Lawyer Monthly - December 2024

investments are held directly, through a corporate vehicle, limited partnership, or whether a trust is used, and in case of each of the above, whether the entity is Irish tax resident or otherwise. If asset protection is a requirement, it will be necessary for an investment to be kept remote from the individual and likely in the form of a trust, which by its nature requires a person to divest themselves of assets / value and permit trustees to make the investment decisions will be required. In what ways do recent regulatory changes in Ireland impact the use of trusts and investment vehicles for estate planning and asset protection? Recent years have seen increased transparency requirements where Ireland participates in global initiatives like the Common Reporting Standard (CRS) and the Automatic Exchange of Information (AEOI). Further, as well as the CRBOT filing requirements referred to above, other regulatory changes include DAC6, an EU directive that introduces reporting obligations for a wide range of crossborder tax arrangements and the Registrar of Beneficial Ownership (RBO), a central register of beneficial ownership of companies and industrial and provident societies. In terms if limited partnerships, typically they availed of relatively benign reporting requirements. The Irish General Scheme of the Registration of Limited Partnerships and Business Names Bill 2024 was however recently published which includes several proposals in relation to the regulation of limited partnerships. For example, the proposals include a requirement for 1907 limited partnerships to maintain a continuous connection with Ireland, which is not a requirement under the current rules. For the most part, the proposals should not have a significant impact on “family” limited partnerships in Ireland but must nonetheless be taken into account when considering whether to set up a limited partnership as an investment vehicle for succession planning purposes. WWW.LAWYER-MONTHLY.COM 59 Contact Matheson LLP Dublin | Cork | London | New York | Palo Alto | San Francisco DUBLIN: Tel: +353 1 232 2000 | Email: dublin@matheson.com www.matheson.com Should you require further information about the material referred to in this article or have any queries, please contact any member of the Private Client team at Matheson. How can clients in Ireland ensure that their investment strategies align with their overall estate planning objectives and asset protection goals? Clients will first need to consider the appropriate structure, which will likely be determined by estate planning considerations. In this regard, the decision is usually whether the

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