The Latin American Lawyer September 2018 LATAM MAGAZINE SEPT18 | Page 13

Event Report
Tax authorities in many countries are becoming more proactive, with the result that enforcement
related to global tax issues is on the rise
Addressing the “perfect storm” of
changing regulations, demands for
transparency, changing economic
cycles and political uncertainty
can force businesses to reconsider
their strategies for protecting
assets, attendees at a recent event
held in Miami.
The expert panel at the
Greenspoon Marder Wealth
Management Forum – held
in cooperation with The Latin
American Lawyer – included Carl
H Linder, partner at Greenspoon
Marder, Christopher J Galuppo,
Director and international tax
practice leader at Daszkal Bolton,
Joaquin Quirante, CEO at Four
Trees Merchant Partners and
Patricia L Gannon, partner at
Greenspoon Marder.
With regard to the US, Linder
said more of the Internal Revenue
Service’s resources were being
used to focus on family offices
with large foreign investments,
with transparency being a “key
tax compliance requirement”.
This is becoming increasingly
common around the world as tax
authorities review international
business transactions and their
associated tax structures, event
participants were told.
Experts agree that tax
authorities in many countries are
becoming more proactive, with
the result that enforcement related
to global tax issues is on the
rise. This has a direct impact on
businesses as compliance-related
paperwork can have the effect of
Patricia L. Gannon, Greenspoon
Marder
www.iberianlawyer.com/latin-america
Miami: Event attendees heard that tax authorities are increasing their
enforcement efforts
delaying transactions, participants
said. However, Linder claimed
that the US is “still the number
one asset protection country in the
world for global investors”.
Companies realise that
regulations are now stricter but
there are doubts as to whether
enforcement and investigation
of transactions is effective.
Meanwhile, Galuppo said
tax agencies are now “very
proactive in investigating
foreign investment and money
laundering”. He added: “The
US tax authorities are requiring
transparency as additional
reporting requirements – and the
penalties for failing to comply can
be substantial.”
‘Alternative citizenship’
Investors around the world, and in
particular those in Latin America,
are looking for alternative assets
and “critical mass”, attendees
heard. According to Quirante,
many investors are “looking for a
window to buy assets in the US in
sectors such as energy, technology
or real estate – the issue is that to
manage those assets in the long
Christopher Galuppo, Dazkal Bolton
term, it is important to be in the
US”. With the need to diversify
investment portfolios, as well as
an increased emphasis on financial
and personal security, high
net-worth individuals (HNWIs)
and family offices are exploring
alternative “citizenship options”.
Event: Is the US the largest offshore
hub? Optimising investment and
citizenship portfolios
Location: Miami, US
In collaboration with: Greenspoon
Marder
September 2018 • THE LATIN AMERICAN LAWYER • 11