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| Dear Friends of Zetland, |
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| We are looking back at an eventful summer and those living in or visiting Hong Kong have probably been asked the question ‘What is happening there?’ and the advice to stay safe more than once. I am pleased to report that, despite some interruptions and with the exception of the government, Hong Kong remains a safe place and overall business confidence in the city is still high. Colin Cohen shares his thoughts on the protest situation in our articles section. |
| Domestic factors aside, Hong Kong’s economy is starting to feel the result of the global slow-growth period and ongoing uncertainty of the US-China tariff dispute. To alleviate the impact on livelihoods, the Financial Secretary has announced additional budget measures to be implemented. Most notably, an increase of the tax reduction to 100%, still capped at HKD20,000 for Salaries and Profits Tax. The tax obligations of non-residents working in Hong Kong are addressed in more detail in our tax news. |
| Zetland is delighted to announce our collaboration with Professional Wills Limited, a leading provider of multi-jurisdictional wills and associated estate planning in Hong Kong and Asia since 2006. For more information, please see the article from Matthew Lloyd on international will writing in this newsletter. |
| In another guest article Mark Owen provides an update on the easing of mortgage loans for UK properties. |
Yours sincerely,
Dominik Stuiber
Group Director
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| Reasons to still Believe in our City |
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After almost three months of anti-government protests in Hong Kong, there are hopeful signs that cool heads may yet prevail. Boase Cohen & Collins Senior Partner Colin Cohen, whose love for the city runs deep after almost 40 years as a resident, offers his thoughts.
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| Hong Kong Rated Compliant in FATF Mutual Evaluation |
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Hong Kong has become the first member jurisdiction in the Asia-Pacific region to have achieved an overall compliant result as regards its anti-money laundering and counter-terrorist financing (“AML/CTF”) regime in the mutual evaluation.
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| Zetland held a Wealth Management Sharing Meeting with Tianyuan Law Firm and Zhongrong Trust Family Office |
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On June 19, 2019, Zetland Fiduciary Group Limited, together with Tianyuan Law Firm and Zhongrong Trust Family Office, held the family wealth management sharing meeting by the beautiful West Lake.
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| Who Should Write Your Last Will and Testament? |
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In many countries you can buy kit Wills from the stationers or post office. You can download a template Will from the internet – even for your own country, but these options are fraught with dangers.
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| Belize International Trust |
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The primary benefit of a trust is that it allows the legal ownership of property to be distinguished and separately vested from the enforceable rights of use and enjoyment of that property. |
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| Do You Own UK Property Through a Trust, BVI or as an Individual? |
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UK banks have relaxed their strict mortgage lending criteria. Interest Only loans can now be accessed via a growing number of Private Banks.
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