exigirá en las pruebas a la banca

Los bancos y cajas europeas sufrirán unas pruebas de resistencia más severas en los próximos meses intentando superar el fracaso de las realizadas el año pasado que fueron incapaces de detectar la crisis bancaria de Irlanda. En esta ocasión las pruebas de resistencia serán realizadas por primera vez por la Autoridad Bancaria Europea (ABE) que inició sus funciones este año. La ABE publicó ayer la metodología de las pruebas, que se realizarán entre marzo y junio, tomando como hipótesis un escenario económico más adverso de inflación , aumento, y de deterioro de los mercados que el del año pasado. Los indicadores de los escenarios más adversos han sido realizados por el Banco Central Europeo (BCE).

La mayor severidad del próximo examen se concentrara en hipótesis más duras de aumento económico. Así, la ABE prevé un menor aumento de cuatro puntos para 2011 y 2012, cuando el año pasado la hipótesis fue la de tres puntos menos en dos años. En el caso de España en el escenario adverso para poner a prueba a los bancos se ha considerado como hipótesis que el país sufriera una caída del producto interior bruto del 1% este año y del 1,1% en 2012 en lugar del aumento económico esperado por la Comisión Europea del 0,6% y del 1,6%.

El examen tendrá influencia al menos al 50% de las entidades de cada país y al 65% del sistema bancario europeo. Los responsables de la autoridad, con sede en Londres, proporcionan que las pruebas se concentraran en la definición del core Tier 1 capital (capital principal de nivel 1, es decir, capital y reservas), la cual es “mucho más restrictiva que la del capital Tier 1 [o de nivel 1, que incluye también las participaciones preferentes] empleadas el año pasado”.

La definición del core Tier 1 capital es todavía objeto de discusión en el seno de la autoridad y tampoco hay acuerdo sobre el nivel a exigir. Un portavoz de la EBA señaló que tanto la definición como el nivel se están ultimando y que “se revelarán en las próximas semanas”. Expertos relacionados a la regulación financiera apuntan que el nuevo indicador tendría que ser próximo al 5%. En el ejercicio de 2010, se exigió un mínimo de Tier 1 del 6%, que equivaldría aproximadamente a un 4% de la nueva medida.

Las mismas fuentes se quejan que los exámenes no van a ser obligatorios para todos los bancos de la Unión Europea, que superen un cierto volumen de activos como el de 40.000 o 50.000 millones. Con ello, por ejemplo, la mayoría de las instituciones alemanas se entregara del examen. De las 91 instituciones examinadas en 2010, suspendieron siete, de cuales cinco eran cajas españolas, un banco griego y otro alemán. El examen fue muy desigual: cuando España examinó cerca del 95% del sistema, en el resto de la Unión Europea solo se exigía el 50%. En cambio se aprobó al Allied Irish Banks y el Bank of Ireland, los dos únicos bancos de Irlanda examinados, cuyo sistema cayó en barrena cuatro meses después.

Los resultados de las pruebas serán públicos a mediados de junio tras un examen que será llevado a cabo en consulta con las autoridades nacionales y el Consejo Europeo de Riesgo Sistémico, que preside Jean-Claude Trichet, presidente del BCE.

Para abrir una cuenta, visite Abrir Cuenta

Webs sobre Protección de Activos

Business — Mon, 20 Sep 2010 20:32:23 +0000

Webs sobre Protección de Activos o Patrimonio

Algunas webs interesantes sobre Protección de Activos o Protección de Patrimonio son las siguientes:

Business — Wed, 26 May 2010 10:02:06 +0000

Cuando todos pensábamos que los problemas ya estaban detectados, ahora surgen las coberturas de tipos de interés. CLO, CDO y CDS, son sólo algunas estructuras derivadas que han sido capaces de derrumbar el sistema financiero. Por ejemplo, los CDS (credit default swaps) se cargaron a AIG o Bear Stearns, ellos solitos. Pues si las coberturas de tipos de interés sufren algún percance, lo que hemos sufrido hasta ahora habrá sido una ligera turbulencia ante la gran tormenta que se puede desencadenar.

El mercado de derivados sobre las coberturas de tipos de interés es, con mucha diferencia, el que mayor volumen tiene en el mundo. Su valor nominal bruto es de unos 500 billones de dólares (billones europeos, no americanos). Es decir, su mercado mundial en bonos tiene una deuda de 82,2 billones y el PIB mundial en 2009 fue de casi 60 billones de dólares. Un dato más. Los CDS tenían un tamaño en el mercado de 36 billones de dólares. Las posiciones de derivados de coberturas de tipo de interés multiplican por 10 el PIB mundial. Esta cifra de semejante magnitud suena a muy peligroso y a burbuja descontrolada.

Pero, ¿qué es la cobertura de tipos de interés?

Es un producto financiero que ha sido bastante habitual en los últimos tiempos ya que se coloca cuando firma una hipoteca o si hay deuda bancaria. En principio, es beneficioso ya que protege en contra de las subidas de tipos de interés, lo que limita el incremento de la cuota mensual.

Las más habituales son:

Cobertura CAP: Protege de las posibles subidas de los tipos de interés fijando un tipo máximo que sirva de freno en caso de que el mercado fije los tipos de interés por encima de este límite establecido y te permite beneficiarte de cualquier bajada de tipos de interés.
Cobertura IRS: Te permite convertir el tipo de interés variable en fijo y así eliminar los riesgos de subidas de los tipos de interés.
Cobertura Collar: Permite establecer un tipo de interés máximo y otro mínimo durante un periodo y para un importe concreto, y así creará bandas de protección. El mercado nunca le sacará de dichas bandas y jamás tendrás que pagar más que el máximo ni menos que el mínimo escogidos.

El problema de todo esto reside en que si los tipos de interés suben mucho, los que cubren estos productos no podrán hacer frente al mercado de 500 billones de dólares y va haber más que problemas.

Suiza para residentes millonarios (2)

Business — Sun, 15 Mar 2009 20:25:45 +0000

Depending on the country that the taxpayer is leaving and the circumstances, the departure may trigger specific taxes in that country. F urther, certain countries may continue to tax elements of income and wealth located in their territory as if the departing taxpayer was still a resident of the relevant country10. If the person wishing to be taxed under the “Forfait” regime is married, his or her spouse must also take up residence in Switzerland and may not carry out any gainful activity in Switzerland. 4.2.2 Calcu lation The tax is calculated based upon a taxable amount reflecting the annual living expenses of the taxpayer and their family (including food, clothing, housing, personnel, education, entertainment, travel, horses, cars, yachts, aircraft etc.) and is levied in accordance with the ordinary tax rates. This taxable amount, which has to be negotiated with the local tax authorities, shall be at least 5 times the amount of the annual rent or rental value of the property occupied by the taxpayer in Switzerland (2 times the annual amount for food and lodging if the taxpayer lives in a hotel). However, this tax shall not be less than the amount of tax which would be payable under the ordinary income and wealth taxation on the taxpayer’s Swiss-sourced income and Swiss-located wealth and on any income or assets for which 9 Such as the German “Wegzugsbesteuerung” or the US “exit tax”. 10 This applies to Germany, Denmark, Sweden and The Netherlands. 11 Germany, Austria, Belgium, Italy, Norway, USA and Canada; particular conditions apply for France. the taxpayer claims a partial or total exemption from foreign taxes under a treaty. If the amount of tax resulting from this “control calculation” is higher than the tax calculated under the “Forfait” taxation, then this higher amount will be due. In addition, many cantons require minimum amounts of tax for the “Forfait” taxation to apply. The final amount of tax to be paid annually will depend on the taxable amount calculated as described above and on the tax rates applicable at the place of residence of the taxpayer. 4.2.3 Modi fied “For fait ” taxation The tax treaties concluded by Switzerland with certain countries11 contain specific provisions pursuant to which a taxpayer residing in Switzerland can claim treaty relief only if all revenues originating from that country are fully taxed in Switzerland in accordance with the Swiss ordinary rules on direct taxes and with the treaty provisions, failing which the Swiss tax residence will not be recognised by that country. In these cases, all elements of income from the relevant country – and not only those for which treaty benefit is claimed – will be added to the Swiss-sourced income for the If the person wishing to be purposes of the “control calculation” referred to above. taxed under the “Forfait” regime is married, his or her spouse must also take up residence in Switzerland and may not carry out any gainful activity in Switzerland. In addition, many cantons require minimum amounts of tax for the “Forfait” taxation to apply. 6 SWITZERLANDWITZERLAND AS A PERPERSONALONAL WEALTHWEALTH BABASE 4.3 Inheritance & gift taxes 4.3.1 Princi ples In Switzerland, inheritance and gift taxes are levied at cantonal level, not at federal level. All cantons levy such taxes except for Schwyz, which has no inheritance or gift taxes at all, and for L ucerne, which only levies inheritance tax but no gift tax. The taxation systems and rates vary from one canton to another, but all systems provide that the taxes are levied on the real estate located in the relevant canton and on the worldwide movable assets of the donor or the deceased residing in the relevant canton. In general, the applicable rates or even the taxation as such will depend on the relationship between the donor or the deceased and the recipient. 4.3.2 Taxationo f s pouseandescendants The spouse of the deceased or the donor is exempted from inheritance and gift taxes in all cantons. Descendants are exempted in most cantons, and so are the parents and more remote relatives in a few cantons. However, in certain cantons, these exemptions do not apply, or apply only partially, to “Forfait” taxpayers12. In cases where an inheritance or gifts to descendants are taxable, the tax rate will not exceed 6 percent in most cases13. 4.3.3 Useo f trusts The exposure to inheritance and gift taxes may be mitigated through the use of appropriate asset holding structures, and in particular through the use of trusts. The Hague Convention on the law applicable to trusts and their recognition was ratified by Switzerland in 2007, so that trusts are now fully recognised. However, the tax treatment of such structures has to be carefully analysed and taxplanning measures may have to be implemented before relocating to Switzerland. The Swiss Tax Conference14 has recently published its Circular of 22 August 2007 on the taxation of trusts (the “Circular”). Under the Circular, the disposal of assets by a settlor to a trust will be recognised only if the trust is “irrevocable” as defined in this Circular. This is not the case if the settlor is himself a trustee or a beneficiary of the trust, or if he retains any form of control over the trust or its assets. If the trust is not recognised as “irrevocable”, the assets and revenues of the trust will continue to be fiscally attributed to the settlor. This means that the creation of the trust will not have any tax consequences, but distributions will be taxed as gifts to the receiving beneficiaries. In Switzerland, inheritance and gift taxes are levied at cantonal level, not at federal level. All cantons levy such taxes except for Schwyz, which has no inheritance or gift taxes at all, and for Lucerne, which only levies inheritance tax but no gift tax. The Hague Convention on the law applicable to trusts and their recognition was ratified by Switzerland in 2007, so that trusts are now fully recognised. 12 As an example, an inheritance or gift to the spouse or children is exempted in Geneva if the deceased/donor is an ordinary taxpayer, but fully taxed if the deceased/donor is a “Forfait” taxpayer. 13 Note that for devolutions or gifts to an unrelated party, the tax rate can exceed 50%. 14 A body representing the heads of the 26 cantonal tax authorities and working in close cooperation with the Swiss federal tax administration. 7 If the trust is recognised as “irrevocable”, the Circular makes a distinction between fixed interest trusts and discretionary trusts. For “irrevocable” fixed interest trusts, the trust assets and revenues will be fiscally attributed to the beneficiaries in proportion to their respective “shares” in the trust fund. The creation of such a trust will be treated as a gift to the beneficiaries in the amount of the settled trust capital. Distributions will be taxed as income in the hands of the receiving beneficiary unless he or she can prove that the distribution (or a part of it) stems from settled trust capital or from (tax-exempt) private capital gains of the trust, being noted that a distribution of capital can occur only once all revenues have been distributed. For “irrevocable” discretionary trusts, the rules provided for in the Circular differ depending on whether the settlor of the trust was resident in Switzerland or abroad when the trust was created. In the case of a Swiss resident settlor, the fiscal treatment will be the same as for a revocable trust (i.e. the trust assets and revenues will be fiscally attributed to the settlor, see above). In the case of a settlor residing abroad, the trust assets and revenues will not be fiscally attributed to anyone. The creation of such a trust is considered as a gift from the settlor to the beneficiaries in the amount of the settled trust capital (a gift which may be taxable depending on the laws of the jurisdictions of residence of the settlor and the beneficiaries at the time of creation of the trust). Distributions will be taxed as income in the hands of the receiving beneficiary unless he or she can prove that the distribution (or a part of it) stems from settled trust capital which has been taxed as a gift on settlement. Exceptionally and contrary to the general principle mentioned above (4.1), capital gains of the trust will also be taxed as income when distributed because they cannot be attributed to the private wealth of any individual when they arise. For “Forfait” taxpayers, the impact of these rules with respect to direct taxes should be limited because the amount of tax is in principle based on the “Forfait”. However, if the assets, the trustees and/or the management of the trust are located in Switzerland, the assets and revenues of the trust may be included in the control calculation described above (4.2.2) and therefore have an impact on the taxation. F urther, particular consideration should be given to the potential impact of inheritance and gift taxes as these are not covered by the “Forfait”. Taking into account all of these issues and the fact that there remain uncertainties regarding the application of the Circular by the cantons, it is advisable to obtain an advance tax ruling from the competent tax authorities. Particular consideration should be given to the potential impact of inheritance and gift taxes as these are not covered by the “Forfait”. 8 SWITZERLANDWITZERLAND AS A PERPERSONALONAL WEALTHWEALTH BABASE 5. WELFARE The complexity of the Swiss social security system can often be quite confusing for foreigners arriving in Switzerland. Regardless of nationality, all Swiss residents must be covered by compulsory basic sickness insurance from birth or the day they officially take up residence in Switzerland. Even those who move to Switzerland but do not intend to work are subject to the Swiss regulation on compulsory insurances, which include old age survivors’ and invalidity insurance, unemployment insurance, healthcare insurance and family allowances. F or these insurances, annual premiums of up to CHF 10,400 will have to be paid until the age of 64 years for women and 65 years for men. The purchase of property in Switzerland is restricted by a federal law known as “Lex Koller”. Although a legislative bill was approved last year by the F ederal Council to abolish the L ex Koller law, the bill is yet to be enacted. It may take up to three years for the bill to become effective to enable measures to be introduced at cantonal level to protect against rising numbers of second homes, particularly in tourist areas. The restrictions of the L ex Koller do not apply to European nationals if they are resident in Switzerland or to Non- European nationals if they have the right to settle in Switzerland under a settlement permit. The L ex Koller allows foreign nationals who intend to stay in Switzerland on a long-term basis and who meet the criteria for obtaining a residence permit to purchase a home as a primary residence. This property is subject to certain restrictions and cannot be rented to a third party even for a short period of the year. There are no restrictions on foreign nationals who rent residential properties in Switzerland, unless unusual terms and conditions of the rent would give the tenant a position comparable to the one of an owner, such as a long-term rental. 6. Housing Even those who move to Switzerland but do not intend to work are subject to the Swiss regulation on compulsory insurances. 9 The Stonehage G roup provides international families with wealth management and fiduciary services. The G roup has over US$25 billion of assets under administration. Owned by management and staff, the G roup is independent and intensely relationship driven. Client objectives are likely to focus on developing, maintaining and effectively controlling family wealth across generations. The G roup also advises families on philanthropic arrangements.

Salud y prosperidad

Business — Sun, 01 Mar 2009 03:07:32 +0000

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Suiza para residentes millonarios (1)

Business — Sun, 15 Feb 2009 20:19:10 +0000

EXECUTIVE SUMMARY 2. INTRODUCTION This publication is intended to provide a comprehensive overview of Switzerland’s legal and social framework for families looking to relocate to Switzerland. Stability and favourable tax treatment, together with the cosmopolitan lifestyle, picturesque landscape and the growth of Z ürich and G eneva as financial centres, make Switzerland an attractive place to live. • Residence permits are relatively easy to obtain for citizens of the European Union and member states of the European F ree Trade Association. It is more difficult for non-EU citizens to be granted a residence permit, except in cases of family reunion. • “Forfait” taxation is available to foreigners who are moving to Switzerland and do not intend to work in Switzerland. “Forfait” taxation replaces ordinary tax on the income and wealth of individuals. • Forfait taxation status is given in Switzerland if the person intends to settle there long-term or stay in the country for at least 90 days at a time. • Switzerland does not impose inheritance or gift taxes at the federal level. However, almost every canton has its own inheritance or gift taxes of up to 6 percent for close relatives. In most cantons a spouse and children are completely exempt from this tax. • As Swiss residents, “Forfait” taxpayers must pay towards compulsory insurance including old age survivors’ and invalidity cover, unemployment and healthcare insurance. • It is relatively easy for citizens of the European Union and member states of the European F ree Trade Association lawfully residing in Switzerland to purchase property in Switzerland. It is more difficult for non-EU citizens to buy property, in particular as far as secondary residences are concerned. Switzerland is emerging as a favoured destination for international Ultra High Net W orth (UHNW) families. This paper outlines the rules of residence, the tax regime and social climate and sets out the legal conditions for families who wish to transfer their residence to Switzerland. Switzerland’s status as a country with a favourable tax environment was established after the Second W orld W ar when other European nations were forced to raise taxes to rebuild their economies. Since then, the landlocked country has been welcoming international UHNWs, including stars from sport and the arts. Switzerland competes with countries including Monaco, Spain and Ireland, however, many international families are enticed by Switzerland’s tax arrangements, the Swiss F ranc’s safe haven status, the country’s low profile and central position in Europe. As one of the world’s leading private banking centres, Switzerland is looking to benefit from the changes in the UK relating to the tax treatment of Non Domiciled Residents (Non Doms), expected to prompt some Non Doms to leave the UK and reduce L ondon’s appeal. Furthermore, legislation introduced at the start of 2008 could make it easier for wealthy individuals under the age of 55 to move to Swiss cantons if their arrival represents a significant fiscal advantage for the canton. In F ebruary 2008, the “Financial Centre Dialogue Steering Committee” was convened to examine ways to further improve the country’s attractiveness as a financial centre. Switzerland is emerging as a favoured destination for international Ultra High Net W orth families. This publication outlines the rules of residence, the tax regime and social climate and sets out the legal conditions for families who wish to transfer their residence to Switzerland.

2 Work Permits 3.1.1 Individua lsnotintendin g to work European nationals who are seeking residence but do not intend to work, such as pensioners or retired entrepreneurs have the right to enter Switzerland and take up residence without restrictions, provided that they have health insurance and sufficient financial means to ensure that they will not have to claim social assistance in Switzerland. 3.1.2 Individua lsintendin g to work European nationals who intend to work, whether for an employer or on a self-employed basis, have the right to live in Switzerland as long as they apply for a work permit. These permits are subject to the following: a) F or citizens of the fifteen original EU member states1, Malta, Cyprus and the EFTA member states2, all existing restrictions have been abolished; the quotas, being the last of these restrictions, were removed as of 1 June 20073 making it straightforward to obtain a work permit. b) F or citizens of the eight EU member states that joined the EU on 1 May 20044, there are restrictions in place which mean that foreign employees may be hired only if there are no candidates with comparable qualifications in the domestic labour market. These restrictions apply until 30 April 2011 at the latest. Residence Permits All European nationals, even if they have an unrestricted right to take up residence in Switzerland, have to register with the local authorities and obtain a residence permit and a work permit if they intend to work. 3. RESIDENCY As well as the tax benefits, international families are attracted to the lifestyle that Switzerland can provide. Home to multi-national corporations, hedge funds and the United Nations, G eneva is a cosmopolitan city that benefits from a good infrastructure and excellent schooling, with a wide range of leisure pursuits within easy reach. Nearby L ausanne is a magnet for those who want to be based in what is arguably Switzerland’s most beautiful town, but still close enough to the nightlife and culture of G eneva. Similarly, Z ürich is expected to see increased interest from foreign nationals. Once known as one of the most efficient and tranquil cities in Europe, Z ürich has seen an explosion in the arts and music and is now a thriving multi-ethnic city. The ultra-low tax canton of Z ug in the centre of the country is also popular. The Swiss cantons are especially welcoming to international Ultra High Net W orth (UHNW) individuals and families, allowing them to stay in the country without seeking employment, for example as a tourist for up to three months without any residence or work permit. Individuals wishing to take up residence in Switzerland will be subject to the following rules, depending on whether they are European nationals or citizens of other countries. 3.1 European nationals Individuals who are citizens of one of the member states of the European F ree Trade Association (EFTA) or of the European Union (EU), except Romania and B ulgaria, are defined as European Nationals. They can benefit from the Bilateral Agreement on the F ree Movement of P ersons between Switzerland and the EU, which has been in force since 1 June 2002. 1 Belgium, Denmark, Germany, Finland, France, Greece, United Kingdom of Great Britain and Northern Ireland, Italy, Ireland, Luxembourg, Netherlands, Austria, Portugal, Sweden and Spain. 2 Norway, Iceland and Liechtenstein, noting that citizens of Liechtenstein already enjoy full freedom of movement to Switzerland. 3 It should be noted, however, that the Bilateral Agreement (i) contains a safeguard clause allowing Switzerland to re-introduce restrictions until 31 May 2014 in the event of an increase in immigrants of more than 10%, and (ii) has been initially concluded for a period of seven years, which means in particular that Switzerland will have to decide in 2009 whether it wishes to extend this Agreement, a decision which could be subject to a referendum. 4 Estonia, Latvia, Lithuania, Poland, Slovakia, Slovenia, Czech Republic and Hungary. 3 3.2Non-European nationals Citizens from countries that are not member states of the EU or EFTA, and those from Romania and B ulgaria, are subject to the revised Swiss internal laws on immigration that were introduced on 1 January 2008. 3.2.1 Individua lsnotintendin g to work Under the revised legislation, Non-European nationals who intend to live in Switzerland as pensioners have to be at least 55 years old and have sufficient financial means to support themselves. They must also prove they have strong ties with Switzerland such as frequent or long stays there, or that they have close relatives living in Switzerland. Exceptions to these requirements may be granted in specific circumstances, such as individual cases of extreme seriousness (e.g. if a relative in need depends completely on the assistance of the person living in Switzerland) or if it is in the interest of a canton to grant a residence permit. It remains to be seen how the cantons will apply this rule in practice. 3.2.2 Individua lsintendin g to work Non-European nationals who intend to work in Switzerland are subject to the following admission conditions: • The admission must serve the economic interests of Switzerland; • The applicant must in principle be a qualified worker (specialist, manager etc.); • The employer must comply with the principle of national priority (i.e. he must show that he has been unable to find a worker with the required profile in Switzerland or in an EU/EFTA country); • The employer must comply with standard local wage and working conditions; • A permit must be available under the relevant quota (the number of permits is restricted by quotas for each canton and for each type of permit); • The foreign employee must have adequate accommodation. Work permits can also be granted to those who are part of an economic, social or cultural exchange programme, or to specialists who are on secondment within a multinational company. Under the new legislation, foreign nationals can also obtain work permits if they intend to work on a selfemployed basis, provided that: • The admission serves the economic interests of Switzerland; • The financial conditions and the requirements regarding the conduct of the business are met; • The applicant has the required personal qualifications; • A permit is available under the relevant quota; • The applicant has adequate accommodation. The spouse of a foreign national and any unmarried children under 18 years of age may also be admitted provided that: • They live with the main applicant; • They have adequate accommodation; • They do not rely on social assistance. Residence permits are issued either as a short-term permit valid up to one year and renewable for up to a maximum of 24 months, or as a long-term permit, which is valid for one year and can be continuously renewed. Foreign nationals can obtain a settlement permit, which gives a similar legal status as Swiss citizenship, other than political rights or military obligations, once they have been in the country for 10 years5. 5 5 years for European nationals; special conditions apply for U.S. citizens. 4 SWITZERLANDWITZERLAND AS A PERPERSONALONAL WEALTHWEALTH BABASE 4. TA XES 4.1 General SWI SS taxation Principles Individuals who are resident in Switzerland for tax purposes are subject to Swiss taxes on their worldwide income and wealth, subject to any unilateral exemptions (e.g. for real estate located abroad) and to any applicable tax treaties. Income tax is levied at federal, cantonal and municipal level, while wealth tax is levied only at cantonal and municipal level. The applicable tax rates depend on the amount of the taxable income or wealth and on the personal circumstances of the taxpayer. Different rates apply in each canton and municipality. The maximum rate for income tax (including federal, cantonal and communal tax) is approximately 48 percent. The maximum rate for wealth tax is approximately 1 percent. As a rule, capital gains are not subject to tax if realised on the disposal of private movable assets. However, there are various restrictions and exceptions to this rule under Swiss tax legislation and practice. In particular, the capital gain will be re-qualified as a taxable commercial gain if the selling taxpayer is deemed a self-employed professional securities dealer for tax purposes. This differentiation between taxable income and tax-exempt private capital gains is at the heart of the current controversy regarding the tax treatment of gains realized by fund managers on the disposal of shares in an investment vehicle or in a company acting as general partner of a fund. Professionals in Switzerland advocate a solution, that would adequately account for the dual nature of these gains and would result in an average tax rate of around 11.5 percent. On 24 F ebruary 2008, a legislative bill was passed by the Swiss people which reduces at federal level the income taxation of dividends on significant shareholdings, being shareholdings representing 10 percent or more of the capital of a company, by 40 percent if the participation is part of the private wealth and by 50 percent if the participation is part of the commercial wealth of the holder. Many cantons have already introduced such tax reductions on significant shareholdings, or plan to do so in the near future. In most of these cantons, the tax is reduced by 50 percent, but the reduction can be up to 80 percent (in the canton of G larus). 4.2 Taxation based on expenditures (“forfait” taxation) 4.2.1 Princi ple Foreign nationals6 taking up residence in Switzerland for the first time or after an absence of at least ten years may, if they do not carry out any gainful activity in Switzerland, opt to pay taxes based on their expenditures in place of the ordinary income and wealth taxes. For such “Forfait” taxation to apply, the individual concerned must be resident in Switzerland. For Swiss tax purposes, a person is considered to be resident in Switzerland if they live in the country with the intention to settle on a long-term basis or if they have their fiscal place of residence in Switzerland, i.e. they remain in the country for at least 90 days without interruption7. For example, under the double tax treaty between Switzerland and the United Kingdom, a person who qualifies as a resident of both countries under their respective domestic tax legislation will be considered as a resident of the state: (a) in which the person has a permanent home available and has the centre of his vital interests if he has a permanent home in both countries; (b) in which the person has an habitual abode if the centre of vital interests cannot be determined or in the absence of a permanent home in either state; (c) of which the person is a national if he has an habitual abode in both states or in neither of them; and (d) of the state to be determined by mutual agreement of the competent authorities if he is a national of both states or of neither of them8. 6 And returning Swiss citizens but for them the “Forfait” taxation is available only until the end of the fiscal period of their arrival. 7 This applies to persons who do not carry out a remunerated activity. In case of remunerated activity in Switzerland, the period is reduced to 30 days. 8 Art. 4 par. 2 of the Swiss-UK Convention for the avoidance of double taxation with respect to taxes on income of 8 December 1977.

Salvador Trinxet

Business — Fri, 16 Jan 2009 20:31:26 +0000

Salvador Trinxet Lorca

Salvador Trinxet Lorca es profesor de derecho internacional de ESNI, un estrecho colaborador de IESE (España). Ha sido ponente en las Camaras de Comercio de Londres y Barcelona. Abogado y MBA por Instituto de Empresa (España), es un especialista en protección de activos y derecho internacional privado. Cree firmemente en el intercambio de información y experiencias con otros profesionales. Ha creado esta plataforma para ofrecer noticias, opiniones, investigaciones, informes, analisis e ideas sobre la protección de activos de una forma rigurosa.

Comprar inmuebles en el extranjero, errores frecuentes y como evitarlos

Business — Wed, 10 Dec 2008 19:05:29 +0000

Quiero aqui describir algunos de los errores más comunes cuando se compra bienes raices en el extranjero… y cómo evitarlos.

Con las estimaciones que los irlandeses están gastando entre € 2 mil millones y € 4 millones de extranjeros en propiedades cada año (entre las inversiones residenciales y comerciales), no es sorprendente que tanto puede ir muy mal. Desde el grupo de sociedades de inversión y planes de compra de que varios millones de las inversiones, a la adquisición de un jubilado pensionista de una vieja granja en Francia, cualquiera puede ser un duro golpe en el extranjero si no sabe lo que está haciendo.

Mientras que muchos han perdido dinero a través de fraude, más a menudo es simplemente el comprador de la propia culpa.

Enda Faughnan, socio en impuestos y servicios legales con Price Waterhouse Coopers, fue el orador principal en Irlanda la primera en desarrollar conferencias el mes pasado. Pedimos a Faughnan, un especialista en propiedad en el exterior, a nombre de los 10 mayores errores del pueblo irlandés a la hora de comprar un lugar en el extranjero. Esta es su “cuidadosa” lista:

1 Recogiendo el lugar equivocado

“Usted se sorprenderá cómo muchas personas de elegir el lugar equivocado. Incluso la reputación de bastantes ciudades de Europa occidental, no puede haber una gran diferencia entre los vecinos de las calles”, dice Faughnan. “Tienes que hacer tu investigación. Hay que considerar las perspectivas actuales, la renta potencial y perspectivas de futuro. Recomendamos a los compradores elegir un país políticamente estable con buen potencial de apreciación del capital y el buen retorno de alquiler.”

2 Elección equivocada del sector

“No entraré en el mercado de oficinas, si ese sector es plano. No entraré en la ciudad de apartamentos si los precios están en caída libre, o comprar en el lujo extremo, si nadie puede permitirse el lujo de nivel local.”

3 Si no se consideran créditos fiscales de Irlanda

“Algunas personas no parecen darse cuenta de que cuando se vende una propiedad en el exterior se está también obligado a pagar impuesto sobre ganancias de capital en Irlanda a un ritmo del 20%”, dice Faughnan. “Además, si no se estructura adecuadamente su inversión, usted podría terminar pagando el impuesto sobre la renta a una tasa más alta en su día a día los ingresos.”

4 La falta de garantizar el adecuada título

“Título se define diferente en los distintos países. En ciertos países ex comunistas, los extranjeros no están autorizados a poseer la tierra y debe adquirir la propiedad mediante la compra de empresas. Pero las empresas también pueden venir con pasivos imprevistos. En Bulgaria, el sistema de registro de la tierra está en un lío. En otros países, no es desconocido para las propiedades que se venden deliberadamente a diferentes personas, sin conocer cada comprador.”

5 Los derechos de sucesión

“Los impuestos sobre la herencia de Relaciones Exteriores puede ser mucho mayor que en Irlanda – en particular en España, Francia y Estados Unidos”, dice Faughnan. “Además de esto, mucha más gente que se cree pueden tener derecho a tomar un pedazo de su propiedad después de su muerte. En Francia, el sistema puede permitir a muchos miembros de la familia ampliada más a buscar una porción de la herencia.”

6 El hecho de no tomar en cuenta los tipos de cambio

“Fuera de la UE, los tipos de cambio puede causar estragos con su capacidad para beneficiarse de su propiedad en el exterior. Los compradores pueden tener sus beneficios anulados por las fluctuaciones monetarias.”

7 La falta de investigación local de los sistemas fiscales

“En Irlanda no hay impuestos sobre la propiedad residencial, pero otros países tienen a veces tres o cuatro diferentes métodos de imposición de la propiedad. Tasas locales, los servicios de honorarios y otros gastos puede tomar su peaje.”

8 La falta de investigación de una estrategia de salida

“No hay ningún punto en beneficiarse de los aumentos de valor de la propiedad si no puede entonces obtener su beneficio después de vender. Algunos países, como China, que, a través de restricciones de control de cambio, limitan la cantidad de dinero que usted puede tomar en cualquier otro tiempo. Otros insisten en una gran cantidad que se reinvierte en el país.

“Si estás comprando en Ucrania, que impone pesadas IVA sobre compras de bienes que supuestamente se tiene derecho a volver. Pero, en realidad, que realmente toma entre cuatro y cinco años para hacerlo.”

9 La falta de investigación fiscal acuerdos interestatales

“Irlanda tiene tratados fiscales con un número de países que garantizan que no se doble la imposición sobre la venta de una propiedad. Sin embargo, si usted compra en un país que no tiene un tratado con Irlanda, como Turquía, que están la oportunidad de ser de doble imposición que vende.

10 El hecho de no contratar ayuda local

“Un local de payaso es mejor que ningún payaso. Se han dado casos de compra de los compradores de apartamentos destinados a empresas de Irlanda sólo para averiguar que pudo haber comprado mucho más barato allí.

“Los vendedores de bienes extranjeros reconocen el gaélico como las vacas de efectivo y los precios tienden a subir una vez que las partes de los compradores irlandeses de llegar a un nuevo lugar. Tome la molestia de ir a su mercado local y siempre obtener la representación local.