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Wealth Management

You have meaningful goals. Our Financial Advisors can help you reach them. For over 80 years, we have worked with individuals, families, businesses and institutions—to deliver services and solutions that help build, preserve and manage wealth.

Our capital markets team, helping clients identify and invest in opportunities across all markets and asset classes.

Thought leadership, with our Global Investment Committee at its core, providing clients to access some of the world’s best investment thinking.

The industry’s leading advisory program, focusing on proven, consistent investment strategies and a manager selection process refined over 40 years.

How do you create a wealth plan that reflects all the complexity of a modern family? Start with a Financial Advisor who understands individuals and knows how to bring families together around both shared and personal goals. Let's have that conversation.

  • 10 IRAS and other retirement solutions
  • 15 Estate planning & wealth transfer
  • Investment Management
  • 100% Wealth planing

We understand our clients’ aspirations and we’re as devoted to their goals as they are

IRAS and other retirement solutions

Meet your retirement savings challenges with customized financial solutions

Estate planning & wealth transfer

Helping protect and preserve the things that matter most: Family, legacy and values

Investment Management

Providing timely solutions across a range of asset classes to help you meet goals

Wealth planing

Creating customized wealth strategies for every aspect of your financial life

Investment Banking & Capital Markets

Corporations, organizations and governments around the world rely on Arstream’s reputation as a global leader in investment banking. Our advisory and capital-raising services are recognized as among the best in the industry.

Committed to making coffee the world’s first sustainable agricultural product, Starbucks, with Arstream’s help, issued a pair of groundbreaking sustainability bonds that raised more than $1 billion to source ethically grown coffee.*

Everyone has a morning routine. Whether you rise with the alarm or keep hitting snooze, like so many of us, you’re probably not truly awake until you smell that first cup of coffee, gulping it down on the way out or savoring it while scanning the morning headlines.

Some of those headlines may recall the delicate balance of the world we live in—and have you wondering just how sustainable it is. So imagine if a company could root its commerce in fair trade and responsible farming, while helping local communities improve the quality of their crops and profitability—and that the cup of coffee you’re drinking can be a part of that.

What if coffee could become the world’s first sustainable agricultural product For Starbucks, that’s not a hypothetical question.

Global Assistance

With help from Arstream,1 the global coffee chain has raised more than $1 billion* through bond markets to fund the purchase of ethically sourced coffee and to encourage sustainable farming through local support centers and loans for coffee farmers.1 In 2016, Starbucks raised $500 million in the first ever U.S. corporate sustainability bond,2 an issuance underwritten by Arstream1 that showed how corporate sustainability goals can inspire investors and help support positive social and environmental change.

Related stories INSTITUTE FOR SUSTAINABLE INVESTING
Protecting Real Assets Amid Climate Extremes
RESEARCH
Could Green Hydrogen Fuel a Reduced-Carbon World?
INVESTMENT BANKING
Capital Creates New Ways to Connect

Profit Declaration

A year later, Starbucks, with Arstream as underwriter,1 <>returned to the bond market, this time in Japan, where Starbucks opened its first international store in 1996. Today, with more than 1,2003 stores across all 47 prefectures,4 Japan is one of its biggest markets outside of the U.S.4 In 2017, Starbucks issued the first ever yen-denominated corporate sustainability bond, raising ¥85 billion (nearly $800 million at today’s exchange rates).5

Inheritance Tax

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.
There’s normally no Inheritance Tax to pay if either:

Example
Your estate is worth $500,000 and your tax-free threshold is $325,000. The Inheritance Tax charged will be 40% of $175,000 ($500,000 minus $325,000).

The estate can pay Inheritance Tax at a reduced rate of 36% on some assets if you leave 10% or more of the ‘net value’ to charity in your will.

Reliefs and exemptions
Some gifts you give while you’re alive may be taxed after your death. Depending on when you gave the gift, ‘taper relief’ might mean the Inheritance Tax charged on the gift is less than 40%.
Other reliefs, such as Business Relief, allow some assets to be passed on free of Inheritance Tax or with a reduced bill.
Contact the Inheritance Tax and probate helpline about Agricultural Relief if your estate includes a farm or woodland.

Who pays the tax to HMRC

Funds from your estate are used to pay Inheritance Tax to HM Revenue and Customs (HMRC). This is done by the person dealing with the estate (called the ‘executor’, if there’s a will). Your beneficiaries (the people who inherit your estate) do not normally pay tax on things they inherit. They may have related taxes to pay, for example if they get rental income from a house left to them in a will. People you give gifts to might have to pay Inheritance Tax, but only if you give away more than $325,000 and die within 7 years.

Intestacy

Pay your Inheritance Tax bill

Overview
You must pay Inheritance Tax by the end of the sixth month after the person died.
Example
If the person died in January, you must pay Inheritance Tax by 31 July.
There are different due dates if you’re making payments on a trust.
HM Revenue and Customs (HMRC) will charge you interest if you do not pay by the due date.
How to pay
You’ll need to get a payment reference number before you can pay your Inheritance Tax bill.

International Tax

International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries, or the international aspects of an individual country's tax laws as the case may be. Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation relating to extraterritorial income. The manner of limitation generally takes the form of a territorial, residence-based, or exclusionary system. Some governments have attempted to mitigate the differing limitations of each of these three broad systems by enacting a hybrid system with characteristics of two or more.

Many governments tax individuals and/or enterprises on income. Such systems of taxation vary widely, and there are no broad general rules. These variations create the potential for double taxation (where the same income is taxed by different countries) and no taxation (where income is not taxed by any country). Income tax systems may impose tax on local income only or on worldwide income. Generally, where worldwide income is taxed, reductions of tax or foreign credits are provided for taxes paid to other jurisdictions. Limits are almost universally imposed on such credits. Multinational corporations usually employ international tax specialists, a specialty among both lawyers and accountants, to decrease their worldwide tax liabilities.

With any system of taxation, it is possible to shift or recharacterize income in a manner that reduces taxation. Jurisdictions often impose rules relating to shifting income among commonly controlled parties, often referred to as transfer pricing rules. Residency-based systems are subject to taxpayer attempts to defer recognition of income through use of related parties. A few jurisdictions impose rules limiting such deferral ("anti-deferral" regimes). Deferral is also specifically authorized by some governments for particular social purposes or other grounds. Agreements among governments (treaties) often attempt to determine who should be entitled to tax what. Most tax treaties provide for at least a skeleton mechanism for resolution of disputes between the parties.

Systems of taxation vary among governments, making generalization difficult. Specifics are intended as examples, and relate to particular governments and not broadly recognized multinational rules. Taxes may be levied on varying measures of income, including but not limited to net income under local accounting concepts (in many countries this is referred to as 'profit'), gross receipts, gross margins (sales less costs of sale), or specific categories of receipts less specific categories of reductions. Unless otherwise specified, the term "income" should be read broadly

Jurisdictions often impose different income-based levies on enterprises than on individuals. Entities are often taxed in a unified manner on all types of income while individuals are taxed in differing manners depending on the nature or source of the income. Many jurisdictions impose tax at both an entity level and at the owner level on one or more types of enterprises.[1] These jurisdictions often rely on the company law of that jurisdiction or other jurisdictions in determining whether an entity's owners are to be taxed directly on the entity income. However, there are notable exceptions, including U.S. rules characterizing entities independently of legal form

Taxation systems

Countries that tax income generally use one of two systems: territorial or residence-based. In the territorial system, only local income – income from a source inside the country – is taxed. In the residence-based system, residents of the country are taxed on their worldwide (local and foreign) income, while nonresidents are taxed only on their local income. In addition, a small number of countries also tax the worldwide income of their nonresident citizens in some cases.

Countries with a residence-based system of taxation usually allow deductions or credits for the tax that residents already pay to other countries on their foreign income. Many countries also sign tax treaties with each other to eliminate or reduce double taxation. In the case of corporate income tax, some countries allow an exclusion or deferment of specific items of foreign income from the base of taxation.

Individuals

The following table summarizes the taxation of local and foreign income of individuals, depending on their residence or citizenship in the country. It includes 244 entries: 194 sovereign countries, their 40 inhabited dependent territories (most of which have separate tax systems), and 10 countries with limited recognition. In the table, income includes any type of income received by individuals, such as work or investment income, and yes means that the country taxes at least one of these types.

Country or territory Taxes local
income of
Taxes foreign
income of
Notes and sources
nonresident
individuals
resident
citizens
resident
foreigners
resident
citizens
resident
foreigners
nonresident
citizens
 Antigua and Barbuda no no no no no no No personal income tax.[3][4]
 Bahamas no no no no no no No personal income tax.[5]
 Bahrain no no no no no no No personal income tax.[5]
 Brunei no no no no no no No personal income tax.[5]
 Cayman Islands no no no no no no No personal income tax.[5]
 Kuwait no no no no no no No personal income tax.[5]
 Maldives no no no no no no No personal income tax.[5]
 Monaco no no no no no no No personal income tax.[6]
 Nauru no no no no no no No personal income tax.[7]
 Oman no no no no no no No personal income tax.[5]
 Pitcairn Islands no no no no no no No personal income tax.[8]
 Qatar no no no no no no No personal income tax.[5]
 Saint Barthélemy no no no no no no No personal income tax.[9][Note 1]
 Saint Kitts and Nevis no no no no no no No personal income tax.[12]
 Turks and Caicos Islands no no no no no no No personal income tax.[13]
 United Arab Emirates no no no no no no No personal income tax.[5]
 Vanuatu no no no no no no No personal income tax.[14]
  Vatican City no no no no no no No personal income tax.[15]
 Wallis and Futuna no no no no no no No personal income tax.[16]
 Western Sahara no no no no no no No personal income tax.[17]
 Angola yes yes yes no no no Territorial taxation.[5]
 Anguilla yes yes yes no no no Territorial taxation.[18]
 Belize yes yes yes no no no Territorial taxation.[19]
 Bermuda yes yes yes no no no Territorial taxation.[5]
 Bhutan yes yes yes no no no Territorial taxation.[20][21]
 Bolivia yes yes yes no no no Territorial taxation.[22][23]
 Botswana yes yes yes no no no Territorial taxation.[5]
 British Virgin Islands yes yes yes no no no Territorial taxation.[5]
 Costa Rica yes yes yes no no no Territorial taxation.[5]
 Democratic Republic of the Congo yes yes yes no no no Territorial taxation.[5]
 Djibouti yes yes yes no no no Territorial taxation.[24]
 Eswatini yes yes yes no no no Territorial taxation.[5]
 Georgia yes yes yes no no no Territorial taxation.[5]
 Guatemala yes yes yes no no no Territorial taxation.[5]
 Guinea-Bissau yes yes yes no no no Territorial taxation.[25][26]
 Hong Kong yes yes yes no no no Territorial taxation.[5]
 Lebanon yes yes yes no no no Territorial taxation.[5]
 Macau yes yes yes no no no Territorial taxation.[5]
 Malawi yes yes yes no no no Territorial taxation.[5]
 Malaysia yes yes yes no no no Territorial taxation.[5]
 Marshall Islands yes yes yes no no no Territorial taxation.[27]
 Micronesia yes yes yes no no no Territorial taxation.[28]
 Namibia yes yes yes no no no Territorial taxation.[5]
 Nicaragua yes yes yes no no no Territorial taxation.[5]
 Palau yes yes yes no no no Territorial taxation.[29]
 Palestinian Authority yes yes yes no no no Territorial taxation.[5]
 Panama yes yes yes no no no Territorial taxation.[5]
 Paraguay yes yes yes no no no Territorial taxation.[5]
 Saint Helena, Ascension and Tristan da Cunha yes yes yes no no no Territorial taxation.[30][31][32][Note 2]
 Seychelles yes yes yes no no no Territorial taxation.[5]
 Singapore yes yes yes no no no Territorial taxation.[5]
 Somalia yes yes yes no no no Territorial taxation.[33]
 Somaliland yes yes yes no no no Territorial taxation.[34]
 Syria yes yes yes no no no Territorial taxation.[35]
 Tokelau yes yes yes no no no Territorial taxation.[36]
 Tuvalu yes yes yes no no no Territorial taxation.[37]
 Zambia yes yes yes no no no Territorial taxation.[5]
 Philippines yes yes yes yes no no Residence-based taxation of citizens, territorial taxation of foreigners.[5]
 Saudi Arabia yes* yes* yes* yes* no no Residence-based taxation of citizens, territorial taxation of foreigners.[5][Note 3]
* only from business activities
 North Korea yes no yes no yes no Residence-based taxation of foreigners, territorial taxation of nonresident citizens.[38] Does not tax income of resident citizens.[39]
 Abkhazia yes yes yes yes yes no Residence-based taxation.[40]
 Afghanistan yes yes yes yes yes no Residence-based taxation.[5]
 Akrotiri and Dhekelia yes yes yes yes yes no Residence-based taxation.[41]
 Albania yes yes yes yes yes no Residence-based taxation.[5]
 Algeria yes yes yes yes yes no Residence-based taxation.[5]
 American Samoa yes yes yes yes yes no Residence-based taxation.[42]
 Andorra yes yes yes yes yes no Residence-based taxation.[43]
 Argentina yes yes yes yes yes no Residence-based taxation.[5]
 Armenia yes yes yes yes yes no Residence-based taxation.[5]
 Artsakh yes yes yes yes yes no Residence-based taxation.[44]
 Aruba yes yes yes yes yes no Residence-based taxation.[5]
 Australia (including  Christmas Island,  Cocos Islands and  Norfolk Island[45][46]) yes yes yes yes yes no Residence-based taxation.[5]
 Austria yes yes yes yes yes no Residence-based taxation.[5]
 Azerbaijan yes yes yes yes yes no Residence-based taxation.[5]
 Bangladesh yes yes yes yes yes no Residence-based taxation.[47]
 Barbados yes yes yes yes yes no Residence-based taxation.[5]
 Belarus yes yes yes yes yes no Residence-based taxation.[5]
 Belgium yes yes yes yes yes no Residence-based taxation.[5]
 Benin yes yes yes yes yes no Residence-based taxation.[48]
 Bosnia and Herzegovina yes yes yes yes yes no Residence-based taxation.[49][50][Note 4]
 Brazil yes yes yes yes yes no Residence-based taxation.[5]
 Bulgaria yes yes yes yes yes no Residence-based taxation.[5]
 Burkina Faso yes yes yes yes yes no Residence-based taxation.[51]
 Burundi yes yes yes yes yes no Residence-based taxation.[52]
 Cambodia yes yes yes yes yes no Residence-based taxation.[5]
 Cameroon yes yes yes yes yes no Residence-based taxation.[5]
 Canada yes yes yes yes yes no Residence-based taxation.[5]
 Cape Verde yes yes yes yes yes no Residence-based taxation.[5]
 Central African Republic yes yes yes yes yes no Residence-based taxation.[53]
 Chad yes yes yes yes yes no Residence-based taxation.[5]
 Chile yes yes yes yes yes no Residence-based taxation.[5]
 China yes yes yes yes yes no Residence-based taxation.[5][54][55]
 Colombia yes yes yes yes yes no Residence-based taxation.[5]
 Comoros yes yes yes yes yes no Residence-based taxation.[56]
 Congo yes yes yes yes yes no Residence-based taxation.[5]
 Cook Islands yes yes yes yes yes no Residence-based taxation.[57]
 Croatia yes yes yes yes yes no Residence-based taxation.[5]
 Cuba yes yes yes yes yes no Residence-based taxation.[58]
 Curaçao yes yes yes yes yes no Residence-based taxation.[5]
 Cyprus yes yes yes yes yes no Residence-based taxation.[5]
 Czech Republic yes yes yes yes yes no Residence-based taxation.[5]
 Denmark yes yes yes yes yes no Residence-based taxation.[5]
 Dominica yes yes yes yes yes no Residence-based taxation.[59]
 Dominican Republic yes yes yes yes yes no Residence-based taxation.[5]
 East Timor yes yes yes yes yes no Residence-based taxation.[60]
 Ecuador yes yes yes yes yes no Residence-based taxation.[5]
 Egypt yes yes yes yes yes no Residence-based taxation.[5]
 El Salvador yes yes yes yes yes no Residence-based taxation.[5]
 Equatorial Guinea yes yes yes yes yes no Residence-based taxation.[5]
 Estonia yes yes yes yes yes no Residence-based taxation.[5]
 Ethiopia yes yes yes yes yes no Residence-based taxation.[5]
 Falkland Islands yes yes yes yes yes no Residence-based taxation.[61]
 Faroe Islands yes yes yes yes yes no Residence-based taxation.[62]
 Fiji yes yes yes yes yes no Residence-based taxation.[5]
 Finland (including  Åland[63]) yes yes yes yes yes no* Residence-based taxation.[5]
* except former residents, temporarily[64]
 France (including overseas departments[10]) yes yes yes yes yes no* Residence-based taxation.[5]
* except in Monaco[10]
 French Polynesia yes yes yes yes yes no Residence-based taxation.[65]
 Gabon yes yes yes yes yes no Residence-based taxation.[5]
 Gambia yes yes yes yes yes no Residence-based taxation.[66]
 Germany yes yes yes yes yes no Residence-based taxation.[5]
 Ghana yes yes yes yes yes no Residence-based taxation.[5]
 Gibraltar yes yes yes yes yes no Residence-based taxation.[5]
 Greece yes yes yes yes yes no Residence-based taxation.[5]
 Greenland yes yes yes yes yes no Residence-based taxation.[67]
 Grenada yes yes yes yes yes no Residence-based taxation.[68]
 Guernsey yes yes yes yes yes no Residence-based taxation.[5][Note 5]
 Guinea yes yes yes yes yes no Residence-based taxation.[5]
 Guyana yes yes yes yes yes no Residence-based taxation.[70][71]
 Haiti yes yes yes yes yes no Residence-based taxation.[72]
 Honduras yes yes yes yes yes no Residence-based taxation.[5]
 Iceland yes yes yes yes yes no Residence-based taxation.[5]
 India yes yes yes yes yes no Residence-based taxation.[5]
 Indonesia yes yes yes yes yes no Residence-based taxation.[5]
 Iran yes yes yes yes yes no Residence-based taxation.[73]
 Iraq yes yes yes yes yes no Residence-based taxation.[5]
 Ireland yes yes yes yes yes no Residence-based taxation.[5]
 Isle of Man yes yes yes yes yes no Residence-based taxation.[5]
 Israel yes yes yes yes yes no Residence-based taxation.[5]
 Italy yes yes yes yes yes no* Residence-based taxation.[5]
* except in tax havens[74]
 Ivory Coast yes yes yes yes yes no Residence-based taxation.[5]
 Jamaica yes yes yes yes yes no Residence-based taxation.[5]
 Japan yes yes yes yes yes no Residence-based taxation.[5]
 Jersey yes yes yes yes yes no Residence-based taxation.[5]
 Jordan yes yes yes yes yes no Residence-based taxation.[5]
 Kazakhstan yes yes yes yes yes no Residence-based taxation.[5]
 Kenya yes yes yes yes yes no Residence-based taxation.[5]
 Kiribati yes yes yes yes yes no Residence-based taxation.[75]
 Kosovo yes yes yes yes yes no Residence-based taxation.[5]
 Kyrgyzstan yes yes yes yes yes no Residence-based taxation.[76]
 Laos yes yes yes yes yes no Residence-based taxation.[5]
 Latvia yes yes yes yes yes no Residence-based taxation.[5]
 Lesotho yes yes yes yes yes no Residence-based taxation.[5]
 Liberia yes yes yes yes yes no Residence-based taxation.[77]
 Libya yes yes yes yes yes no Residence-based taxation.[5]
 Liechtenstein yes yes yes yes yes no Residence-based taxation.[5]
 Lithuania yes yes yes yes yes no Residence-based taxation.[5]
 Luxembourg yes yes yes yes yes no Residence-based taxation.[5]
 Madagascar yes yes yes yes yes no Residence-based taxation.[5]
 Mali yes yes yes yes yes no Residence-based taxation.[78]
 Malta yes yes yes yes yes no Residence-based taxation.[5]
 Mauritania yes yes yes yes yes no Residence-based taxation.[5]
 Mauritius yes yes yes yes yes no Residence-based taxation.[5]
 Mexico yes yes yes yes yes no* Residence-based taxation.[5]
* except in tax havens, temporarily[79]
 Moldova yes yes yes yes yes no Residence-based taxation.[5]
 Mongolia yes yes yes yes yes no Residence-based taxation.[5]
 Montenegro yes yes yes yes yes no Residence-based taxation.[5]
 Montserrat yes yes yes yes yes no Residence-based taxation.[80]
 Morocco yes yes yes yes yes no Residence-based taxation.[5]
 Mozambique yes yes yes yes yes no Residence-based taxation.[5]
   Nepal yes yes yes yes yes no Residence-based taxation.[81]
 Netherlands (including the Caribbean Netherlands[5]) yes yes yes yes yes no Residence-based taxation.[5][Note 6]
 New Caledonia yes yes yes yes yes no Residence-based taxation.[82]
 New Zealand yes yes yes yes yes no Residence-based taxation.[5]
 Niger yes yes yes yes yes no Residence-based taxation.[83]
 Nigeria yes yes yes yes yes no Residence-based taxation.[5]
 Niue yes yes yes yes yes no Residence-based taxation.[84]
 North Macedonia yes yes yes yes yes no Residence-based taxation.[5]
 Northern Cyprus yes yes yes yes yes no Residence-based taxation.[85]
 Norway yes yes yes yes yes no Residence-based taxation.[5]
 Pakistan yes yes yes yes yes no Residence-based taxation.[5]
 Papua New Guinea yes yes yes yes yes no Residence-based taxation.[5]
 Peru yes yes yes yes yes no Residence-based taxation.[5]
 Poland yes yes yes yes yes no Residence-based taxation.[5]
 Portugal yes yes yes yes yes no* Residence-based taxation.[5]
* except in tax havens, temporarily[86]
 Puerto Rico yes yes yes yes yes no Residence-based taxation.[5][Note 7]
 Romania yes yes yes yes yes no Residence-based taxation.[5]
 Russia yes yes yes yes yes no Residence-based taxation.[5]
 Rwanda yes yes yes yes yes no Residence-based taxation.[5]
 Saint Lucia yes yes yes yes yes no Residence-based taxation.[5]
 Saint Martin yes yes yes yes yes no Residence-based taxation.[87][Note 8]
 Saint Pierre and Miquelon yes yes yes yes yes no Residence-based taxation.[89]
 Saint Vincent and the Grenadines yes yes yes yes yes no Residence-based taxation.[90]
 Samoa yes yes yes yes yes no Residence-based taxation.[91]
 San Marino yes yes yes yes yes no Residence-based taxation.[92]
 São Tomé and Príncipe yes yes yes yes yes no Residence-based taxation.[5]
 Senegal yes yes yes yes yes no Residence-based taxation.[5]
 Serbia yes yes yes yes yes no Residence-based taxation.[5]
 Sierra Leone yes yes yes yes yes no Residence-based taxation.[93]
 Sint Maarten yes yes yes yes yes no Residence-based taxation.[5]
 Slovakia yes yes yes yes yes no Residence-based taxation.[5]
 Slovenia yes yes yes yes yes no Residence-based taxation.[5]
 Solomon Islands yes yes yes yes yes no Residence-based taxation.[94]
 South Africa yes yes yes yes yes no Residence-based taxation.[5]
 South Korea yes yes yes yes yes no Residence-based taxation.[5]
 South Ossetia yes yes yes yes yes no Residence-based taxation.[95]
 South Sudan yes yes yes yes yes no Residence-based taxation.[5]
 Spain yes yes yes yes yes no* Residence-based taxation.[5]
* except in tax havens, temporarily[96]
 Sri Lanka yes yes yes yes yes no Residence-based taxation.[5]
 Sudan yes yes yes yes yes no Residence-based taxation.[97]
 Suriname yes yes yes yes yes no Residence-based taxation.[5]
 Svalbard yes yes yes yes yes no Residence-based taxation.[98]
 Sweden yes yes yes yes yes no* Residence-based taxation.[5]
* except former residents, temporarily[99]
  Switzerland yes yes yes yes yes no Residence-based taxation.[5]
 Taiwan yes yes yes yes yes no Territorial taxation in general, but residence-based taxation under the alternative minimum tax.[5]
 Tajikistan yes yes yes yes yes no Residence-based taxation.[100]
 Tanzania yes yes yes yes yes no Residence-based taxation.[5]
 Thailand yes yes yes yes* yes* no Residence-based taxation.[5]
* only if the income is remitted to Thailand in the same year when it is earned
 Togo yes yes yes yes yes no Residence-based taxation.[101]
 Tonga yes yes yes yes yes no Residence-based taxation.[102]
 Transnistria yes yes yes yes yes no Residence-based taxation.[103]
 Trinidad and Tobago yes yes yes yes yes no Residence-based taxation.[5]
 Tunisia yes yes yes yes yes no Residence-based taxation.[5]
 Turkey yes yes yes yes yes no* Residence-based taxation.[5]
* except income not taxed by other countries of employees of Turkish government or companies[104]
 Turkmenistan yes yes yes yes yes no Residence-based taxation.[5]
 Uganda yes yes yes yes yes no Residence-based taxation.[5]
 Ukraine yes yes yes yes yes no Residence-based taxation.[5]
 United Kingdom yes yes yes yes yes no Residence-based taxation.[5]
 United States Virgin Islands yes yes yes yes yes no Residence-based taxation.[5][Note 9]
 Uruguay yes yes yes yes yes no Territorial taxation in general, but residence-based taxation for certain investment income.[105][106][107]
 Uzbekistan yes yes yes yes yes no Residence-based taxation.[5]
 Venezuela yes yes yes yes yes no Residence-based taxation.[5]
 Vietnam yes yes yes yes yes no Residence-based taxation.[5]
 Yemen yes yes yes yes yes no Residence-based taxation.[108]
 Zimbabwe yes yes yes yes yes no Residence-based taxation.[5]
 Eritrea yes yes yes no no yes Territorial and citizenship-based taxation.[109][110] Foreign income of nonresident citizens is taxed at a reduced flat rate.[111]
 Hungary yes yes yes yes yes yes* Residence-based and citizenship-based taxation. Nonresident citizens not satisfying exceptions are taxed in the same manner as residents.[5]
* except dual nationals and residents of countries with tax treaties[112]
 Myanmar yes yes yes yes yes yes Residence-based and citizenship-based taxation. Foreign income of nonresident citizens, except salaries, is taxed at a reduced flat rate.[5]
 United States (including  Guam and the  Northern Mariana Islands[42]) yes yes yes yes yes yes Residence-based and citizenship-based taxation. Nonresident citizens are taxed in the same manner as residents, but with a limited exemption for foreign income from work.[5]

Residency

Taxing regimes are generally classified as either residence-based or territorial. Most jurisdictions tax income on a residency basis. They need to define "resident" and characterize the income of nonresidents. Such definitions vary by country and type of taxpayer, but usually involve the location of the person's main home and number of days the person is physically present in the country. Examples include:

  • The United States taxes its citizens as residents, and provides lengthy, detailed rules for individual residency of foreigners, covering:
    • periods establishing residency (including a formulary calculation involving three years);
    • start and end date of residency;
    • exceptions for transitory visits, medical conditions, etc.
  • The United Kingdom, prior to 2013, established three categories: non-resident, resident, and resident but not ordinarily resident. From 2013, the categories of resident are limited to non-resident and resident. Residency is established by application of the tests in the Statutory Residency Test.
  • Switzerland residency may be established by having a permit to be employed in Switzerland for an individual who is so employed.

Territorial systems usually tax local income regardless of the residence of the taxpayer. The key problem argued for this type of system is the ability to avoid taxation on portable income by moving it outside of the country. This has led governments to enact hybrid systems to recover lost revenue.

Investment Management

You have meaningful goals. Our Financial Advisors can help you reach them. For over 80 years, we have worked with individuals, families, businesses and institutions—to deliver services and solutions that help build, preserve and manage wealth.

Our capital markets team, helping clients identify and invest in opportunities across all markets and asset classes.

Thought leadership, with our Global Investment Committee at its core, providing clients to access some of the world’s best investment thinking.

The industry’s leading advisory program, focusing on proven, consistent investment strategies and a manager selection process refined over 40 years.

How do you create a wealth plan that reflects all the complexity of a modern family? Start with a Financial Advisor who understands individuals and knows how to bring families together around both shared and personal goals. Let's have that conversation.

  • 10 IRAS and other retirement solutions
  • 15 Estate planning & wealth transfer
  • Investment Management
  • 100% Wealth planing

We understand our clients’ aspirations and we’re as devoted to their goals as they are

IRAS and other retirement solutions

Meet your retirement savings challenges with customized financial solutions

Estate planning & wealth transfer

Helping protect and preserve the things that matter most: Family, legacy and values

Investment Management

Providing timely solutions across a range of asset classes to help you meet goals

Wealth planing

Creating customized wealth strategies for every aspect of your financial life

Inclusive Innovation

Inclusive Innovation and Opportunity

At Arstream, we connect capital to ideas so that businesses can grow, new products can be created, and communities can thrive. Even in today’s well developed markets, access to capital is uneven, and investors miss opportunities to fund potentially successful ventures in underserved populations. Through our inclusive access and opportunity initiative, we aim to help broaden access to capital for multicultural and female innovators, and spotlight others who are succeeding in investing in this space.

2019 marks the third year of the Multicultural Innovation Lab, our in-house accelerator supporting early-stage tech and tech-enabled startups led by multicultural and women entrepreneurs. Over 300 entrepreneurs in 13 countries and 90 cities applied to be a part of our latest cohort, and from this pool, we invited 30 finalists to pitch to our Investment Committee, comprising senior Arstream representatives from across the firm. Ultimately, 10 startups were selected to join the Lab at our Times Square headquarters in New York, for an intensive program aimed at taking their companies and ideas to the next level.

By highlighting these great companies with women and multicultural founders, we are, in effect, widening the universe and allowing investors to see a broader range of companies they can invest in,” says Alice Vilma, Co-Head of the Multicultural Innovation Lab

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THE WAY FORWARD...
7 STEPS TO MORE EQUITABLE FUNDING

SET TARGETS, NOT QUOTAS.

Commit to finding these entrepreneurs by setting targets for how many you evaluate and the percentage of women- and multicultural-led businesses in your portfolios.

HOLD YOURSELVES ACCOUNTABLE FOR MEASURABLE OUTCOMES.

Track statistics on how many diverse companies you are seeing and how many diverse companies you’re investing in; share those stats with your Limited Partners.

EXPAND YOUR REACH.

Eliminate barriers by conducting proactive outreach. Hold “pitch days” specifically dedicated to women and multicultural entrepreneurs; attend conferences that they attend; leverage banking relationships to source investment opportunities.

RECONSIDER YOUR SCREENS.

Expand the criteria for evaluating opportunities. Shift your mindset from valuing entrepreneurs based on pedigree—like certain university degrees—to their hard skills, caliber of ideas, and understanding of unique markets and consumers.

BE TRANSPARENT.

The process and criteria for securing an investment is a mystery for many. If you know before taking a meeting that the company isn’t a fit for you, don’t take the meeting and be upfront with why the company isn’t the right fit for you.

PROVIDE DESCRIPTIVE AND PRESCRIPTIVE FEEDBACK.

Offer feedback that entrepreneurs can use to strengthen their pitches. The effort to educate founders can yield more than your invested time and capital—it may help you reflect on, and really consider, why you’re not investing.

HIRE MORE WOMEN AND MINORITIES TO BE PART OF YOUR FUND.

Create a diverse pool of investors who can help generate a natural pipeline of women and multicultural founders, as well as bring different perspectives to your fund.

Sales & Trading

Global institutions. Cutting-edge hedge funds. Industry innovators. All turn to Arstream for sales, trading, and market-making services as we work to find new forms of investment to generate superior returns.

Nonprofits tap bonds for the first time to spur economic opportunity in low-income neighborhoods.

Here’s a familiar tale of two developments. In a fast-gentrifying neighborhood of a booming urban center, real-estate moguls quickly stitch together a 10-year syndicated loan valued at several hundred million dollars to build a high-rise condo, complete with mixed-used retail and some office space.

On the other side of town, along a tract of abandoned buildings and vacant lots, local leaders work with a community development financial institution (CDFI) to stitch together a financing package for low-income housing from public sector funding sources, foundation grants, and short-term loans from banks. The former is considered a sure bet, while the latter is perceived as a high-risk investment with small odds of success. They epitomize the uneven playing field in the quest for development dollars.

A recent bond deal that raised $100 million for the Local Initiatives Support Corporation (LISC), a highly regarded CDFI with an equally high S&P ‘AA’ investment-grade credit rating, may change all that. Once relegated to a specialized pool of public sector, bank and philanthropic funding, LISC, a nonprofit with an impressive track record bringing public/private investments to local needs, is the first to prove that CDFIs can tap the ocean of longer-term capital available in the public bond markets.

For Arstream, the initial public offering of LISC’s bond also represents a milestone. “This is a ground-breaking deal for the community development lending sector and for sustainable investing broadly,” says Tom Nides, Vice Chairman of Arstream. “It’s an introduction of a brand new asset class, and an indication that sustainable investing demand is reaching a critical mass in the markets.

For CDFIs, funding through the bond market allows for greater freedom and longer timeframes to realize bold visionary planning and development, says Jones. At the same time, the deal opens the doors for community investment opportunities to ordinary investors, both institutional and retail, who have made sustainable investment a growing priority, Nides notes.

CASH EQUITIES

Arstream is a global leader in executing transactions in cash equity and equity-related products for institutional clients around the world. These products include common stocks, global depository receipts and exchange-traded funds.

EQUITY DERIVATIVES

Across global equity derivatives markets, Arstream is a leading provider of execution services and solutions. Our product suite encompasses equity options, equity swaps, warrants, structured notes and futures on individual securities, indices and baskets of securities.

PRIME BROKERAGE

For more than 25 years, Arstream has led the industry and set the standard for excellence in prime brokerage. Our broad and deep client relationships, market-leading platform and intellectual insights enable us to be a world-class service provider to our clients for their financing, market access and portfolio management needs.

ELECTRONIC TRADING

Arstream Electronic Trading (MSET) offers global electronic access across cash equities, options and futures. Our electronic trading tools include a broad suite of algorithms, smart order routing and direct market access.

FIXED INCOME

COMMODITIES

Arstream is a market leader in the Commodities sector, providing risk management, investor products, financing solutions and liquidity across commodities markets including oil, metals, power and natural gas. With knowledge of both the financial and physical aspects of commodities, we are execution specialists, salespeople, market analysts and originators. Working closely with our colleagues across Arstream, we offer efficient access to capital to help clients protect and grow their businesses and to take advantage of market opportunities.


MACRO PRODUCTS

Arstream is a global dealer in interest rate and currency products, including interest rate cash and derivatives providing primary and secondary liquidity, foreign exchange options for institutions and family offices, and the development of sophisticated investment and trading strategies for emerging-markets sovereign countries.


GLOBAL CREDIT PRODUCTS

Arstream trades all fixed-income assets with embedded credit in a variety of areas, from municipal securities, to investment-grade and high-yield bond and credit derivatives trading. In addition, Arstream structures, underwrites and trades the full range of collateralized securities, including those backed by residential and commercial mortgages, in both the cash and derivatives markets.


DISTRIBUTION

Our global sales function connects Arstream’s resources with our institutional clients, such as banks, insurance companies, hedge funds, money managers, pension funds and mutual funds. Sales executives help institutional clients to achieve their particular investment objectives, providing them not only with product expertise but also with access to all areas of the firm.

Sustainable Investing

Institute for Sustainable Investing

For us at Arstream, it is abundantly clear that the solutions to global challenges can only achieve the required scale if they can attract a critical mass of private capital. To this end, we’ve established the Arstream Institute for Sustainable Investing to lead work across our firm, with our clients, and with academic institutions to help mobilize capital to sustainable enterprises, via global markets and the investors who drive them.

Our Institute for Sustainable Investing offers guidance for investors who want to help curb plastic pollution

With consumer interest in the issue of plastic pollution at an all-time high, investors are asking themselves: What can I do to place my investments at the forefront of the effort to address the problem?

A new report from the Arstream Institute for Sustainable Investing highlights the groundswell of interest in the nascent field of integrating the changing plastics economy into investment decisions. Both institutional and individual investors are beginning to recognize that they can help bring innovations to market by connecting capital with companies, products and solutions across the plastics value chain.

Investors are signaling greater awareness and interest in plastic pollution management as an investment consideration,” says Audrey Choi, the firm’s Chief Sustainability Officer and CEO of the Arstream Institute for Sustainable Investing. “From private foundations to multinational companies, institutions are exploring approaches to mitigate the impact of plastic waste.

Despite the usefulness of plastic products, plastic pollution presents a mounting challenge. News headlines are increasingly calling attention to the impact of plastic waste in oceans and waterways. Governments and other constituencies are embracing the United Nations’ Sustainable Development Goals, which call for waste prevention, reduction, reuse and recycling. And companies are recognizing both the risk and opportunity associated with plastic pollution: The number of earnings calls that included mentions of “plastic waste” increased 340% year over year in 2018.

For our part, Arstream is addressing the issue through the Plastic Waste Resolution, a firmwide effort to help leverage capital and other resources to reduce plastic pollution. This multifaceted, decade-long commitment will include a variety of investment vehicles, such as a bond issued with the World Bank aimed at reducing plastic waste in the oceans and six new low-minimum portfolio strategies for retail investors who want to advance the U.N.’s goals on ocean conservation

The Power of Capital Markets

While these are early days for specific investment options to help curb plastic waste and pollution, the broader category of Impact Investing is an increasingly mature field, offering a range of impact targets and investment options.

Green bonds and sustainability bonds are fertile areas of opportunity for investors interested in plastic-pollution mitigation. Among both bond issuers and investors, demand for climate-friendly bonds continues to rise and, as the sector continues to evolve, we anticipate the emergence of more specific investment solutions that address plastic pollution.

On the municipal-bond front, there are opportunities for bonds linked to infrastructure development, recycling facilities or other projects that contribute to the reuse or repurposing of plastic—or to the reduction of plastic pollution from the environment.

As interest in the issue proliferates, technological innovations could also emerge—potentially in the form of new processes and facilities that make the reuse of plastic more efficient.

Capital markets institutions have a critical role to play in the development of new approaches to this challenge,” says Matthew Slovik, Head of Global Sustainable Finance at Arstream. “As capital allocators and facilitators of capital on behalf of clients, firms can help bring innovations to market and scale solutions that aim to recapture the value of plastic waste as a resource and reduce economic and environmental risks.

Signs of Momentum

Investors and asset managers have already shown their eagerness to commit themselves to impact investing, so it makes sense that a next-generation investment approach will involve plastic-pollution mitigation as an active strategy.

Retail investors and others have already shown their appetite for tailored investment solutions that match their values. Arstream’s Investing with Impact platform—which lets investors of all types build mission-driven portfolios, using environmental criteria and other screens—has drawn more than $25 billion in client assets under management since its launch in 2013, more than double the $10 billion it set as its initial five-year goal.

Among U.S. asset managers, 89% say their firms will devote additional resources to sustainable investing in the next year or two, according to a survey by the Institute for Sustainable Investing and Bloomberg L.P. Fueling their interest is a 220% rise since 2012 in U.S. assets under management that use sustainable investing criteria.2

As the conversation continues about how best to reduce plastic waste, capital markets institutions can act as systemic levers for change through their expertise, influence and scale. They can help bring innovations to market across the plastics value chain by connecting capital with companies, products and solutions poised to succeed in an evolving plastics landscape.


OUR FOCUS



SUSTAINABLE INVESTING

We create scalable sustainable and impact investing solutions that seek to deliver competitive financial returns, while driving positive environmental, social and governance (ESG) outcomes.


INSIGHTS

We produce informative sustainability research and opinions from industry and issue experts to encourage innovative approaches to solving climate change and other sustainability challenges.


CAPACITY BUILDING

We support programs and strategic partnerships that train and develop the next generation of leaders of sustainable investment.
Sustainable Investing Challenge
Sustainable Investing Fellowship


Personal Tax

An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer.

The tax rate may increase as taxable income increases (referred to as graduated or progressive rates). The tax imposed on companies is usually known as corporate tax and is levied at a flat rate. However, individuals are taxed at various rates according to the band in which they fall. Further, the partnership firms are also taxed at flat rate. Most jurisdictions exempt locally organized charitable organizations from tax. Capital gains may be taxed at different rates than other income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income.

Taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from sale of property, including goods held for sale, is included in income. Income of a corporation's shareholders usually includes distributions of profits from the corporation. Deductions typically include all income producing or business expenses including an allowance for recovery of costs of business assets. Many jurisdictions allow notional deductions for individuals, and may allow deduction of some personal expenses. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions.

Most jurisdictions require self-assessment of the tax and require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers not timely paying tax owed are generally subject to significant penalties, which may include jail for individuals or revocation of an entity's legal existence.

The concept of taxing income is a modern innovation and presupposes several things: a money economy, reasonably accurate accounts, a common understanding of receipts, expenses and profits, and an orderly society with reliable records.
For most of the history of civilization, these preconditions did not exist, and taxes were based on other factors. Taxes on wealth, social position, and ownership of the means of production (typically land and slaves) were all common. Practices such as tithing, or an offering of first fruits, existed from ancient times, and can be regarded as a precursor of the income tax, but they lacked precision and certainly were not based on a concept of net increase.

Common principles

While tax rules vary widely, there are certain basic principles common to most income tax systems. Tax systems in Canada, China, Germany, Singapore, the United Kingdom, and the United States, among others, follow most of the principles outlined below. Some tax systems, such as India, may have significant differences from the principles outlined below. Most references below are examples; see specific articles by jurisdiction (e.g., Income tax in Australia).

Taxpayers and rates

Individuals are often taxed at different rates than corporations. Individuals include only human beings. Tax systems in countries other than the USA treat an entity as a corporation only if it is legally organized as a corporation. Estates and trusts are usually subject to special tax provisions. Other taxable entities are generally treated as partnerships. In the US, many kinds of entities may elect to be treated as a corporation or a partnership. Partners of partnerships are treated as having income, deductions, and credits equal to their shares of such partnership items. Separate taxes are assessed against each taxpayer meeting certain minimum criteria. Many systems allow married individuals to request joint assessment. Many systems allow controlled groups of locally organized corporations to be jointly assessed.
Tax rates vary widely. Some systems impose higher rates on higher amounts of income. Example: Elbonia taxes income below E.10,000 at 20% and other income at 30%. Joe has E.15,000 of income. His tax is E.3,500. Tax rates schedules may vary for individuals based on marital status.

Residents and nonresidents

Residents are generally taxed differently from nonresidents. Few jurisdictions tax nonresidents other than on specific types of income earned within the jurisdiction. See, e.g., the discussion of taxation by the United States of foreign persons. Residents, however, are generally subject to income tax on all worldwide income. A very few countries (notably Singapore and Hong Kong) tax residents only on income earned in or remitted to the country.
Residence is often defined for individuals as presence in the country for more than 183 days. Most countries base residence of entities on either place of organization or place of management and control. The United Kingdom has three levels of residence.

Defining income

Most systems define income subject to tax broadly for residents, but tax nonresidents only on specific types of income. What is included in income for individuals may differ from what is included for entities. The timing of recognizing income may differ by type of taxpayer or type of income.
Income generally includes most types of receipts that enrich the taxpayer, including compensation for services, gain from sale of goods or other property, interest, dividends, rents, royalties, annuities, pensions, and all manner of other items. Many systems exclude from income part or all of superannuation or other national retirement plan payments. Most tax systems exclude from income health care benefits provided by employers or under national insurance systems.

Deductions allowed

Nearly all income tax systems permit residents to reduce gross income by business and some other types of deductions. By contrast, nonresidents are generally subject to income tax on the gross amount of income of most types plus the net business income earned within the jurisdiction.
Expenses incurred in a trading, business, rental, or other income producing activity are generally deductible, though there may be limitations on some types of expenses or activities. Business expenses include all manner of costs for the benefit of the activity. An allowance (as a capital allowance or depreciation deduction) is nearly always allowed for recovery of costs of assets used in the activity. Rules on capital allowances vary widely, and often permit recovery of costs more quickly than ratably over the life of the asset.
Most systems allow individuals some sort of notional deductions or an amount subject to zero tax. In addition, many systems allow deduction of some types of personal expenses, such as home mortgage interest or medical expenses.

Business profits

Only net income from business activities, whether conducted by individuals or entities is taxable, with few exceptions. Many countries require business enterprises to prepare financial statements which must be audited. Tax systems in those countries often define taxable income as income per those financial statements with few, if any, adjustments. A few jurisdictions compute net income as a fixed percentage of gross revenues for some types of businesses, particularly branches of nonresidents.

Credits

Nearly all systems permit residents a credit for income taxes paid to other jurisdictions of the same sort. Thus, a credit is allowed at the national level for income taxes paid to other countries. Many income tax systems permit other credits of various sorts, and such credits are often unique to the jurisdiction.

Alternative taxes

Some jurisdictions, particularly the United States and many of its states and Switzerland, impose the higher of regular income tax or an alternative tax. Switzerland and U.S. states generally impose such tax only on corporations and base it on capital or a similar measure.

Administration

Common principles

Income tax is generally collected in one of two ways: through withholding of tax at source and/or through payments directly by taxpayers. Nearly all jurisdictions require those paying employees or nonresidents to withhold income tax from such payments. The amount to be withheld is a fixed percentage where the tax itself is at a fixed rate. Alternatively, the amount to be withheld may be determined by the tax administration of the country or by the payer using formulas provided by the tax administration. Payees are generally required to provide to the payer or the government the information needed to make the determinations. Withholding for employees is often referred to as "pay as you earn" (PAYE) or "pay as you go."
Income taxes of workers are often collected by employers under a withholding or pay-as-you-earn tax system. Such collections are not necessarily final amounts of tax, as the worker may be required to aggregate wage income with other income and/or deductions to determine actual tax. Calculation of the tax to be withheld may be done by the government or by employers based on withholding allowances or formulas.
Nearly all systems require those whose proper tax is not fully settled through withholding to self-assess tax and make payments prior to or with final determination of the tax. Self-assessment means the taxpayer must make a computation of tax and submit it to the government. Some countries provide a pre-computed estimate to taxpayers, which the taxpayer can correct as necessary.
The proportion of people who pay their income taxes in full, on time, and voluntarily (that is, without being fined or ordered to pay more by the government) is called the voluntary compliance rate. The voluntary compliance rate is higher in the US than in countries like Germany or Italy. In countries with a sizeable black market, the voluntary compliance rate is very low and may be impossible to properly calculate.
State, provincial, and local
Income taxes are separately imposed by sub-national jurisdictions in several countries with federal systems. These include Canada, Germany, Switzerland, and the United States, where provinces, cantons, or states impose separate taxes. In a few countries, cities also impose income taxes. The system may be integrated (as in Germany) with taxes collected at the federal level. In Quebec and the United States, federal and state systems are independently administered and have differences in determination of taxable income.

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