With the increasing globalisation of Family Wealth, tax considerations are integral to ensure families comply with global tax conditions to preserve wealth.
This course explores in-depth tax considerations in Singapore and across the globe, allowing learners to understand how best to advise or practice tax compliance for family offices. It covers the broad overview of existing and emerging global tax issues and obligations, and how these may impact tax-related decisions of families today (e.g., FATCA/CRS) and discusses the challenges of families with large global footprints and common trigger points that may have tax impact.
Total: 10 CPD hours
Core FAA CPD: 10 hours
Core SFA CPD: 10 hours
Trusts in Wealth Planning
This module provides a comprehensive overview of the wealth & estate planning industry. A good understanding of the features and characteristics of the wealth & estate planning tools and structures, applicable laws and regulations, are essential elements of a successful wealth planner. Lessons will be drawn from global industry trends and regulatory developments applied to daily work practices.
Total Training Duration / CPD Hours: 7
Classroom Hours: 7
Wealth and Estate Planning: Tax
This module provides an overview of global tax regimes and how they impact the administration of trust companies in Singapore. Fundamental taxation concepts like taxation of trust, domicile and residency will be discussed. Participants will gain broad perspectives of key tax concepts and the regulations relevant to wealth and estate planning.
Total Training Duration / CPD Hours: 4
Classroom Hours: 4
Client Acceptance and Management
In this age of enhanced regulatory requirements, trust companies have to be aware of the various regulatory changes that impact the growth of the trust business. This module imparts the practical knowledge and skillsets required during the client acquisition and on-boarding process. This module also dives into the industry best practices to uncover service opportunities and develop client loyalty and confidence in the organisation.
Total Training Duration / CPD Hours: 3
Classroom Hours: 3
Arriving at the Trust Decision
Wealth planners need to have a good understanding of a client’s needs and objectives in order to provide sound advice and recommendations. This module prepares professionals to conduct meaningful evaluations of their clients’ needs using financial as well as non-financial information. Through the extensive use of complex multi-jurisdictional case studies, participants will learn key considerations in trust structuring and understand the various types of structure options and capabilities.
Total Training Duration / CPD Hours: 7
Classroom Hours: 7
Trust Administration and Management
This module covers the principles and end-to-end processes involved in the administration, implementation and management of a trust. Participants will learn the relevant market laws and regulations as well as the industry best practices of organisation’s policies and procedures. This includes accounting, compliance, and methods used in the implementation and periodic performance review of the trust assets. The trustee’s fiduciary duty of care will also be discussed.
Total Training Duration / CPD Hours: 7
Classroom Hours: 7
Trust Regulations and Practices
The international regulatory and compliance environment have been developing alongside the rapidly evolving industry. It is imperative for professionals in the industry to keep abreast of the latest legislative and regulatory requirements relevant to the industry, organisation, operational environment and individual roles. This module covers the emerging and changing regulatory and compliance frameworks governing estate planning and trustee services in Singapore.
Total Training Duration / CPD Hours: 3
Classroom Hours: 3
Trust Business Risk Management
This module provides an overview of the compliance, monitoring and control functions in a trust company. Critical risk areas and fiduciary duties involved in the various stages of tax operations will be highlighted. Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) will be covered. Case studies will be used to enhance the learner’s understanding and application of risk knowledge.
Total Training Duration / CPD Hours: 3
Classroom Hours: 3
Useful Links
Participants who successfully complete the programme will be awarded:
Accreditation
IBF Accreditation
For more information on the IBF-STS, please visit www.ibf.org.sg/home/for-financial-institutions/resource-tools/skills-framework-for-financial-services.
SILE
Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes signing in on arrival and signing out at the conclusion of the activity in the manner required by the organiser, and not being absent from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.sileCPDcentre.sg for more information.
Certification
Upon completion, participants will be:
About IBF Certification
The following programme addresses the following Technical Skills and Competencies (TSCs) and proficiency level:
Certificate in International Tax Considerations for Families of Wealth
Participants are encouraged to access the IBF MySkills Portfolio (https://www.ibf.org.sg/home/for-individuals/resource-tools/myskills-portfolio) to track their training progress and skills acquisition against the Skills Framework for Financial Services. You can apply for IBF Certification after fulfilling the required number of Technical Skills and Competencies (TSCs) for the selected job role.
Find out more about IBF certification and the application process at https://www.ibf.org.sg/home/for-individuals/ibf-certification/why-be-ibf-certified
Note:
Fees shown are after IBF-STS funding. Subsidised# fees apply upon participants’ successful completion of the programme, which includes (i) fulfilling minimum attendance requirements and (ii) passing all relevant assessments.
#Click here to read more about funding support for IBF-STS, and the terms & conditions governing registration, payment, cancellation, deferment and no-show.
Eligible SG citizens may utilise SkillsFuture Credit to offset course fees. This is only applicable for the regular SkillsFuture Credit, and not applicable for the SkillsFuture Credit (Mid-Career) additional top-up funding.
Global-Asia Family Office Circle (GFO Circle) Members are entitled to 10% discount across “Trust Services” programmes. Click here for more information on GFO Circle membership.
The information above is correct at the time of publication. Wealth Management Institute reserves the right to amend the fees and/or terms and conditions as appropriate.
Please note that program dates are subject to change at WMI’s discretion in the event of unforeseen circumstances. WMI will strive to provide advance notice of any changes whenever possible.
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