Chinese conglomerate buys $52m stake in Brazil wealth manager
Chinese insurance and investment group Fosun has added wealth management to its operations after announcing it is to acquire a Brazilian wealth manager for $52m (£37.3m, €42.3m).
Brazil
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Investors wary of ‘disastrous’ deal to save stricken IoM fund
A proposed rescue package to save Quadris, an Isle of Man fund that invested in Brazilian forestry, would be a disaster for shareholders the director of an expat financial advice firm has warned.
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Top destinations for sun-seeking British expats
Summer in the UK this year has been a brief affair, so it comes as no surprise that nearly two-thirds of British expats think about the weather when planning their moves abroad. But sunshine isn’t the only factor prospective expats should consider.
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Barcelona striker Neymar cleared in $20m tax evasion case
Brazilian football star Neymar has been cleared of any criminal charges in a long-running tax evasion case in Brazil, with the judge citing a “lack of just cause”.
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Expat hotspots top global competitive ranking
Hong Kong and Singapore ranked first and third as the most competitive countries in the world, with Switzerland coming in second, according to the 2017 IMD World Competitiveness Ranking.
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Brazil extends tax amnesty but adds hefty penalty
Brazil is offering its taxpayers another, more expensive, opportunity to avoid prosecution and declare their offshore assets by extending its tax amnesty by 120 days.
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Wife and mistress must split pension rules Brazil court
The pension benefits of a Brazilian man who died in 2015 should be equally split between his wife and a woman with whom he had a 20-year relationships during his marriage, a court has ruled.
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IoM regulator investigates another troubled sustainable fund
The Isle of Man Financial Services Authority (IOMFSA) has appointed a controller for Quadris Environmental Forestry Fund PCC, a fund investing in Brazilian teak plantations, its third such move against a sustainable fund in less than a year.
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EM countries target offshore wealth with tax amnesties
Bond holders look set to benefit from the tax amnesties offered by some emerging market countries that have realised that substantial wealth resides outside their borders which has never been declared for tax purposes, says Jan Dehn, head of research at Ashmore.
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Further charges levied against Lumiere Wealth’s Chris Byrne
The founder and managing director of defunct Jersey-based IFA firm Lumiere Wealth, Christopher Byrne, is facing further charges relating to making false promises to persuade someone to invest.
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HSBC sees profits slide after shedding Brazil business
HSBC reported an 86% decline in Q3 profits having sold its Brazilian business, changed its credit spread, and faced a strengthening US dollar.
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Brazil nets $15.7bn in tax amnesty
More than 25,000 individuals and 103 companies voluntarily declared offshore assets worth more than BRL169.9bn via a Brazilian amnesty, netting the taxman BRL50.9bn (£12.8bn, $15.7bn, €14.3bn) in taxes and penalties.