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STEP Journal: Issue 6, 2023
Welcome to Issue 6 of the STEP Journal. In this issue, we focus on digital assets and technology with articles covering all facets of the digital world as it relates to estate planning. We also explore the Europe region, from the taxation of US trusts in France to reserved heirship in Spain.
View the full issue as a digital magazine (login required), or read online below.
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Digital revolution
Foreword: In these turbulent times, where change is the only constant in life, we see ourselves amid a digital revolution that is reshaping our world.
Regulation in review
Helen Bradford-Swire rounds up global regulatory news from 2023 and looks at what progress might be made in 2024
Prime mover
Ben Bell highlights STEP’s recent work to tame the rugged digital landscape
Cracking the Code
Álvaro Aznar Azcárate details reserved heirships and the process of disowning a reserved heir in Spain
Building blocks
Julien Dif sets out the Swiss cryptocurrency rules
Simplifying tax in Italy
Antonio Longo and Angela Dulcetti analyse the implementation of a cooperative compliance regime for HNWIs, introduced by the Italian tax delegation Bill
Immigrating to Germany
Erik Muscheites and Marcus Niermann outline issues to bear in mind when relocating
Denial of transparency
Frédéric Roux on uncertainty in France regarding the income tax treatment of French-resident beneficiaries of a US trust
A slow Bern
Andrew McCallum provides an update on the legislative and regulatory landscape surrounding trusts in Switzerland
Bend it like Beckham
Carlos Gabarró details changes to Spain’s so-called ‘Beckham’ tax regime
Around the world
Helen Bradford-Swire rounds up news from Cyprus, Gibraltar and Malta
Mind the gaps
Sara Adami-Johnson reflects on digital assets regulation across borders
The digital playground
The metaverse has arrived, prompting Richard Marshall to consider how advisors can plan for new classes of virtual-only assets
The new digital horizon
Siobhan Moret explores emerging opportunities for trusts and trustees
Digital assets and the conflict of laws
Alessia Paoletto, Lauren Rapeport and Ethan Yu explore the challenge of harmonising digital asset transactions across borders
Fraudsters’ paradise
English and Welsh courts are meeting the challenges of a sharp increase in crypto fraud, but victims still face steep hurdles, writes Nicola McKinney
The future of the trust industry?
Stephen Alexander explores the potential of Jersey’s new ‘data trusts’
Crypto catch-up
Jack Burroughs details recent legal developments designed to secure the UK’s position as a global crypto hub
Cowboy will writers
Hannah Clarkson discusses the challenge of unregulated will providers in England and Wales
VAT and real estate
Eleni Drakou describes recent changes to the Cypriot value-added tax regime
States of play
Rachel Beardsley outlines immigration considerations for high-net-worth families looking to the US for education and beyond
Facts and circumstances
Daniel Paserman and Shimon Efrati review the Israeli Supreme Court tax ruling regarding the definition of individual residency
Member Q&A - Gill Steel TEP
We chat with Gill Steel TEP, who took home STEP’s Lifetime Achievement Award at the Private Client Awards in September, about her 40-year career and what she has learned in that time
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