Post Event Update: 3rd STEP Singapore Graduation Ceremony (18 October 2011, Maxwell Chambers)

Congratulations to our graduates!



Please click on the above picture to open photo gallery)

The STEP 2011 Graduation Ceremony took place on 18th October 2011 chaired by Ms Goh Seow Chee, President of the STEP Committee (Singapore Branch). This year, thirty three students successfully completed the STEP Foundation Certificate & Diploma in International Trust Management, fourteen of which graduated with distinctions.

21 of the graduates joined us for the graduation ceremony and a talk on "Family Philanthropy In Asia: Characteristics, Trends And Challenges" after the ceremony.

Post Event Update: Family Philanthropy In Asia: Characteristics, Trends And Challenges (18 October 2011, Maxwell Chambers)

The growing interest in philanthropy planning among high net worth families in Asia has led to researches being conducted to facilitate better understanding of needs in Asia. The speaker covered the challenges that Asia faces in the field of philanthropy due to lack of information of recipients, statistics on needs in Asia and the difficulties in monitoring the progress of grant recipients. Families in Asia especially the second generation educated in the west are looking for sustainable charity and charity where they could have some form of measurement for success or progress. The talk generated some thoughts of where we would like to be in this space and the existing gaps.

Post Event Update: Reserved Powers - Where Are We Now? (15 August 2011, FTSE Room – Capital Tower)

On Monday, 15 August 2011, at a very well-attended evening session, Justin Appleyard (partner in charge of the global trusts group of Maples and Calder) gave an overview of the history of the reservation of trust powers. Justin is a member of the Council and past chairman of the Cayman Islands branch of the Society of Trust and Estate Practitioners (STEP).

Justin explained the context in which the Cayman Islands came to be the first jurisdiction to come up with extensive legislation to address Reserved Powers. He also commented on the different positions in BVI, Jersey, Singapore and the current proposals for HK.

Justin reviewed the distinctions between the reservation of dispositive powers and reservation of investment powers. He also covered the implications for the trustee and looked at what "irreducible" core obligations needed to remain with the trustee.

He concluded by reviewing a recent case concerning the power of revocation and the implication in a situation where the settlor with that power had become bankrupt and creditors were seeking to require the exercise of that power.

It was a very informative session with some good discussion both during the Q&A segment and more informally afterwards. The session was thoroughly appreciated by all who attended.

Post Event Update: Family Business Succession Planning (1 June 2011, 12-2pm, STI Auditorium – Capital Tower)

Family business succession planning is often a challenging matter for families to ponder. As advisor to the family, we do not just need to equip ourselves with knowledge on structuring of the framework for business succession, we also need to understand the emotional trip that our client will undertake in making their business succession planning effective.

In this session, Zac Lucas from Ogier BVI, shared with us a systematic approach in analyzing the needs of the family, the readiness of the family to formalize their business succession planning. The role of trusts and estates practitioner becomes important to assist the family in differentiating the situation when they own and are involved in business vs when they merely own the business.

President's Message

Dear Fellow STEP Members,

1.	Branch Activities in Q1
	The following is a summary of talks held so far this year. As you can see, all events continue to attract good attendance by both STEP members and non-members. Do let us know if there is a particular subject or topic area that you would like us to try to source a speaker, or please introduce to us any speakers that you think may be of interest to our almost 440-strong Singapore membership.
2.	Report: April Council Meeting
	As a result of being recently elected to STEP Worldwide Council by the Singapore Management Committee, I would like to update you on the agenda and proceedings from the Council meetings I attended in London on 14-15 April. It was an enormously important Council meeting, due to a new governance structure of Board and Council being bedded down. It was timely to talk about relationships: how these two arms of governance / consultation / representation will work together and particularly what the roles of Board members and council members are. Most importantly it was critical to focus on relationships with the wider membership and how effective communication and clarity of roles and responsibilities throughout STEP can ensure that we best serve the membership at large and build cohesion throughout the Society. The STEP Worldwide Board has just completed its ‘blue skies’ planning. An enormous amount of progress was made over two days to analyse the Board’s interest and initial views on governance and communication, on risk, on key issues for the Board in taking up its role, on strategic issues throughout the Society and how the business plan for STEP thus goes forward. The major items for the agenda included reports on branch development, education and public policy; the STEP brand; special interest groups; membership satisfaction survey; taxpayer’s charter; 2011/12 operational plan; finance report and budget. Read excerpts from David Harvey’s CEO report to Council HERE.
3.	STEP/STA Gala Dinner Update
	For those of you who have yet to confirm your individual or table booking, please note that we have todate sold 10 tables, with 3 major gold sponsorships, and aim to have a full house by late May/early June.

Angelo Venardos
President, STEP (Singapore Chapter)

Family Business Succession Planning (1 June 2011, 12-2pm, STI Auditorium – Capital Tower)

At this lunchtime seminar, our speaker will provide a practical overview of typical issues that arise on a transition of a family business across generations, primarily focusing on and considering the potential differences between a transfer between the founding 1st generation and the 2nd generation compared to a transfer between the 2nd and 3rd generations of the family.

Issues to be addressed will include:

Members of CFA Singapore, Chartered Institute for Securities and Investment (CISI) Singapore, CPA Australia, ICPAS/CPA Singapore, International Fiscal Association (IFA), Law Society of Singapore, Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA), Singapore Corporate Counsel Association (SCCA), Singapore Trustees Association (STA) enjoy preferential rates.

Register early to secure your place by completing and faxing the registration form to (65) 31287781 (no 6 prefix) or via e-mail by 25 May 2011!

Post Event Update: Trust Structures Holding Business Assets Situated in Asia – Pitfalls and Possibilities (15 February 2011, 12-2pm, SGX Auditorium – SGX Centre)

Our February 2011 presentation was the highly anticipated subject of “Trust Structures holding business assets in Asia – pitfalls and possibilities”. The team of lecturers was made up of Dr. Britta Pfister and Richard Baldock both from Rothschild Trust. While Dr. Pfister is based in Singapore, Mr. Baldock was visiting us from his base in Zurich, Switzerland. A record attendance from across the trust industry spectrum was present at the SGX Auditorium to hear from the speakers on their experiences of real cases.

The first half of the lecture was presented by Dr. Britta who concentrated on the different stages undergone by the trust specialist leading up to the client solution. She then gave way to Richard, who dissected two very interesting trust structures involving assets located in Asia and America and the ramifications of second or third generation migration and other family dynamics. The interaction with the audience was quite active, with participation by way of questions, comments and shows of hands prompted by the speakers.

The lecture ended with a lively debate on the issue of foreign trusts and their recognition by Singapore courts. Overall participants experienced a great insight into the details of trust solutions with a definite Asian perspective.

Post Event Update: Piercing the Veil of the Company and Trust: An International Comparative Analysis (23 March 2011, 5-7.30pm, STI Auditorium – Capital Tower)

Tim Prudhoe, from UK law firm Kobre & Kim joined us for our monthly sessions last February 15th, at the STI Auditorium at Capital Tower. His presentation was well attended by trust managers based in Singapore and started off with our guest walking us through the legal concept of the company and how it has evolved over time in the western world and the two main currents of thought. He later moved towards the Trust jurisprudence on the matter including the main areas to focus.

Over the Q & A session Tim shared with us his knowledge on the subject at length, including his experiences as a practicing attorney in the BVI and Bermuda, as well as commenting on well known cases involving trust around the world. It was a well balanced discussion including comments on the wide offer of fiduciary solutions available to practitioners, such as Foundations.

As part of its efforts to bring together the community of trust and estate planners in Singapore and the region, as well as to share with the less fortunate in Society, STEP (Singapore) and STA will be organising their first charity gala dinner on 29 June 2011.

Enjoy a sumptuous 8-course sit-down Chinese dinner prepared by leading chefs at the Fairmont Singapore. Mingle with old friends and renew acquaintances. Enjoy the music and dance the night away.

We have designated the recently set up Special Needs Trust Company (SNTC) as our appointed charity beneficiary of the evening, with nett proceeds raised from the dinner being donated to SNTC in support of its trust scheme targeted at encouraging parents/caregivers to save and provide for the financial security of their special needs dependants.

Please DOWNLOAD AND COMPLETE THE REGISTRATION / BOOKING FORM to book your seat(s)/table(s) for the dinner, be a sponsor or make a direct donation to the designated charity.

For further enquiries, please contact the STEP (Singapore) Secretariat at (65) 31287781 (no 6 prefix) or secretariat@step.org.sg.

Post Event Update: Unit Trusts 101 (9 March 2011, 12-2pm, FTSE Room – Capital Tower)

STEP Singapore was pleased to have speakers from Maples and Calder speaking on unit trusts, the fundamental concepts and operations. Unit trust structure is increasingly being used by private clients as a collective investment vehicle. Such a vehicle allows family to hold diversified classes of assets, family members hold units in the trust. This topic generated a good discussion from the audience, many of whom were in the institutional trustee business.

President's Message – Report on STEP Chairmen’s AGM (Held in London: 1st to 4th Dec 2010)

Dear Fellow STEP Members,

During the 4-day programme, I attended meetings with the following groups:

1. Development Committee
2. East Asia Regional Committee
3. International Committee
4. Special Interest Groups
5. STEP Worldwide Council
6. India Round Table
7. AGM.

Between the various meetings attended, I met with the following persons:

1) David Harvey: CEO – STEP Worldwide (WW)
We discussed the making of a submission to WW to appoint a full-time STEP WW Executive to be based in Asia to cover such issues as:

A. Public Policy
B. Educational Strategy
C. Membership
D. Branch Development.

2) Keith Johnston: Director of Policy & Communication
Keith will undertake the submission for the STEP WW Executive position.

3) George Hodgson: Head of Policy
George will be assisting in the preparation of “The Common Law Legislation of Trusts in Singapore,” for a STEP paper to the EU.

4) Michael Evans: Director of Governance & Processional Standards
A sub-committee in Singapore is reviewing the STEP Singapore Constitution. The sub-committee, chaired by Mr Lee Chiwi, and assisted by Ms Lim Ping Ping, Mr S Sharma and Ms Catherine Cheung, expects to submit their findings and make a recommendation in the next few months. Michael will be reviewing the sub-committee’s findings.

5) Amand Seal: Director of Events
Amand is in-charge of planning for the STEP Asia conference to be held this year in Singapore during 1-2nd November. The sub-committee, chaired by James Aitken and assisted by Wan Peng and Brian Balleine, is currently developing Conference Thematic elements.

6) Nigel Race: Director of Education
Nigel came to Singapore during 27-28 Jan 2011 to discuss with the Institute of Banking & Finance (IBF) and other education stake-holders on the STEP Asia Education programme that is anticipated to be rolled out this year.

7) Elaine Crehan: Director of Marketing & Membership
We discussed the possible establishment of Chapters in jurisdictions that may not have enough numbers to form a Branch, but can organize an initial smaller STEP presence. I have been tasked as a goodwill ambassador to assist STEP WW in establishing STEP representations in Brunei and Malaysia as the membership in these two jurisdictions has been growing independently of Singapore.

In summary, this was a very beneficial time in understanding how our professional body has grown to 16,000 members across 60 jurisdictions, and what further benefits can be delivered to our approximately 430 Singapore members.

Angelo Venardos
President, STEP (Singapore Chapter)

Unit Trusts 101 (9 March 2011, 12-2pm, FTSE Room – Capital Tower)

Dear Fellow STEP Members,

During the 4-day programme, I attended meetings with the following groups:

1. Development Committee
2. East Asia Regional Committee
3. International Committee
4. Special Interest Groups
5. STEP Worldwide Council
6. India Round Table
7. AGM.

Between the various meetings attended, I met with the following persons:

1) David Harvey: CEO – STEP Worldwide (WW)
We discussed the making of a submission to WW to appoint a full-time STEP WW Executive to be based in Asia to cover such issues as:

A. Public Policy
B. Educational Strategy
C. Membership
D. Branch Development.

2) Keith Johnston: Director of Policy & Communication
Keith will undertake the submission for the STEP WW Executive position.

3) George Hodgson: Head of Policy
George will be assisting in the preparation of “The Common Law Legislation of Trusts in Singapore,” for a STEP paper to the EU.

4) Michael Evans: Director of Governance & Processional Standards
A sub-committee in Singapore is reviewing the STEP Singapore Constitution. The sub-committee, chaired by Mr Lee Chiwi, and assisted by Ms Lim Ping Ping, Mr S Sharma and Ms Catherine Cheung, expects to submit their findings and make a recommendation in the next few months. Michael will be reviewing the sub-committee’s findings.

5) Amand Seal: Director of Events
Amand is in-charge of planning for the STEP Asia conference to be held this year in Singapore during 1-2nd November. The sub-committee, chaired by James Aitken and assisted by Wan Peng and Brian Balleine, is currently developing Conference Thematic elements.

6) Nigel Race: Director of Education
Nigel came to Singapore during 27-28 Jan 2011 to discuss with the Institute of Banking & Finance (IBF) and other education stake-holders on the STEP Asia Education programme that is anticipated to be rolled out this year.

7) Elaine Crehan: Director of Marketing & Membership
We discussed the possible establishment of Chapters in jurisdictions that may not have enough numbers to form a Branch, but can organize an initial smaller STEP presence. I have been tasked as a goodwill ambassador to assist STEP WW in establishing STEP representations in Brunei and Malaysia as the membership in these two jurisdictions has been growing independently of Singapore.

In summary, this was a very beneficial time in understanding how our professional body has grown to 16,000 members across 60 jurisdictions, and what further benefits can be delivered to our approximately 430 Singapore members.

Angelo Venardos
President, STEP (Singapore Chapter)

Unit Trusts 101 (9 March 2011, 12-2pm, FTSE Room – Capital Tower)

There is an increasing interest by wealthy families in transferring shares into family owned companies and other business assets in trust structures. This presentation, based on live cases, focuses on how these assets can be structured and transferred to the next generation and what the risks in structuring such assets are.

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 2 March 2011!

Piercing the Veil of the Company and Trust: An International Comparative Analysis (23 March 2011, 5-7.30pm, STI Auditorium – Capital Tower)

At this seminar, our speaker will provide a comparative analysis of the following issues:

1. Origin of separate legal personality (the rule in Salomon)
2. Piercing the corporate veil – special circumstances required
3. Developments in particular onshore and offshore jurisdictions – such as ‘substantive consolidation’ / reverse piercing in United States in the context of insolvent subsidiaries of liquid holdco
4. Piercing the trust / sham trusts post-Rahman and Re: Esteem (both Jersey, Channel Islands cases)
5. Effect of freezing injunctions against 3rd parties (the TSB Private Bank v. Chabra caselaw) as a way around the need to pierce at all.

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 16 March 2011!

Trust Structures Holding Business Assets Situated in Asia – Pitfalls and Possibilities (15 February 2011, 12-2pm, SGX Auditorium – SGX Centre)

There is an increasing interest by wealthy families in transferring shares into family owned companies and other business assets in trust structures. This presentation, based on live cases, focuses on how these assets can be structured and transferred to the next generation and what the risks in structuring such assets are.

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 8 February 2011!

Post Event Update: Legitimacy of Tax Planning (2 November 2010, 12-2pm, SGX Centre)

STEP Singapore was fortunate to have Nick Jacob, partner at Lawrence Graham LLP, speak at the SGX Auditorium on The Legitimacy of Tax Planning on 2 November 2010.

He proposed that governments have continued to blur the distinction between tax avoidance and tax evasion, and this has prevented taxpayers from maximizing their tax savings by the use of legitimate tax planning properly permitted by the law. Key terms like “tax avoidance”, “tax evasion” and “tax mitigation” are not sufficiently understood or defined at governmental levels when taxpayers in all countries are entitled to know their legal position. DenisHealey (former UK Chancellor of the Exchequer) once commented that the difference between tax avoidance and tax evasion is “the thickness of a prison wall!”

Nick gave a wide-ranging analysis of case law, legislation and practices in various jurisdictions including the UK, Australia, Canada, New Zealand, Germany and the OECD in general. In the end, the most important point is to understand the borderlines between tax mitigation and tax avoidance on the one hand, and between tax avoidance and tax fraud on the other. We need international clarity for the benefit of taxpayers worldwide.

Almost 80 STEP members and guests attended the lunch event. Feedback was very positive with 93% of attendees rating the presentation Good to Excellent.

Post Event Update: "International Financial Centres in the Caribbean -Thriving in the New Normal" (28 Oct 2010, 5.00-7.30pm, FTSE Room, Capital Towers)

On her recent visit to Singapore, the CEO of the Bahamas Financial Services Board - Wendy Warren – delivered a presentation to about 20 STEP members and industry practitioners on "International Financial Centres in the Caribbean -Thriving in the New Normal". She discussed the development of the Caribbean jurisdictions in anticipation of the new normal that international financial centres are striving towards. Wendy gave her insights on how these jurisdictions dealt with changing requirements in the global environment. She commented on how independent jurisdictions dealt with global transparency issue vis-à-vis dependent jurisdictions. Bahamas, being an independent state, while expected to be make regulations to suit its own economic requirements may at times need to collaborate with the other dependent states to meet the expectations on international financial centres as a whole.

President's Message

Dear Members,

1. STEP Singapore Graduation Ceremony on 2 November 2010

   STEP Singapore heartily congratulates its latest 21 graduands who will receive the STEP International Trust Management Diploma. Also, a further 181 student members are currently pursuing the Diploma and Foundation Certificate in Singapore. STEP worldwide today has over 14,500 members in 66 jurisdictions around the world.

   Our industry is one that thrives and depends on knowledge and skill, and STEP plays a very important role in educating its members. Whether through training, publications, seminars or professional certification, it is useful to remind ourselves of one of the key objects of STEP in regard to education. Object 4 states “To advance knowledge and learning in respect of trusts, estates and allied subjects; and encourage and promote the study of trusts and estate practice and to educate members of the public including practitioners.”

   On this point, David Harvey, CEO STEP Worldwide, was recently in Singapore, and together, we met with senior representatives of the Singapore Trustees Association (STA), the Institute of Banking & Finance (IBF) and the Wealth Management Institute (WMI) to explore common avenues of working together to provide trust programmes that include local content and greater relevancy to our members of the trust industry in Singapore.

2. Raymond Gwee Receives the 2010 Distinguished FICP Award

   On behalf of the trust community in Singapore, STEP Singapore congratulates one of our members Raymond Gwee, Executive Director of Wealth Planning at UBS AG, for being conferred the 2010 Distinguished Financial Industry Certified Professionals (Distinguished FICP) award this year.

   The Distinguished FICP title is the highest certification mark for a financial practitioner in Singapore under the Financial Industry Competency Standards (FICS) framework. Raymond, who is also President of the STA, accepted the award at the Annual IBF Distinguished Speakers' Series and Distinguished FICP Award Ceremony held on Monday, 18 October 2010 at the Marriott Hotel.

3. Who Art Thou O Ye Anonymous Blogger?

   And finally, I have been asked by a number of members about this blog: http://trustprofessioninasia.blogspot.com.

   If you haven’t seen it yet, then you’ll want to know that it’s written about you and our trust community, spiced up with some self-effacing humour and personal accounts of specific individuals.

   Here’s a sample by iconoclast, the pseudonym the blogger uses:

   • “Interesting hire at Société Générale. SocGen's WPFS (wealth planning and fiduciary services, or something in that order) division has hired XXX to be CEO of SG Trust (Asia). XXX is probably better known for his golf game these days than his tenure as head honcho at HSBC Trustee Singapore years ago.” Posted 30 Sep 2010.
   • “How Many People Does It Take To Change A Lightbulb?” satirises a job ad. Posted 6 Oct 2010.
   • “I guess bank executives have nothing better to do these days than brag about their size. The banks seems to be caught in a "size matters" philosophy and everyone is sprouting how many people they plan to hire in the near future.....as if it means that the more people they say they can take on, means the better/stronger their business is.” Posted 6 Sep 2010.

Well, this isn’t exactly the Cambridge Five espionage (members were Kim Philby, Donald Maclean, Guy Burgess, John Cairncross and Anthony Blunt) or cracking the Da Vinci code stuff but it is nevertheless an anonymous blog and I speak on behalf of several practitioners who have shared with me that they are not completely comfortable with its anonymity and why the need for such “cloak and dagger” lack of transparency.

So, who do you think it is, of the five?

Angelo Venardos
President, STEP (Singapore Chapter)

Israeli Tax, Estate and Trust Implications of Trust and Fiduciary Business in Singapore (2 December 2010, 12-2pm, FTSE Room – Capital Tower)

This lunchtime presentation will cover the following issues:

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 25 November 2010!

Post Event Update: Planning for Indian Clients or Clients Looking to Make Indian Investments (14 October 2010, 12-2pm, FTSE Room - Capital Tower)

The seminar on "Planning for Indian Clients or Clients looking to make Indian Investments", organised by STEP Singapore on 14 October 2010, was well attended by TEPs, Private Bankers and legal and tax advisors.

The Speaker, Ms Sanjvee Shah is a Partner at Speechly Bircham's Private Client Division. She demonstrated her impressive knowledge and expertise in cross-border estate and trust planning issues for Indian clients, and her presentation was particularly useful to trust practitioners as she cited actual case studies involving cross-bottle structuring solutions for wealthy families.

Ms Shah provided the audience with an overview of the Indian tax system, and shared her views on the proposed overhaul of the Indian Tax Code. In line with the growth of the Indian economy and substantial increase in foreign investment into India, Ms Shah's presentation also covered the key aspects of investing into India, including the various structuring options for inward investments into India.

Ms Shah's presentation was extremely well-received by the audience who were impressed by her knowledge and experience.

Legitimacy of Tax Planning (2 November 2010, 12-2pm, SGX Centre)

At this lunchtime presentation, our speaker Nick Jacob will cover the following:

• What are we really talking about?
• The moral high ground
• The UK draft code of practice for banks
• Transfer Pricing
• Double tax treaties
• General anti-avoidance rule (GAAR)
• The OECD's approach
• Illegal tax fraud/evasion/avoidance
• Do these efforts damage "onshore" economies?

Participants are invited to join us to celebrate our 2nd STEP Singapore Graduation Ceremony 2010 after lunch and preceding the talk.

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 26 October 2010!

International Financial Centres in the Carribean - Thriving in the New Normal (28 October 2010, 5-7.30pm, FTSE Room - Capital Tower)

Twelve years ago, the OECD approached 15 jurisdictions in the Caribbean region to eliminate Harmful Tax Practices.

Join us at this evening seminar where our speaker will provide an update on the following issues:

1. What are the important lessons learned?
2. What does the future hold for these small island jurisdictions?
3. Are there advantages in a level playing field and this new era of transparency?

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 21 October 2010!

Planning for Indian Clients or Clients Looking to Make Indian Investments (14 October 2010, 12-2pm, FTSE Room - Capital Tower)

STEP Singapore is pleased to present a lunchtime talk on "Planning for Indian Clients or Clients Looking to Make Indian Investments". The presentation will cover the following:

• The emergence of the Indian economy
• Common themes when advising wealthy Indian clients
• ummary of the current Indian tax system including highlighting some of major changes proposed to the Indian Direct Taxes Code to take effect from 1 April 2012
• Overview of the structures that may be relevant for clients wishing to invest into India
• Indian residents making investments abroad e.g. restrictions due to Indian exchange controls
• Tax planning opportunities for cross-border Indian families - case study of Indian family with members living in UK, US and Africa
• Tax planning opportunities for Indians returning home
• UK inheritance tax planning for Indians
• The future

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 7 October 2010!

Highlights of STEP Symposium in Singapore held on 22 June 2010: Singapore Private Wealth Management Update 2010

Summary
The one-day Singapore Private Wealth Management Update held on 22 June 2010 was well supported by STEP members with 158 paying attendees plus guests (STEP members paid $250 each). It was an inaugural event in that it had a purely educational focus with no commercial sponsorship. Compared with the October 2009 STEP Conference in Singapore (350 attendees), which examined overarching and global issues, the symposium focused on the benefits, tips and traps of Singapore as a jurisdiction of substance for PWM.

The keynote speaker was Mr. Michael Hwang SC, President of the Law Society of Singapore and Chief Justice of the Dubai International Financial Centre's (DIFC) Court. He was followed by seven sessions covering a range of topics relevant to trust practitioners in Singapore.

Feedback from attendees was very positive: 80% rated the overall event good or excellent, and 77% rated the event good-to-excellent value for money. Many positive comments were received including “This is definitely one of the best STEP seminars I have attended,” and “Excellent, exceeded my expectations.”

More such events are being planned for the second half of this year. They include a seminar on tax and trust for Israelis, inward and outward investing in India, financial services in the Bahamas and the legitimacy of tax planning for TEPs.

Symposium Topics

• Welcome Address by Symposium Chairman Angelo Venardos, President STEP Singapore.
• Keynote Address: “Why Does Singapore Not Have A Variation Of Trusts Act?” by Michael Hwang SC, President of The Law Society of Singapore.
• Session 1: “Singapore - The Approach to Trust Services - ‘A Recipe for Continued Success?’” by Bill Lexmond, Managing Director, UBS AG, Singapore.
• Session 2: “Wealth Protection and Preservation for Entrepreneurs in Asia Pacific” by Mark Smallwood, Managing Director, Deutsche Bank AG, Singapore.
• Session 3: “Trends in Trust” by Gurbachan Singh, Partner, KhattarWong, Singapore.
• Lunchtime Presentation: “STEP, Compliant confidentiality and the Trusted Adviser” by David Harvey CEO, STEP UK.
• Session 4: “A Commentary on Singapore’s Mental Capacity Act and Acting as Donee in the Lasting Power Of Attorney” by Lee Chiwi, CEO, Rockwills Group, Singapore.
• Session 5: “Gaining and Losing Tax Residency – The UK, Singapore and Hong Kong” by Yeoh Lian Chuan, Consultant, Allen & Overy LLP, Singapore.
• Session 6: “A General Update on the Appointment and Retirement of Trustees” by Richard Grasby, Senior Associate, Maples and Calder, Hong Kong.
• Session 7: Panel Discussion on “Why Singapore for Global Wealth Protection & Preservation?” The panel was chaired by Angelo Venardos and included James Aitken (Managing Director, HSBC Trustee Limited, Singapore), Stacy Choong (Partner, Rajah & Tann LLP, Singapore), Hugh Ellerton (Managing Director, EFG Trust Company Ltd, Singapore), Nicholas Watt (Director, Standard Chartered Private Bank, Singapore).

View Photos Taken at the Symposium Here.

2010-2011 Committee

We are pleased to announce STEP Committee 2010-2011 as confirmed at the AGM on 22 June 2010:

President – Angelo Venardos
Vice President – Alex van der Zwaard
Treasurer – Goh Seow Chee
Secretary – Alexis Medina
Committee Member – James Aitken
Committee Member – Luke Peng
Committee Member – Lim Wan Peng

STEP AGM – Nominations for election to Committee 2010/2011

Dear Members,

At the close of the time to receive nominations for election to the committee for the year 2010/2011, the following nominations for election for the post of office bearers and members for the committee were received (listed in alphabetical order):-

Gurbachan Singh
Secretary, STEP (Singapore Chapter)
Updated as at 21 June 2010

Notice of STEP AGM 2010 (22 June 2010, 6.00pm, M Hotel)

Gurbachan Singh
Secretary
Society of Trust & Estate Practitioners (Singapore Chapter)

Post Event Update: Residence and Citizenship Planning – An Overview for TEPs (13 May 2010, 12-2.15pm, Marina Bay Room, ERCI City Campus)

More than fifty STEP Members and Guests attended the 13 May 2010 STEP seminar on “Residence and Citizenship Planning – An Overview For TEPs” delivered by Mr Christian H. Kalin (“Chris”), Partner, Henley & Partners of Zurch, Switzerland.

Chris’ presentation identified and reviewed key factors which influence the decision of wealthy individuals and families to seek relocation from one country to another, such as, desire to achieve enhanced tax planning, personal safety, education opportunities for children, change in life style, political and economic stability and even pleasant weather and cultural environment.

Primary countries identified and reviewed during the presentation included Switzerland, Belgium, Austria, St Kits & Nevis in Caribbean and Singapore. With respect to each identified country Chris reviewed: residency requirements, tax reporting obligations, requirements to obtain citizenship, lifestyle advantages, and business environment.

As an aside, Chris spoke about the many advantages associated with holding more than one passport and reliance on residency documentation to facilitate travel between designated countries in Europe.

With respect to Singapore, Chris led a very interesting discussion on the excellent positioning of Singapore as an ideal jurisdiction for tax compliant individuals to “drop off assets” before immigrating from one high tax jurisdiction to another high tax jurisdiction. In light of favourable and tax neutral treatment of foreign owned financial assets managed in Singapore wealthy individuals and families need not immigrate to Singapore in order to take advantage of its world-class wealth management industry.

The session ended with review of a sample pre-immigration process management framework inclusive of a proposed pre-immigration advisory process. Also presented were suggestions for scope of pre-immigration and personal financial planning practice areas. Chris highlighted the importance of integrating into immigration planning focus on “residency exit or termination planning”, impact of change of residency or immigration on spousal rights and marital property, change of domicile, review of decedent’s estate administration, confirmation of estate and inheritance planning, and review of possible consequences for families which own or control an active business in a third country.