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The Privy Council ruling in Investec v Glenalla is being welcomed as good news for Guernsey, by reassuring settlors that assets in a Guernsey or Jersey trust are protected from creditors even if the trustee unreasonably incurs a liability or acts in breach of trust and thus invalidates its indemnity. The decision will prove to be of huge importance to settlors, beneficiaries and trustees across the offshore world, said Nick Robison of Guernsey law firm Babbé, which represented the trustees. FATT

Further comment has appeared on the England and Wales Family Court's decision to pierce the corporate veil in the financial remedy case of Akhmedova v Akhmedov (2018 EWFC 23 Fam). The judge considered it necessary to go against the long-standing legal principle, in response to Farkhad Akhmedov's 'continuing campaign to defeat his ex-wife by concealing his assets in a web of offshore companies', and issued orders to aid her enforcement of the judgment in the Isle of Man and Dubai FATTO

ESTATE DISPUTES: Some important judgments from last month

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

ESTATE DISPUTES: Hallyday family wins estate asset freeze while forced-heirship litigation continues

TUTELA DEL PATRIMONIO - Pronte le regole OCSE contro l’occultamento di patrimoni all’estero tramite trust e altri schemi

INTERNATIONAL - UK: Foreign investors may be discouraged by capital gains tax on commercial property

INTERNATIONAL - UK: Legislation this summer on register of foreign property-owners

INTERNATIONAL - FRANCE: Wealth property tax has significant effects for non-residents

The Japanese government's 2018 tax reform bill abolishes the recently introduced rule under which the heirs of a long-term resident foreigner who died outside Japan remain liable to Japanese inheritance tax (IHT) on estate assets anywhere in the world. The rule had threatened to derail the government's efforts to attract foreign talent to live and work in Japan, because it meant IHT liability could follow a foreign national for up to five years after leaving the country.

INTERNATIONAL - ISRAEL: Tax authority launches new voluntary disclosure programme

INTERNATIONAL - JERSEY: Apple says relocation of Irish subsidiary does not reduce its tax liabilities

INTERNATIONAL - The risk factors Guidelines

INTERNATIONAL - HONG KONG: Multiple property stamp duty gap axed

INTERNATIONAL - INDIA: Highest court rules that three days per year is enough to create permanent establishment

INTERNATIONAL - UK: Doubts cast on non-dom reforms' commencement date

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

SOCIETA' - Corporate Governance

INTERNATIONAL - Canadian notary must reimburse buyer stuck with non-resident seller's CGT bill

The italian Notary

Notaries and real estates

Notaries and real estates

Notaries have as their essential mission to confer authenticity on the legal instruments and contracts they establish for their clients in various areas of law

Notaries provide the community with a complex service, they carry out a public function of the State within the framework of an independent profession. The notarial deed not only regulates transactions between parties, but it provides added value in at least three respects: - a contract signed before a notary is unchallengable and hence it avoids expensive and time-consuming litigation procedures; - it is enforceable and hence it can be used to recover credits and it constitutes pri

Since 12 September 2002, the Consiglio Nazionale del Notariato has been registered in the public list of certifiers of digital signatures held by AIPA, as the certification authority for Italian notaries. The digital signatures of Italian notaries may be verified on the site http://ca.notariato.it. Based on the rules and the certification authority's operations manual, CNN certifies notaries' digital signatures in the exercise of their functions and so guarantees to third parties not only

The law (articles 2 and 3) provides that when entering a preliminary agreement, or any agreement or contract for which the purchaser takes on obligations and pays money in advance but does not immediately purchase the property in the building under construction, the seller must issue a bank or insurance surety bond that guarantees the entire amount paid and to be paid before the final conveyance deed (which coincides with the deed drawn up by a notary public). The surety bond is the very

Legalization is indispensable for a foreign public document to be valid in Italy. It consists only of the official certification - by the competent Italian consular or diplomatic authority abroad – of the legal status of the public official (or functionary) who has signed the document and the authenticity of his signature. If the document is issued by a foreign authority in Italy, it must be legalized by the Prefect in the district in which the foreign authority is located (except for the

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

Foreign documents are those issued abroad by a foreign authority, even if they are in the Italian language, which in order to be used in Italy require legalization or an apostille.In this sense, a document prepared by an Italian consulate or ambassador abroad is not “foreign”, even if the parties are foreign. If it is written in a foreign language, the foreign document must also be accompanied by its “translation”.More precisely, the obligation to legalize a foreign document is currently stipula

A home loan is a contract whereby one party, called the lender (usually a bank), transfers a given sum of money to a second party known as the borrower, so that the latter may use it for a given time in exchange for paying the former an amount representing interest. To this outline of the essential structure and functions of the contract must be added that a home loan includes various clauses that are not always immediately comprehensible but are necessary for regulating all the relations

The sale contract includes the personal data of both the vendor and the purchaser, including their fiscal codes, the description of the property to be transferred with an indication of its location, its nature and its boundaries, as well as its identification at the land titles office and a number of obligatory pieces of information regarding town planning and building regulations. The vendor must declare whether the property was built before 1 September 1967; if the building took place a

The Consiglio Nazionale del Notariato (C.N.N.) is the professional order of notaries. It is made up of 20 notaries directly elected by all practising notaries in three-yearly elections. There is a limit of two consecutive mandates. The three members of the Audit Committee are elected according to the same procedure.The 20 elected councillors, after they are installed in office, nominate a President, a Vice President, a Secretary and an Executive Committee. The tasks of the Consiglio Na

It is important to understand what the types of buildings are to which the duties and guarantees examined below apply.  Under this law “buildings to be built” are those for which the building permit or other authorization to build was applied for after the entry into force of the law (21 July 2005), and which are not yet finished, and hence “the fit for use” (agibilità) statement has not been issued (article 1, paragraph 1, letter d). This means that on the one hand the law does not apply to

This underpins the National Council of Notaries' role as certifier and manager of notaries' digital signatures. Becoming a qualified certifier has allowed the CNN to execute the formalities with full legal validity, since the digital signature issued by the National Council of Notaries is the only one that also certifies a notary's status as currently practising.

Only legal security in business and private relationships allow for economic development; therefore a constitutional state must guarantee  legal security to its citizens. To this goal: 1) lawsuits  must be prevented, for as much as possible; 2) the citizens must have access  to public registers whose records are reliable and legally trustworthy. Clearly the reliability of the findings depends entirely upon the trustworthiness of the deeds entered. An authentic deed, drawn by a

In the first place, the vendor is obliged to consign to the purchaser the property sold in the state in which it is with vacant possession, free of persons and things, at the time the contract of sale is notarised, i.e. at the same time as the balance of the price is paid. The vendor has the option, however, of allowing the future purchaser to occupy the property even before the actual change of ownership, it being understood that because he is still the owner of the asset he remains resp

This is a simplified – but absolutely rigid - form of legalization (in the sense that it must have  exactly all the formal characteristics stipulated in the sample attached to the Hague Convention of 5/10/1961 which governs it). It is valid in all the countries that have signed the Hague Convention of 5 October 1961 and replaces legalization amongst those countries alone.Like legalization, an apostille may be indispensable for a foreign public document to be valid in Italy.Like legalization, an

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

With the provisions that entered into force as of 1 January 2004, the dissolution of companies with share capital is governed by new rules.A company may be dissolved because: its term of duration has expired,  the corporate aims have been achieved or circumstances have set in that make it impossible to achieve them, the shareholders’ meeting cannot or will not function, the share capital has dropped to values below the minimum legal requirements (but the company may decide to reconstitute th

In early 2003 the Italian legislator issued a law decree (n° 6 of 17 January 2003) which thoroughly reformed companies limited by shares.  The declared aim was to simplify, where appropriate, and enrich, wherever possible, the rules governing such companies, with a view to increasing their competitiveness on both domestic and international markets.Many changes were made and the following results have been achieved:  a better, though still not complete, co-ordination between the rules governi

In general, the winding up and liquidation of an s.a.s. is governed by the rules set forth for general partnerships, to which the reader is referred (please refer to the related paragraph).However, besides the causes of dissolution that are the same for an s.n.c., there is another cause that is exclusive of the s.a.s., namely when there is only one category of partners left.In fact, it is envisaged that the s.a.s. is to be dissolved when only limited partners or only unlimited partners remai

The functioning of the company with share capital, in its traditional model, is based on the necessary simultaneous presence of three bodies:  the shareholders’ meeting, the board of directors and the board of statutory auditors, each of which has its own distinct sphere of competence. Accounts are audited by an auditor or by an audit firm, except for closed companies where this is decided in the By-laws.The shareholders’ meeting, which is a sovereign body since it is empowered to decide on

The rules applying to limited partnerships are similar in many respects to those that apply to informal partnerships (please refer to the related paragraph).In addition, as regards subjective changes arising from the transfer of a partner’s capital share, a distinction needs to be made between the unlimited partner’s share and that of the limited partner.If one of the unlimited partners decides to transfer his/her capital share he may undoubtedly do so through a conveyance deed; however, unl

From the historic and regulatory point of view, the joint-stock company is the prototype of the company with share capital whose body of rules apply to the limited partnerships with share capital (s.a.p.a.), with which it is compatible, and in some respects they are very close to the rules that govern the limited liability company, which however makes little reference to the rules on joint-stock companies, which consequently do not directly apply. The joint-stock company (s.p.a.) differs fro

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

In general partnerships too it may happen that, in the course of the company’s existence, the partners may wish to amend the partnership deed.Unless otherwise agreed, such changes must be adopted unanimously (except for when the company is turned into a company with share capital, or when mergers or demergers are carried out),  and must be written in a public deed or in an authenticated private contract, just like the partnership deed, since the law prescribes that also these amendments must

The rules described for the s.n.c. also apply to the establishment of an s.a.s.The Memorandum of Association must comply with the same requirements, in form and content, as those laid down for the s.n.c.An additional requirement is that the unlimited partners and the limited partners be distinctly indicated.The Memorandum of Association of the s.a.s. are to be entered in the Register of Companies. If this is not done the partnership is irregular and the provisions that shall apply are less favou

Amendments to the Memorandum of Association must be approved not only by the extraordinary meeting but also by all the unlimited partners. The advice of the notary public may be useful in deciding on issues related to this mode of approval. For all other aspects, please refer to the joint-stock companies (please refer to the related paragraph).

Once upon a time it was enough to say that a foreigner was someone who was not an Italian citizen. This definition – to be clear – is still valid. Except that Article 17 of the EC Treaty institutes a citizenship of the European Union which is attributed to anyone who is a citizen of a Member State. Belonging to the European Union brings with it various consequences, some of which are very important, like the prohibition on

Individuals interested in becoming partners, whether they be natural persons, companies, associations or in general, entities, must have the legal capacity to act, i.e. carry out transactions that are valid from a legal standpoint.Can joint-stock companies  be members of a partnership? The issue was a matter for debate up to recently, but an affirmative solution was provided by the law that entered into force as of January 1 2004.Participation by other entities in companies can give rise to