Automatic exchange of information

Automatic exchange of information on 29.7.2016

AEOI by Fennie Lim,

1. B4 Sept 2017, EOI on request but not effective
2. After sept 2017, AEOI due to base erosion profit shifting n anti money laundering
3. Out of 160 countries, 97 hv signed
4. Common reporting standard - automatic exchange of information of financial account btw tax authorities worldwide

Wealth management by Alvin Yap
5. Level 1 - Advie n willing to do: irrevocable discretionary trust, do a means test (capital statement for 6-7 years), gift to children, gift to charity, offshore will, invest in hard assets or business
6. Level 2 - unable n unwilling to do: invest in countries not parties to agreement, regularization, donate to procreate foundation,donate to LLP where u r not MP, financed single premium universal life policy (cushioning effect), migrate to lower tax countries or change tax residence
7. Structure
a) onshore n offshore family trust
b) working dividend: family dividend 70:30; classes A:B:C = 5:4:2

Universal life policy by Mervyn Goh
8. Protection n equalisation of assets