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Welcome to our first quarter issue of the Private Wealth Newsletter. Our featured insight for this issue is a discussion of the passage of the Corporate Transparency Act by the United States to introduce federally-mandated beneficial ownership reporting obligations for US corporations and limited liability companies. We also include insights on the impact of Brexit on a UK citizen’s ability to purchase real estate in Switzerland, loosening of the strict capital controls in South Africa, and new taxes in Belgium and Argentina targeting budget shortfalls brought on by the pandemic.

FeatureBeneficial Ownership Reporting Coming to America

Issue Highlights:

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Author

David A. Berek is a partner in Baker McKenzie’s Chicago office. With nearly 30 years of experience as a lawyer and tax accountant, and a multidisciplinary approach to wealth management, he was recognized as the top private client planning professional by Family Office Review in 2015. Mr. Berek also teaches as an adjunct professor in DePaul University's Master of Science in Taxation graduate program, and serves as co-editor of Baker McKenzie’s Private Wealth Management newsletter.

Author

Elliott Murray is co-head of the FATCA/CRS practice at Baker McKenzie Switzerland and is a US tax associate in the Firm's International Tax and Global Wealth Management practice groups. He has significant experience assisting high net worth individuals and families with US and international tax, wealth planning, and regulatory and family governance matters.

Author

Michael is Counsel in the New York office of Baker McKenzie and a member of North America's Employment and Compensation Practice, as well as its North America Tax Practice. Michael spent more than 30 years at Big Four accounting firm, serving as a tax, compensation and benefits advisor to C-suite executives and Human Resources leaders at CAC 40/Fortune 100 companies. In addition, he advised on tax issues for over 35 international law firms and their partners, as well as numerous artists and public figures. A dual French-US national, Michael practiced in various leadership roles at his prior firm in both the US and Paris.

Author

Glenn G. Fox is a partner of Baker McKenzie's Wealth Management and Tax Practice Groups in New York and a member of the firm’s Global Tax Wealth Management Steering Committee. He is a domestic and international tax, estate planning, and tax-exempt (charitable) organizations lawyer with vast experience working with closely held businesses, families and charitable organizations from the US and overseas. Glenn is a member of the American College of Trust and Estate Counsel and of the Society of Trust and Estate Practitioners and has been recognized for fourteen consecutive years (2007-2020) as a "New York Super Lawyer" by the New York Times.

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Gregory Walsh is co-head of the FATCA/CRS practice at Baker McKenzie in Switzerland and an attorney in the International Tax and Global Wealth Management practice groups. He also has substantial experience advising clients in corporate and securities matters.

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Lyubomir Georgiev has practiced law since 2003 in United States and Switzerland and has assisted banks, insurance companies, fiduciaries, and high net worth individuals. Lyubomir participated in the negotiations of the special arrangements between the Government of the Principality of Liechtenstein and the UK on voluntary disclosure, tax compliance certification and tax information exchange. He heads the Firm’s EMEA Wealth Management Knowledge Management & Training as well as the wealth management practice group in Zurich and the US tax practice in Geneva. Previously Lyubomir was a member of the EMEA Wealth Management Steering Committee and worked in Washington, DC and New York. He is admitted to practice in Washington, DC, US Tax Court, England and Wales, and Switzerland as a foreign-qualified solicitor. Lyubomir has been ranked in Chambers Global since 2012 as a foreign expert in practice areas such as UK tax and private clients, US private clients, and Liechtenstein tax and general business law.

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Virusha Subban is a partner and head of Indirect Tax in Baker McKenzie's Tax Practice Group in Johannesburg. She has over 20 years of experience in tax issues relating to customs and excise and international trade.

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Denny Da Silva is a Senior Tax Advisor in Baker McKenzie's Johannesburg office, with over 13 years' experience in corporate and international tax as well as the application of exchange control regulations. Aside from advising clients on tax and exchange control matters, Denny also guest lectures at the University of Johannesburg's M Com Tax programme.

Author

Samuel Marbacher is the co-head of the Firm’s Real Estate practice as well as Banking & Finance practice in Zurich. He joined the Firm in January 2007 and was made partner in 2015.He graduated from the University of St. Gallen Law School and earned his LL.M. degree at the University of Sydney. Mr. Marbacher holds a bachelor's degree in business and finance from the University of Applied Science in Lucerne. Samuel Marbacher teaches at University of Zurich in the CUREM master and executive classes and at the IFZ Institute for Financial Services, Zug.

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Juan Pablo Menna is a partner in the Tax Practice Group in Baker McKenzie, Buenos Aires. He is a member of the Buenos Aires Bar Association and the Argentine Association of Fiscal Studies, and was a professor in Austral University.

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Noam Noked is a registered foreign lawyer in Baker McKenzie's Hong Kong office.

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Paul DePasquale is a partner in Baker McKenzie's Tax and Global Wealth Management practice groups in New York. He advises individuals and multinational entities on international and domestic tax planning, cross-border transactions and investments, and wealth management. He also advises financial institutions on regulatory, compliance and strategy matters. Paul previously worked in the Firm's Zurich and Hong Kong offices. He is a frequent speaker and writer on international tax compliance and information reporting.

Author

Alain Huyghe heads Baker McKenzie's Tax Practice Group in the Brussels office, and the vice president of the Belgian branch of the International Fiscal Association. Alain has been consistently recognized over the past 15 years as a leading tax lawyer in Belgium in publications such as International Tax Review, Chambers Global, The European Legal 500, and Practical Law Company.

Author

Julie Permeke is a senior associate in the Tax Practice Group of the Brussels office. She joined Baker McKenzie in 2016 after several years of experience as a tax lawyer in other Brussels-based law firms. Julie also works as a voluntary researcher in the tax department of the Free University of Brussels (VUB).

Author

Jason Ng is co-Chair of Baker McKenzie's Global Investment Funds Group. Jason is also the Head of the Financial Services practice for the Firm's Hong Kong, China and Singapore offices. Jason graduated from the National University of Singapore with an LL.B., and is admitted as a solicitor in Hong Kong, England and Wales, and Singapore.

Author

Steven Sieker practices exclusively in the area of tax law, and is recognized as a leading individual in tax as well as private client and wealth management by Chambers Asia Pacific, Citywealth Leaders List and Guide to the World’s leading Tax Advisers. He has authored a wide range of key articles and publications, including the Hong Kong volume of the CCH series Tax Planning and Compliance in Asia. He is a member of the Society of Trust and Estate Practitioners (STEP), and was an executive director of STEP and the Canadian Chamber of Commerce in Hong Kong. Steven is admitted as a solicitor in Hong Kong, England and Wales (non-practising), and is qualified as a barrister and solicitor in Alberta, Canada.

Author

Pierre Chan is a partner in Baker McKenzie's Hong Kong office. He advises multinational companies, financial institutions, insurance companies as well as investment funds on income tax and stamp duty issues. He also advises wealthy families in relation to their succession planning. Over the years, Pierre has advised and represented taxpayers in relation to various major tax disputes in Hong Kong.

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Carrie Lui is a special counsel in Baker McKenzie Hong Kong office. She is experienced across a broad range of sectors and industries. Carrie's tax knowledge is complimented by her experience working as a tax lawyer in New Zealand prior to joining Baker McKenzie. Carrie is also a regular speaker and panelists in major client conferences of the Firm.

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Edwin Wong is a partner in Baker McKenzie’s Funds group and specialises in advising clients on the formation of a broad spectrum of private investment funds, including private equity, real estate, infrastructure, venture capital, debt and clean energy funds.

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Stephanie's practice focuses on the Canadian tax aspects of corporate mergers, acquisitions, divestitures, reorganizations, financings and other tax planning in both the international and domestic contexts. Stephanie has particular experience advising on Canadian tax issues affecting multinationals with operations in Canada, including inbound structuring, cross-border employee mobility, withholding tax, and tax treaty issues, and on matters relating to executive compensation. Stephanie has industry specific experience in sectors including technology, media and telecommunications, energy, mining and infrastructure, and consumer goods and retail.

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Edwin Whatley leads the Firm's Tax Practice Group in Tokyo and is highly experienced in both US and Japanese tax law. He is recognized as a leader in his field by the Asia Pacific Legal 500, ITR World Tax and Chambers Asia. Edwin has authored numerous articles on US and Japanese tax and regularly speaks on tax matters at international conferences and seminars. He is actively involved in pro bono work, including assistance on various matters to the California, Georgia and Tokyo Bar Association. Prior to joining the Tokyo office, he worked in the Firm's San Francisco practice.

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Bryan Horrigan is an associate in Baker McKenzie's Tax Practice Group in Toronto. Prior to joining the Firm in 2018, Bryan was a lawyer with a boutique tax law firm in Toronto, providing advice on indirect tax and trade matters in both planning and dispute resolution contexts. He started his career as an articling student and associate at a national law firm.

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Jorge Narváez-Hasfura is a partner in Baker McKenzie's Mexico office. With 32 years of experience, he has been voted as a leading tax practitioner in Mexico on tax litigation, transfer pricing and indirect taxation by the International Tax Review. He has been nominated to appear in the Guide to the World's Leading Transfer Pricing Advisers. He has been voted as one of the leading tax practitioners in Mexico by Chambers & Partners every year since 2011, and praised by well-known international publications for his transfer pricing and corporate reorganization work alongside his very strong practice in tax rulings, treaties and litigation.

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Blake Martin is an associate in Baker McKenzie's Tax Practice Group in Dallas. She practices in the areas of tax planning and transactions, and tax controversy.

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Ida Varshavsky is an associate in Baker McKenzie's Tax and Global Wealth Management practice groups in Zurich.

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Michael D. Melrose is a member of the Firm's tax and wealth management groups. Michael frequently advises high net worth US and foreign individuals, family offices, trust companies as well as US and foreign-based multinational corporations in relation to a variety of US and cross-border business related issues and international tax, trust, and succession planning issues.

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Megan Ruigrok is an associate in Baker McKenzie’s Amsterdam office. She is experienced in corporate tax law, international tax law, tax planning and tax dispute resolution.

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Harald van Dobbenburgh has a university background in tax law and economics of taxation. He practices mainly in the areas of Dutch and international tax law and is actively involved in the knowledge-sharing groups within the Firm’s pan-European network. Harald is also an active member in Baker McKenzie’s EMEA-Japan Initiative and has worked for quite some time in the offices of Baker McKenzie in Tokyo and Hong Kong.

Author

Amar Hamouche is a tax director in the Tax Group of Baker McKenzie's Luxembourg office. He has over 16 years of experience. Prior to joining the Firm's Tax team in 2011, Amar was Senior Tax Manager at Ernst & Young Luxembourg for over seven years and a member of the Financial Services Organization tax group, which focuses on Financial Institutions.

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Diogo Duarte de Oliveira is a partner in charge of the Tax Department of Baker McKenzie's Luxembourg office. He has over 16 years of experience. Prior to joining Baker McKenzie in 2019, Diogo was tax partner and head of tax at the top-ranked practice of a Benelux leading law firm. He was also an international corporate tax manager with a Big Four audit firm in Luxembourg (and in Mexico City as a secondee).

Author

Antonio A. Weffer is a tax principal in Baker McKenzie's Tax Practice Group and the head of the firm's transfer pricing practice in Luxembourg. Antonio is an active member of several international professional tax organizations, and regularly publishes articles on international tax issues and speaks at worldwide seminars and conferences. He was ranked Band 2 in the World Transfer Pricing 2017 guide.

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Elodie Schmidt is a Tax KM Manager in Baker McKenzie's Luxembourg office.

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Annie Elfassi is the Partner in charge of the Litigation and Employment departments of Baker & McKenzie's Luxembourg office. She has over 19 years of experience. Prior to joining the Firm in 2019, Annie Elfassi was a member of the Litigation and Risk Management practice and headed the Employment department of a leading law firm in Luxembourg.

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Sabrina Salvador is an Associate in Baker McKenzie's Luxembourg office.

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François Brussieux is a Tax Specialist in Baker McKenzie Luxembourg office.

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Laurent Fessmann is the managing partner of Baker McKenzie's Luxembourg office and a member of the Firm's Global Funds Steering Committee. He started his career in 1996 as in-house counsel in a French CAC40-listed company where he worked intensively on LBO transactions, capital markets and corporate law matters. Mr. Fessmann joined a top 10 Luxembourg business law firm where he became a partner prior to founding his own law firm in 2009. He is a recognized professional in Legal 500 and Chambers. He takes part in several working groups at local market industry associations like ALFI, ABBL, LPEA and the Association of Global Custodians and is also a regulator at fund conferences such as ALFI, IBCI and regularly invited to speak on internal or bank seminars.

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Catherine Martougin is a partner in the Funds & Asset Management team of the Baker McKenzie Luxembourg office. She has more than 17 years' experience in business law. Prior to joining the Firm, she practiced in elite international law firms in Paris and a leading Luxembourg law firm.

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Sybille Briand is an associate in Baker McKenzie Luxembourg office.

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John Richard Cacharani is a US tax associate in Baker McKenzie’s International Tax and Global Wealth Management practice groups. John recently earned his LL.M. in taxation from the New York University School of Law. John received his JD from the Washington University School of Law, where he received the Scholar in Law Award and was a member of the Trademark and Unfair Competition moot court team. While in law school, John served as a judicial intern to the Honorable Carol E. Jackson on the United States District Court for the Eastern District of Missouri and was a global legal intern for AB InBev. Prior to law school, John earned his BA from Northwestern University, and the EMMIR Erasmus Mundus Master in Migration and Intercultural Relations.

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Christopher Murrer is an associate in the FinTech, International Tax and Wealth Management practice groups of Baker McKenzie Zurich. He joined the Firm after practicing for seven years as tax and wealth planning attorney in New York and Washington, DC.

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Sergei Zhestkov is a partner in the Moscow office of Baker McKenzie and a licensed Russian advocate. He is experienced in advising multinational corporate and private clients on the broad scope of tax and asset protection issues, including international tax and trust planning and structuring.

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Arseny Seidov is a partner in the Tax Practice Group of Baker McKenzie's Moscow office. Prior to joining Baker McKenzie in 2003, he worked at a Russian audit firm, a major Swiss bank and the Moscow office of a major US law firm. Arseny has been consistently recommended by Chambers Global, Chambers Europe and International Tax Review among leading tax lawyers in Russia. Arseny heads the Working Group on Taxation of E-commerce at the Association of European Businesses, the Working Group on Taxation of Digital Economy at the American Chamber of Commerce and co-chairs the tax subgroup of the Innovation Working Group of the US-Russia Bilateral Presidential Commission. He also acts as Russia representative of Baker McKenzie's Digital Economy Group headquartered in Silicon Valley. Arseny is a frequent speaker at leading tax and IT-related conferences in Russia and abroad. Since 2007, he has been a visiting professor of international tax law at the Moscow State University for International Relations. He has authored over 40 publications.

Author

Artem Toropov is a senior associate in Baker McKenzie’s Moscow office. Artem focuses on the areas of international tax planning, corporate restructurings, and tax structuring of M&A deals. He is experienced in advising Russian ultra high net worth individuals, families and family offices on the issues of asset protection, trust structuring, succession and residency planning. He also advises on matters of "deoffshorization" compliance and Russian currency control (RCC) compliance in relation to foreign accounts, personal holding companies, trusts and foundations (wealth management).

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Patrick O'Gara is a partner in Baker McKenzie's Corporate Tax department in London.

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Sue McLean is a partner in the IT/Commercial Practice Group in Baker McKenzie's London office. Sue advises clients on technology, sourcing and digital media business models and deals, as well as the legal issues relating to the implementation of new technologies. Sue has been included in the Women In FinTech Power List for three successive years. She is on the editorial board of the Journal of Digital Banking and is a member of the techUK working group on DLT/blockchain. Sue is an active member of Baker Women and leads Baker Women in Tech, an initiative to encourage the development and promotion of women in the tech sector. In 2017, Sue won the Rising Star Award at the Variety Catherine Awards.