Month: September 2021

Dixcart Receives Mondaq Article Awards

Posted on | by Charlotte Clabon

Since Dixcart has partnered with Mondaq at the start of 2021, we have received three significant Mondaq Awards:

These awards are given to articles which receive the highest readership figures, per month, for a particular jurisdiction.

Mondaq receives content from a huge range of firms, so these awards are a big achievement!

Dixcart News features a selection of topical articles each month. Our professional advisers create current and relevant content, which is shared with other intermediaries, as well as high-net-worth clients and their families.

This year we are also partnering with Mondaq who share our content across a large range of professional media platforms.

Migration of Fund Management Companies – Guernsey’s Fast Track Solution

Posted on | by Charlotte Clabon

Global Transparency

The ongoing country-by-country assessment and global scrutiny of standards of transparency and financial regulation by the OECD and FATF, has brought a welcome improvement in global standards but at the same time, has highlighted deficiencies in some areas.

This can create compliance issues for existing arrangements and investor concern for structures operating from certain jurisdictions. On occasion, there is therefore, a need to relocate financial activities to a more compliant and stable jurisdiction.

Guernsey’s Corporate Solution for Investment Funds

On 12 June 2020, the Guernsey Financial Services Commission (GFSC) introduced a fast-track licensing regime for investment managers of overseas (non-Guernsey) funds.

The fast-track solution allows overseas fund management companies to migrate to Guernsey and obtain the required investment business licence in just 10 business days. As an alternative, a newly incorporated Guernsey management company can also be established and licensed within 10 business days, under the same regime.

The fast track solution was developed in response to a significant number of enquiries from managers of overseas funds, wishing to establish funds in Guernsey, whether through the migration of existing overseas fund managers or the establishment of new funds requiring Guernsey fund managers.

Why Guernsey?

  • Reputation – Fund managers are attracted to Guernsey due to its strong legal, technical, and professional services infrastructure, with a wide choice of quality lawyers, fund administration firms and locally based directors. In addition, Guernsey is in the EU, and is FATF and OECD “white listed” for tax transparency and fair taxation standards.
  • International Compliance – Guernsey has introduced legislation to meet EU requirements on economic substance. This legislation requires fund managers to carry out their core income generating activities in their jurisdiction of tax residence. Guernsey’s pre-existing financial services infrastructure and regulatory framework means that fund managers established on the island are able to meet the requirements on economic substance. Guernsey’s robust yet balanced regulation of fund managers and its longstanding pedigree and reputation as a world leading jurisdiction in private equity are also key to Guernsey’s popularity.
  • Experience – Fund administrators and auditors in Guernsey have extensive experience in working with overseas non-Guernsey funds. Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in Guernsey, represented a net asset value of £37.7 billion at the end of 2020, and is a growth area.
  • Other fast-track solutions – The fast-track option for managers of overseas funds is in addition to the existing fast track licensing processes available for Guernsey managers of Guernsey funds (also 10 business days). There is also a fast-track option for registering Guernsey funds within 3 business days for registered funds, and 1 business day for private investment funds (PIFs) and the PIF Manager.

Dixcart Fund Administrators (Guernsey) Limited works closely with Guernsey legal counsel, to facilitate migrations and provide high quality on-going support and administration services to ensure compliance with regulatory requirements, economic substance, and best practice.

Additional Information

For more information regarding the fast tracking of funds to Guernsey, please contact Steven de Jersey or Bruce Watterson at the Dixcart office in Guernsey: advice.guernsey@dixcart.com

Converting an Isle of Man Companies Act 2006 Company to a Companies Act 1931 Company – Overview

Posted on | by Charlotte Clabon

With the introduction of the Companies (Amendment) Act 2021 (the Act) Isle of Man companies incorporated under the Companies Act 2006 (CA 2006) can now re-register as a Companies Act 1931 (CA 1931) company.

This all sounds great, but what does this actually mean for you and your clients? In this article we’ll consider the what, how and why of the Act in respect of private limited companies. We’ll cover:

Re-Registration: What Happened Until Now?

When the CA 2006 was introduced into Manx law, s148 of the Act included the power to re-register CA 1931 companies to a CA 2006 company, but not vice versa. It is difficult to know why this one-way system was created. Presumably it was thought that the more flexible and less onerous CA 2006 company would eclipse the need for CA 1931 companies. You can find out more about the differences between CA 1931 and CA 2006 companies here in our guide.

Initially this was shown to be true, with CA 2006 companies steadily overtaking the number of new CA 1931 companies being incorporated, peaking in 2016, accounting for 62% of Limited Company incorporations.

However, the growth in incorporations of CA 2006 companies has slowed, and there is now more or less parity in the numbers of CA 1931 and CA 2006 entities: in 2020 CA 1931 @ 51% / CA 2006 @ 49%.

With time we have discovered that the CA 2006 company, whilst possessing a great deal of flexibility and presenting a streamlined trading structure, is not the clear choice. As with almost everything, corporate structuring and tax planning is not a ‘one size fits all’ scenario.

Re-Registration: Where are we now?

The Act has now remedied the inconsistency regarding re- registration from CA 2006 to CA1931 and visa versa.

The Members can vote to re-register whilst the company has a Registered Agent appointed, requiring a special resolution (“SR”) passed by members holding 75% or more of the voting rights. 28 clear days’ notice must be given to the Registered Agent of the intention to re-register. A shorter notice period can be agreed with the Registered Agent.

The SR will consider the approval of the re-registration from CA 2006 to CA 1931, the submission of revised constitutional documents (Memorandum and Articles) – ensuring nothing within the Articles prohibits such action.

The re-registration process will require the submission of various documents, including the application for re-registration (Form 101), re-registration fee of £100, certified copies of the requisite resolutions along with the revised Memorandum and Articles. Note that the company can only re-register in line with the type previously adopted i.e. a company limited by shares can only re-register as a company limited by shares etc.

In addition, any outstanding filing fees must be settled, which includes filings due within one month of re-registration.

Once the new filings have been accepted and a certificate of de-registration is issued, the company is then beholden to the CA 1931. It’s important to note that re-registration of the company does not form a new entity, nor does it affect the rights of creditors concerning any previously registered charges, which do not need to be re-registered. The Isle of Man Companies Registry have produced a useful practice note covering the changes. Please note, CA 2006 companies re-registering to become a CA 1931 company who have not yet registered charges will need to do so prior to beginning this process.

It is worth noting that the now CA 1931 company will require a minimum of two Directors, a Company Secretary and still needs an Isle of Man Registered Office. 

Other updates: Registration of Directors

The Act also introduces the requirement for CA 2006 entities to notify the Registrar of any removals/appointments of Directors within one month of the change – bringing such filing requirements in line with CA 1931 companies. Please note that this has not yet come into force and is not currently mandatory for CA 2006 companies.

Why Would a Company Voluntarily Re-Register Under Another Act

Where a client wishes to redomicile a company, it is currently less onerous, more efficient and therefore less costly to first establish a CA 2006 company. The company now has the choice to then re-register as a CA 1931 entity if desirable; this can be attractive if the intention is eventually to physically manage the company from the Isle of Man.

At the time of incorporation, the CA 2006 company only requires one Director, does not require the appointment of a Company Secretary and of course must have a Registered Agent; this can be especially attractive for start-ups and burgeoning businesses with lower resources. In the future, when there are higher staffing levels, the company may wish to re-register as a CA 1931 company, now able to meet the minimum of two Directors and a Company Secretary; dispensing of the requirement for a Registered Agent.

Supporting the Re-registration of Isle of Man Companies

At Dixcart, we have been providing Corporate Services and guidance for over 45 years; assisting clients with the effective structuring and efficient administration of companies tailored to their individual objectives.

We have developed a full suite of company services for advisers and their clients, which includes supporting the planning, incorporation, Registered Office and Registered Agent services, directorships, administration, redomicile and of course re-registration of companies.

Get in touch

If you require further information regarding the Isle of Man Foundations, their establishment or management, please feel free to get in touch with David Walsh at Dixcart: advice.iom@dixcart.com

Dixcart Management (IOM) Limited is licensed by the Isle of Man Financial Services Authority.

Introduction to Robert Homem and Steven de Jersey Members of our Corporate Team

Posted on | by Charlotte Clabon

Dixcart Corporate Services

The Dixcart Group has been providing corporate services for over 45 years. Dixcart has extensive expertise in advising both private and institutional clients as to how to set up structures to best meet their needs and to match their circumstances. A number of structures feature companies in one or more jurisdictions as well as other asset protection vehicles, whilst many just feature companies.

Dixcart not only establishes the companies but also provides a comprehensive range of company management services. Such corporate services include:

  • Day to day administration and company secretarial services
  • Director services
  • Registered office and agent services
  • Tax compliance services
  • Accountancy services
  • Dealing with transactions, including all aspects of acquisitions and disposals

Introduction to Robert Homem and Steven de Jersey

Robert Homem from our Cyprus office and Steven de Jersey from the Guernsey office are two key members of the Dixcart Corporate team that we are introducing to you today.

In 2013, Robert Homem became the Managing Director of the Dixcart office in Cyprus, which he has built up to be an important member of the Dixcart Group. Cyprus is an attractive jurisdiction for holding companies for a variety of reasons and Robert is expert in the establishment and management of such structures.

Steven de Jersey is a Director of Dixcart Guernsey and is a Member of the Institute of Chartered Accountants in England and Wales with over 25 years’ experience in the Guernsey Finance Industry. Steve joined Dixcart in 2018, after 13 years productively spent establishing, and developing the Guernsey office for a leading Guernsey service provider. His particular focus was advising and servicing the larger and more complex structures for both institutional and private clients. Guernsey is a very attractive location for structures due to its zero corporate tax rates for the majority of companies established on the island relating in tax transparent structures for investors.

Robert Homem

Managing Director

GTP (SA)

robert.homem@dixcart.com

Robert advises clients on the efficient use of the jurisdiction of Cyprus. He also assists individuals and companies relocating to Cyprus and provides tax efficient solutions for clients. He has a detailed understanding of the Cyprus Permanent Residence Programme and advises clients on how to benefit from the additional tax incentives available to Cypriot residents. Robert also has experience in international tax planning and structuring and establishing and managing Cypriot companies once relocation has taken place.

As the Managing Director of the Dixcart office in Cyprus, Robert is responsible for client issues and for developing the office and the depth of services that it provides. In 2019, he oversaw the project of moving offices, to a new building in the centre of Limassol, and launched the Cyprus Dixcart Business Centre, with several serviced offices available to clients.

Since moving to Cyprus himself, he is able to draw on his own experiences in relocating to Cyprus, when advising clients embarking on the same journey, and is able to provide additional information on what it is like to live and work in Cyprus.

Prior to moving to Cyprus, Robert held several senior professional roles and also worked at the Dixcart office in Portugal for twelve years. Before joining the Dixcart Group in 2001, Robert qualified as a member of the South African Institute of Professional Accountants in 1998. He is also a member of the South African Institute of Taxation. He gained additional experience working as an Audit Manager for a firm of accountants and as Finance Manager for a group of IT companies, both organisations being situated in South Africa.

Steven de Jersey

Steve de Jersey

Director

ACA

steven.dejersey@dixcart.com

Steve is responsible for the business development of the Dixcart Guernsey office along with leading the Corporate and Fund offering and promoting corporate and listing services throughout the Group. He also specialises in the establishment and administration of all forms of domestic and offshore corporate vehicles, private investment funds, investment trusts, foundations and partnerships for corporate, institutional and private clients.

He has specific experience in relation to holding structures, mergers and acquisitions, migrations, restructuring, refinancing, reorganisations, joint ventures, disposals, debt and equity, private placements, and listings.

In addition, Steve is responsible for private client structures and works closely with local and international advisors in administering traditional trust and foundation structures as well as the more recent trend in the use of Limited Partnerships and Private Investment Funds. Steve also works closely with Locate Guernsey in order to aid individuals and families relocating to the island and potentially establishing a business here. He provides professional advice regarding each stage of relocating to Guernsey, aid in integrating into Island life and guidance to Guernsey’s beneficial tax regime.

Steve travels regularly to the UK, as well as other jurisdictions around the world in particular South Africa and works closely with the other Dixcart offices. He is regularly involved in organising networking events for professional contacts and clients.

In his spare time Steve enjoys an active life, being very involved in the rugby scene in Guernsey including playing for the Guernsey veterans’ team. Steve also plays for a local veterans’ football team as well as being a passionate motorsport fan.  He is also connected to the equestrian world with a close family member owning a horse and frequently competing in events locally and on the UK mainland.

Malta-nomad-residence-permit

Malta Implements a New Passenger Yacht Code: More Than Twelve Passengers

Posted on | by Charlotte Clabon

Background

Malta is a well-known and popular jurisdiction within the yachting sector. It has the largest shipping register of vessels in the EU and the 6th largest in the world. It is also a jurisdiction that is ‘leading the way’, with a number of initiatives in this sector.

Current Obligations

Yachts need to meet obligations for ‘commercial passenger ships’ and it is widely recognised when considering the operational pattern and risk profile of yachts, that these requirements, are in some instances disproportionately onerous and impractical in terms of design and implementation.

As the trend for larger commercial yachts increases, the 12 passenger limitation rule has become more problematic and has resulted in an increase in administration for a number of organisations, including the Malta Merchant Shipping Directorate. This, combined with encouragement from the yachting industry, has provided impetus for Malta to develop the ‘Passenger Yacht Code’, to meet industry demands.

The Malta Passenger Yacht Code

The Malta Passenger Yacht Code is applicable to passenger yachts, which carry between 12 and 36 passengers, do not carry cargo, and which sail internationally. The Code is intended to cater exclusively to the yachting sector of the market, it is not intended to apply to the excursion and/or ferry passenger sectors of the industry.

The new yacht code has been drafted by the Authority for Transport in Malta, in consultation with various industry stakeholders including; yacht designers, yacht builders, repair yards, specialised service providers and manufacturers, appointed surveyors and recognised organisations. This has been to ensure a wide representation of the industry.

Details of the Malta Passenger Yacht Code

A passenger yacht must be; surveyed, certified, audited and issued with Class and Statutory Certificates, applicable to passenger vessels, by a recognised organisation. Class Rules relating to passenger vessels will apply. Approval staff, auditors and surveyors must be experienced and qualified in passenger ship planning, audits, and surveys.

The Malta Passenger Yacht Code provides addition regulation, in particular in relation to safety, for example; life- saving appliances and arrangements, life at sea safety, navigation safety, and protection of personnel.

Passenger Yachts Chartered on a Static Basis

Where a passenger yacht remains static; berthed or anchored at sea, the yacht may be allowed to carry more than 36 passengers, as provided for in The Malta Passenger Yacht Code. For a passenger yacht to be able to be chartered on a static basis, the yacht would need to be issued with a statement by the Flag Authority, permitting static charters.

The Certification Process

Once owners submit the necessary documentation and complete the designated survey and inspections, the Maltese Flag Authorities will issue the vessel with a Statutory Certificate.

All passenger yachts must, in addition, be classified by a Recognised Organisation (RO), and must maintain a valid classification throughout the validity period of the yacht’s statutory certificate. The applicable RO Rules for classification purposes are those used for the classification of passenger ships. Upon satisfactory completion of  the required surveys or audits, the yacht’s RO needs to issue a certificate, confirming compliance with the Malta Code.

Passenger yachts certified under the remit of the Code may carry out International (Unrestricted) Voyages or Short International Voyages, as defined by The International Convention for the Safety of Life at Sea (SOLAS).

Advantages of the Malta Passenger Yacht Code

The introduction of the Malta Passenger Yacht Code is a welcome development for those who plan to register larger commercial yachts under the Malta flag. It enables larger yachts to carry between 12 and 36 passengers.

It offers a solution to the many technical issues and concerns which were previously faced by prospective registrants.

Additional Information

If you would like further information regarding the registration of a yacht and opportunities available through Malta, please speak to Jonathan Vassallo: advice.malta@dixcart.com, at the Dixcart office in Malta or your usual Dixcart contact.

Cyprus International Trusts: An Explanation and Why Consider Using One?

Posted on | by Charlotte Clabon

Background

A Trust is an equitable obligation, binding a person, called the trustee, to administer the property which is transferred to him by the settlor for the benefit of a person, called the beneficiary, based on the oral or written wishes of the settlor, which are expressed in the trust deed or will.

The trustees are appointed by the settlor and can be legal entities or physical persons.

The Law defines an international trust as follows: the settlor and beneficiaries must be Republic of Cyprus non-residents during the last year, preceding the formation of the Trust.

Why Cyprus?

Cyprus is a prominent fiscal international centre which provides attractive opportunities for establishing and operating a Trust.

The legal framework is a combination of different pieces of English law, based on the principles of equity and trust. This makes it one of the most attractive  legal Trust frameworks in the world, as it allows for the creation of a Trust that will meet the most complex and demanding of situations. Such a Trust is called a Cyprus International Trust (CIT).

The Use of Cyprus International Trusts

CITs are widely used in ‘family situations’ but also, for business transactions and as a vehicle for charitable and other purposes. Some of the reasons for why a CIT may be created, include:

  • To hold property for minors or successive generations of a family;
  • To provide for a couple on their marriage, whilst ensuring that the property is ‘protected’ in the event of the marriage failing;
  • As an investment vehicle.

Requirements for the Creation of a Valid CIT

To meet the requirements of a CIT, the settlor and beneficiaries must not have been tax resident in Cyprus during the preceding year.

Benefits

  • The Law regulating a CIT, may be changed to another foreign law;
  • All matters regarding a CIT are determined by Cyprus Law and the Cyprus courts have full jurisdiction;
  • In the event of fraud, a CIT can only be challenged by creditors,   within two years of the date that the fraud took place.

Legislation

The CIT has undergone major reform with a new Law being introduced in early 2012 (Law20(I)/2012, which amended the 1992 Law). A number of people believe that this has transformed the Cyprus trust regime into the most favourable trust regime in Europe. The new legislation was aimed to make CITs more effective, as it is founded on much greater certainty and stability.

This new Trust Law offers the opportunity for non-residents to create Trusts in Cyprus.

On 23 February 2021, Cyprus fully implemented the provisions of the 5th Anti-Money Laundering EU Directive 2018/843, into its domestic legislation.  This has seen implementation of the establishment of central registers of ultimate beneficial owners (‘UBOs’), with one of these being the Register of Beneficial Owners.

Under the amendments and implementation of the Register of Beneficial Owners, there is a requirement for Trusts to register the details of the trustee, settlor, protector, and beneficiaries of the trust:

  • Name and surname and the name of their father;
  • Date and place of birth;
  • Nationality or nationalities;
  • Residential address;
  • Number, type and country of issue of identification document;
  • Date of death (where applicable);
  • Date on which the UBO, became the beneficial owner;
  • The nature and extent of the rights which are directly or indirectly held by the beneficial owner;
  • The role of the beneficial owner within the trust;
  • Any other information and/or supporting documentation requested by  Cyprus Securities and Exchange Commission (‘CySEC’) for identification purposes;
  • Where the Trust has classes of beneficiaries; CySEC requires a description of the classes, the members of each class and the nature and extent of the rights that each class of beneficiaries has.

Dixcart Services

  • We advise clients regarding the creation of a CIT, including proposing  structure ideas for creating and operating the CIT;
  • We draft all of the required legal documents;
  • We establish private trustee companies (PTCs) in Cyprus and in other jurisdictions;
  • We advise clients and trustees about issues arising in relation to a CIT, for example; trustee powers, beneficiary rights and interpretation of the trust deeds.

Why us

Dixcart has been providing professional expertise to organisations and individuals for almost 50 years.

We are an independent group and are proud of our experienced teams of highly qualified, professional staff who offer international business support services around the world.

Dixcart works closely with professional intermediaries worldwide. These include accountants, fiduciaries and lawyers.

Dixcart Management (Cyprus) Limited can assist you every step of the way when a Cyprus International Trust is being created.

Additional Information

For further information about the Cyprus International Trust, please contact Robert Homem or Charalambos Pittas at the Dixcart office in Cyprus: advice.cyprus@dixcart.com.

Guernsey

Guernsey Fund Summary

Posted on | by Charlotte Clabon

As an additional aide to our notes on the introduction of the two new Private Investment Fund (PIF) routes in Guernsey (Qualifying Private Investor and Family Relationship);

A Quick Guide to Guernsey’s New Private Investment Fund (PIF) Rules (dixcart.com)

The ‘Qualifying’ Private Investor Fund (PIF) Guernsey Private Investment (dixcart.com)

A summary Is provided below on the three routes to establishing a PIF and, for completeness, the same information for registered and authorised funds.

* Flexible entity type: such as Limited company, Limited partnership, Protected Cell Company, Incorporated Cell Company etc.
** No hard definition of ‘family relationship’ is provided, which could allow for a wide range of modern family relationships and family dynamics to be catered for.

Additional information:

Registered vs authorised – in registered collective investments schemes it is the responsibility of the designated manager (administrator) to provide warranties to the GFSC that appropriate due diligence has taken place.  On the other hand, authorised collective investment schemes are subject to a three-stage application process with the GFSC in which this due diligence takes place.

Authorised fund classes:

Class A – open-ended schemes compliant with the GFSCs Collective Investment Scheme Rules and thus suitable for sale to the public in the United Kingdom.

Class B – the GFSC devised this route to provide some flexibility by allowing the GFSC to exhibit some judgment or discretion.  This is because some schemes range from the retail funds aimed at the general public via institutional funds to the strictly private fund established solely as a vehicle for investment by a single institution, and that their investment objectives and risk profiles are similarly wide-ranging. Accordingly, the rules do not incorporate specific investment, borrowing and hedging restrictions. This also allows for the possibility of new products without the need to amend the Commission’s regulation.  Class B schemes are typically aimed at institutional investors.

Class Q – this scheme is designed to be specific and is aimed at professional investor funds encouraging innovation.  As such, compliance with this scheme places more focus on disclosure of risks inherent in the vehicle vs other classes. 

Dixcart is licensed under the Protection of Investors (Bailiwick of Guernsey) Law 1987 to offer PIF administration services, and holds a full fiduciary license granted by the Guernsey Financial Services Commission.

For further information on private investment funds, please contact Bruce Watterson or Steve de Jersey at advice.guernsey@dixcart.com

Switzerland a Premier Jurisdiction: Asset Protection, Corporate, and Residence

Posted on | by Charlotte Clabon

Switzerland is a very attractive location to live and work in for many non-Swiss nationals.

Switzerland is a beautiful country with amazing scenery as well as a number of world-famous cities such as Bern,
Geneva, Lausanne, and Zurich. It also offers an attractive tax regime for individuals as well as for companies, in the
right circumstances.

Here is a summary of the benefits Switzerland has to offer businesses and individuals and why it is a popular
jurisdiction for asset protection, residence and company establishment.

What does Switzerland Offer Businesses, Individuals and Families?

  • Located in the centre of Europe
  • Economic and political stability
  • A well-respected jurisdiction with an excellent reputation
  • Most ‘innovative’ country in the world for nine consecutive years
  • Lengthy history of expertise in finance and business
  • Premier destination for international investment and asset protection
  • High regard for personal privacy and confidentiality
  • Very good living and working conditions
  • International hub for HNWIs and international families

Who does Switzerland Appeal to, Internationally?

  • International Headquarter Companies for Groups
  • Substantial Trading Companies
  • Large domestic and overseas Banks with expertise in open international capital markets
  • Trusts and Private Trust Companies
  • Family Offices
  • Individuals seeking to redomicile within central Europe

Double Taxation Agreements (DTAs)

  • Switzerland has over 100 DTAs
  • Swiss companies benefit from the EU ParentSubsidiary Directive, a tax exemption for cross-border dividends paid between related companies in the EU (Switzerland is not in the EU, but is in the ‘Schengen area’)

Use of a Swiss Company as Trustee

  • A Swiss company can act as Trustee or take another role in your family Trust to manage and administer your Trust in Switzerland
  • Trusts are not subject to taxation in Switzerland
  • The Settlor and Beneficiaries are not subject to taxation, as long as they are not resident in Switzerland
  • The Dixcart office in Switzerland has been providing Swiss Trustee services for many years, is a member of the Swiss Association of Trust Companies (SATC), registered with the Association Romande des Intermediaires Financiers (ARIF) and regulated by The Swiss Financial Market Supervisory Authority (FINMA)

Moving to Switzerland

  • Working: a work permit enables any individual to become Swiss resident (must have a job or form a company and be employed by it)
  • Not working: straightforward for EU citizens. Non-EU citizens must be over the age of 55

Lump Sum System of Taxation

  • Applicable on moving to Switzerland for the first time, or returning after a minimum ten year absence (no gainful employment in Switzerland, but can be employed in another country and can administer private assets in Switzerland)
  • This particular taxation system is based on the taxpayer’s living expenses in Switzerland, NOT on worldwide income and assets
  • The amount of living expenses on which income tax is based, varies from canton to canton, and is usually negotiated with the relevant tax authorities (in Geneva, a minimum taxable income of CHF400,000 is required)

The Dixcart Office in Switzerland

If you require any further information orn moving to Switzerland or the establishment of a Swiss company for asset protection, please contact Christine Bretiler in our Swiss office: advice.switzerland@dixcart.com

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