Funds industry experts gathered in São Paulo and Rio de
Janeiro to discuss the pain points that local asset managers in
Brazil are suffering. Jon Roney, Director of Fiduciary Services at
Intertrust, rounds up his observations.
The elephant in the room? The UBO issue.
It was clear from the start that the UBO issue – in
essence, the Brazilian IRS’s requirement to look through
structures for Brazilian UBOs – was top of mind. This
initiative is driven by the concern that taxable gains are not
being properly reported.
I can imagine critical eyebrows arching at this point. At least
initially, this doesn’t appear to be a governance drive
similar to Cayman’s regulatory environment experience, but it
would be impossible to write this article without devoting a few
column inches accordingly; this topic is as hot as a Brazilian
summer. At this point I’d like to remind readers that the
Cayman funds industry is founded upon two basic tax principles: tax
neutrality and tax
