Private Wealth Newsletter – First Quarter 2021.

Welcome to our first quarter issue of the Private Wealth Newsletter. Our featured insight for this issue is a discussion of the passage of the Corporate Transparency Act by the United States to introduce federally-mandated beneficial ownership reporting obligations for US corporations and limited liability companies. We also include insights on the impact of Brexit on a UK citizen's ability to purchase real estate in Switzerland, loosening of the strict capital controls in South Africa, and new taxes in Belgium and Argentina targeting budget shortfalls brought on by the pandemic.

Feature: Beneficial Ownership Reporting Coming to America

Issue Highlights:

• South Africa: Removal of the prohibition of "loop structures" — Don't forget to check the tax consequences

• Brexit results in tightening of Swiss Lex Koller Rule for UK citizens, though limited grandfathering applies

• United States: Second Circuit holds that collective entity doctrine applies to trusts

• Argentina: Federal Tax Authority Regulation on Contribution of Great Fortunes published

• United States: Are changes ahead for US-connected private clients?

• Belgium: New securities account tax in force