Welcome to Lost in Translation: Blunders in International Estate Planning; in this blog series, I will delve into the rarified world of international estate planning, shedding light on possible pitfalls and slip-ups. Blunder No. 1:  Two Wills That Revoke Each Other A Will drafted in the U.S. may not be enforceable in another country, and some clients may own property in multiple nations. The gold standard for international estate planning involves offshore trusts and companies. However, these structures come with hefty...

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The European Commission announced a crucial milestone in its environmental agenda with the adoption of enhanced regulations governing fluorinated gases (F-gases) and ozone-depleting substances (ODS). These substances currently contribute to over 3% of the European Union’s total greenhouse gas emissions. This move represents a significant accomplishment within the EU Green Deal, aligning with the bloc’s commitment to achieving its 2030 climate goals and attaining climate neutrality by 2050. The new rules specifically target hydrofluorocarbons (HFCs), the most prevalent F-gases, aiming to eliminate their use entirely by 2050. Quota levels...

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"The EIB Group is boosting European competitiveness and EU leadership in green technologies. It is helping to ensure a more secure future for people in Europe and around the world." Nadia Calviño EIB PRESIDENT   Nearly €88 billion of new financing for high-impact projects The European Investment Bank Group signed €87.85 billion of new financing for high-impact projects in areas including climate action, sustainable infrastructure, and healthcare in 2023. €20 billion to support small businesses and mid-caps €19.8 billion for innovation, digital and human capital €21.3 billion for sustainable...

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The U.S. Department of Labor (DOL) published its new immigration-related fines/penalties, effective January 15, 2024. Immigration-related violations before the DOL involve these visas: H-1B, H-2A, and H-2B. These increases are pursuant to the Federal Civil Penalties Inflation Adjustment Act of 2015. Since that time, penalties have been adjusted yearly based on the rate of inflation. Below are the offenses, including regulation citations, with the old and new penalties: Offense Regulation Citation Old Fine New Fine H-1B involving non-willful strike/lockout, displacement of U.S. workers, misrepresentation of...

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Last week the European Central Bank (ECB) decided to keep the policy rate unchanged. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility remain unchanged at 4.50%, 4.75%, and 4.00% respectively. This did not come as a surprise to market participants who instead are focused on the timing and extent of possible rate cuts over the course of 2024. The ECB is firm on its data-dependent approach where the key...

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In October 2020 we set our ambition to become a net zero bank by 2050. Our first Net Zero Transition Plan provides an overview of our approach to net zero and the actions we are taking to help meet our ambition. It sets out: Our vision and strategic approach – how we intend to use our strengths to make financing, facilitation and investment choices that can have a meaningful impact on decarbonisation in the real economy. Our approach to sector transitions...

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