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Currency repatriation requirements were extended on 14 April to cover loans issued by Russian residents to foreign borrowers, reducing the opportunities for businesses to shift funds abroad through non-repayable loans.

Trustees cannot simply brush aside beneficiaries' request for information

PHILANTHROPY: Ikea's late founder structured business as three foundations

INTERNATIONAL - AUSTRALIA: Consequences of using foreign trusts for capital gains

TRUST - LUXEMBOURG: Movement on beneficial ownership registers

WEALTH MANAGEMENT - FRANCE: Foreign resident's children cannot invoke forced heirship law

'Foundation company' vehicle established in Cayman Islands

INTERNATIONAL - European Union: Taxation at source must take into account non-resident taxpayer's domestic costs

The vendor has the right to receive the full amount of the agreed price from the purchaser at the time the sale contract is settled. Frequently the vendor has already received an advance payment on that price, generally as a deposit: in that case he will have the right to receive the difference to make up the full agreed price. The vendor has the option to allow the purchaser a deferral of payment, with or without interest. It is up to the discretion of the vendor (based on the trust h

In "land credit" contracts, the borrower has the legally-assured option of early repayment of the home loan; but generally, even in ordinary contracts, that possibility is foreseen. The borrower may decide, therefore, at a certain point in the repayment plan, to close out the contract and repay the remaining capital, on which obviously he will no longer pay interest. Given this loss of earnings, the bank could, if the contract so stipulates, demand compensation (a penalty). According to a

Home loans are generally guaranteed by a mortgage and so are the preserve, in our legal system, of the notary. The presence of the notarial profession has become more significant with the recent increase in the number of such contracts, a result of the lower cost of money (though this is still subject to fluctuations) and improvements in living standards that allow an ever greater number of citizens to aspire to the ownership of their home and often of a second home as well. Year after ye

In order to grant a home loan, the bank requires a guarantee: by definition, the most common of these is the mortgage. A mortgage gives the bank the right to be repaid from the proceeds of any forced sale of the asset offered as collateral, with priority over other creditors. A mortgage has better legal standing if it is a first mortgage, i.e. if there are no higher-priority mortgages: a "land credit" guarantee generally requires a first mortgage. A mortgage is established over the

The conveyance may rightly be considered the notarial transaction par excellence, considering all the actions the law imposes on the notary following settlement (to cite the more important ones: filing, cadastral registration, transcription, notification of the competent authorities specified by law etc.). It is the notary who writes the contract after having established the intentions of the parties and after having obtained all useful information and carried out all the necessary search

A property regime is the set of rules that govern property and the manner of administering assets belonging to a married couple so long as the marriage lasts and when the marriage ends for any reason (death, divorce).In other words, the property regime stipulates the rights that each spouse has over assets acquired (by one or other of the spouses or by both) during the marriage, both for the duration of the marriage and in the case where the marriage ends.In Italy the “normal” regime established

A joint-stock company must be set up through a public deed which must clearly indicate who the parties to the contract are. Such parties may be individuals but also legal entities (as for instance other joint-stock companies, partnerships, cooperatives or other bodies).The Memorandum of Association must indicate the Municipality in which the company has its registered office, which is where it operates, and the name of the company which must contain the wording “"società per azioni" or "s.p.

The limited liability company is intended for smaller companies than joint-stock companies, and the equity participation in the company has a personal connotation which is absent in the s.p.a.  In fact, it has a limited number of shareholders who are not personally responsible for the social security liabilities, even if they have acted in the name and on behalf of the company.The legislation in place as of 1 January 2004 has had a major impact on the limited liability company, which is an e

Limited partnerships with share capital is a modified form of a company with share capital in which permanent directors manage the company who have unlimited liability, also contingent liability, for  social security liabilities. The provisions that are specific for this type of company are reduced to a few which concern above all the management of the company by the unlimited partners.    The peculiar characteristic of this type of company consists in the co-existence of two different group

On the basis of the provisions in force as of 1 January 2004, the administration of joint-stock companies may be organised according to three separate models:  the traditional model, the monistic model (of Anglo-Saxon origin) and the two-tier model (of German origin).In the traditional model, the directors have the task of running the company, and are accordingly provided with the power of being pro-active i.e. promoting the decision-making activity of the meeting (power of initiative), of i

Co-operatives are associations of persons which are protected in the Italian Constitution:  in fact Article 45 of the Italian Constitution states: “the Constitution recognises the social function of co-operative societies that are based on the values of solidarity and that do not pursue goals of private profit”.In co-operatives predominant importance is ascribed to the social function, which consists in implementing a democratic decentralisation of the power of organisation and management of

The management of a company is the activity of running the corporate enterprise. The power of management is the power of carrying out any activity that falls within the scope of the corporate purpose.When the management of the company falls on more than one partner (all or some), and the partnership contract makes no provision on how the power of management is to be exercised, then the notion of  separate management shall apply:  each partner is a director, that is, he has the power of manag

Throughout the life of the company the partners may modify the partnership contract but this requires a unanimous vote, unless otherwise agreed and except for the case in which the company were to be turned into a  stock company, for mergers and spin offs, in which cases (unless otherwise decided in the shareholders’ agreement on which you should be advised by your notary) a simple majority is required by law.  The majority is established on the basis of the share of profits attributed to ea