Private Wealth 2026

Definitive global law guides offering comparative analysis from top-ranked lawyers

CHAMBERS GLOBAL PRACTICE GUIDES

Private Wealth 2026 Definitive global law guides offering comparative analysis from top-ranked lawyers

Contributing Editors Basil Zirinis and Elizabeth Kubanik Sullivan & Cromwell LLP

Global Practice Guides

Private Wealth Contributing Editors Basil Zirinis and Elizabeth Kubanik Sullivan & Cromwell LLP

2026

Chambers Global Practice Guides For more than 20 years, Chambers Global Guides have ranked lawyers and law firms across the world. Chambers now offer clients a new series of Global Practice Guides, which contain practical guidance on doing legal business in key jurisdictions. We use our knowledge of the world’s best lawyers to select leading law firms in each jurisdiction to write the ‘Law & Practice’ sections. In addition, the ‘Trends & Developments’ sections analyse trends and developments in local legal markets. Disclaimer: The information in this guide is provided for general reference only, not as specific legal advice. Views expressed by the authors are not necessarily the views of the law firms in which they practise. For specific legal advice, a lawyer should be consulted. Content Management Director Claire Oxborrow Content Manager Jonathan Mendelowitz Senior Content Reviewers Sally McGonigal, Ethne Withers, Deborah Sinclair, Stephen Dinkeldein, Vivienne Button and Sean Marshall Content Reviewers Lawrence Garrett, Marianne Page, Heather Palomino, Alison Moore, Adrian Ciechacki and Michael Irvine Content Coordination Manager Nancy Tsang Senior Content Coordinators Carla Cagnina and Delicia Tasinda Content Coordinator Joanna Chivers Head of Production Jasper John Production Coordinator Genevieve Sibayan

Published by Chambers and Partners 165 Fleet Street London EC4A 2AE Tel +44 20 7606 8844 Fax +44 20 7831 5662 Web www.chambers.com

Contents

INTRODUCTION Contributed by Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP p.6

CHINA Trends and Developments p.162 Contributed by Beijing Dacheng Law Offices, LLP

ARGENTINA Law and Practice p.13 Contributed by McEWAN Trends and Developments p.30 Contributed by McEWAN ASIA PACIFIC-WIDE Trends and Developments p.36 Contributed by Xuxiaoping Law Firm AUSTRALIA Law and Practice p.42 Contributed by Hall & Wilcox Trends and Developments p.59 Contributed by Hall & Wilcox AUSTRIA Law and Practice p.65 Contributed by Schindler Attorneys

COLOMBIA Law and Practice p.168 Contributed by Rimon, P.C. Trends and Developments p.189 Contributed by Rimon, P.C. CYPRUS Law and Practice p.194 Contributed by A.G. Erotocritou LLC GERMANY Law and Practice p.210 Contributed by Flick Gocke Schaumburg Trends and Developments p.226 Contributed by Flick Gocke Schaumburg

GREECE Law and Practice p.232 Contributed by Bernitsas

Trends and Developments p.250 Contributed by Machas & Partners HONG KONG SAR, CHINA Law and Practice p.257 Contributed by Hugill & Ip Trends and Developments p.275 Contributed by King & Wood

BAHAMAS Law and Practice p.83 Contributed by McKinney, Bancroft & Hughes Trends and Developments p.92 Contributed by McKinney, Bancroft & Hughes

BELGIUM Law and Practice p.96 Contributed by Tiberghien Trends and Developments p.110 Contributed by Arteo Law

INDIA Law and Practice p.282 Contributed by Cyril Amarchand Mangaldas Trends and Developments p.300 Contributed by Trilegal ISRAEL Law and Practice p.308 Contributed by FISCHER (FBC & Co.) ITALY Law and Practice p.327 Contributed by Gatti, Pavesi, Bianchi, Ludovici

BRAZIL Law and Practice p.116 Contributed by BVZ Advogados | Bastos, Bari, Vilela e Zugman Trends and Developments p.133 Contributed by BVZ Advogados | Bastos, Bari, Vilela e Zugman

CANADA Law and Practice p.139 Contributed by Hull & Hull LLP Trends and Developments p.155 Contributed by Hull & Hull LLP

Trends and Developments p.348 Contributed by Maisto e Associati

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Contents

JAPAN Law and Practice p.354 Contributed by Mori Hamada & Matsumoto

PERU Law and Practice p.510

Contributed by Casahierro Abogados Trends and Developments p.526 Contributed by CPB Abogados

LIECHTENSTEIN Law and Practice p.364 Contributed by Ospelt & Partner Attorneys at Law Ltd.

POLAND Law and Practice p.534

LUXEMBOURG Trends and Developments p.381 Contributed by ATOZ Tax Advisers

Contributed by Nash Concept Ltd Trends and Developments p.548 Contributed by Nash Concept Ltd

MALTA Law and Practice p.387 Contributed by Fenech & Fenech Advocates

PORTUGAL Law and Practice p.553

Contributed by Durham Agrellos Trends and Developments p.564 Contributed by Durham Agrellos SINGAPORE Trends and Developments p.567 Contributed by DBS Private Bank SOUTH KOREA Law and Practice p.575 Contributed by Barun Law LLC Trends and Developments p.591 Contributed by Barun Law LLC SPAIN Law and Practice p.596 Contributed by Anaford Abogados

MAURITIUS Law and Practice p.405 Contributed by CMS Prism – in association with CMS MEXICO Law and Practice p.424 Contributed by Díaz de León Abogados Trends and Developments p.442 Contributed by Galicia Abogados MONACO Law and Practice p.449 Contributed by Donald Manasse Law Offices Trends and Developments p.458 Contributed by Donald Manasse Law Offices

NETHERLANDS Law and Practice p.462 Contributed by Arcagna

TURKS & CAICOS Law and Practice p.610 Contributed by Coriats Trust Company Limited

Trends and Developments p.477 Contributed by Forvis Mazars NV

UAE Law and Practice p.617

NEW ZEALAND Law and Practice p.483

Contributed by Consigliere Group Trends and Developments p.636 Contributed by Consigliere Group

Contributed by Cone Marshall Limited Trends and Developments p.499 Contributed by Cone Marshall Limited

UK Law and Practice p.644

PANAMA Trends and Developments p.504 Contributed by Icaza, González-Ruiz & Alemán

Contributed by Gherson Solicitors Trends and Developments p.661 Contributed by Gherson Solicitors

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Contents

US VIRGIN ISLANDS Trends and Developments p.668 Contributed by Marjorie Rawls Roberts PC USA Law and Practice p.677 Contributed by Greenberg Traurig, LLP Trends and Developments p.693 Contributed by Greenberg Traurig, LLP

USA – MINNESOTA Trends and Developments p.779 Contributed by Henson Efron

USA – NEVADA Law and Practice p.784 Contributed by Solomon Dwiggins Freer & Steadman

Trends and Developments p.795 Contributed by McDonald Carano

USA – ARKANSAS Law and Practice p.700 Contributed by Bundy

USA – NEW YORK Law and Practice p.801

Contributed by Teitler & Teitler LLP Trends and Developments p.812 Contributed by Teitler & Teitler LLP

Trends and Developments p.714 Contributed by Smith Hurst PLC

USA – CALIFORNIA Law and Practice p.720 Contributed by Pillsbury Winthrop Shaw Pittman LLP Trends and Developments p.735 Contributed by Pillsbury Winthrop Shaw Pittman LLP USA – FLORIDA Law and Practice p.742 Contributed by Pillsbury Winthrop Shaw Pittman LLP Trends and Developments p.756 Contributed by Pillsbury Winthrop Shaw Pittman LLP

USA – OKLAHOMA Law and Practice p.815 Contributed by Bundy

USA – TEXAS Law and Practice p.830 Contributed by Ytterberg Deery Knull LLP Trends and Developments p.847 Contributed by Ytterberg Deery Knull LLP

USA – MASSACHUSETTS Law and Practice p.761 Contributed by Rimon, P.C. Trends and Developments p.774 Contributed by Rimon Law

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INTRODUCTION

Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP

Sullivan & Cromwell LLP has advised many of the world’s most influential families for more than 145 years, on all aspects of their business and legal af - fairs, from complex transactions to family business governance and wealth preservation. Through 13 offices on four continents, the firm provides highly integrated legal services to some of the world’s lead -

ing families and companies in their most important domestic and cross-border matters. The firm prides itself on being at the intersection of private client, trust and transactional advice, and can advise on and execute any type of transaction, in any industry, eco - nomic climate or geographic region.

Co-Author

Contributing Editors

Megan Eitel is an associate in the London office of Sullivan & Cromwell, in the estates and personal group. She advises US and international individuals and families, and fiduciaries, on complex US and cross-

Basil Zirinis is a partner in Sullivan & Cromwell’s estates and personal group, and leads the international private client practice from London and New York. He represents private clients around the world in a broad

border private client matters, including estate and tax planning, family business transition and estate administration.

range of matters, including domestic and international estate and trust planning, family business governance and transition, and estate and trust litigation. Basil is a member of the International Academy of Estate and Trust Law, STEP and ACTEC.

Elizabeth Kubanik is a partner in the London office of Sullivan & Cromwell, in the estates and personal group. She has represented US and international families and fiduciaries with respect to a variety of tax and

planning issues, including trust structuring, family business and succession planning, and charitable planning, with a focus on cross-border planning and structures. Elizabeth is a member of the International Academy of Estate and Trust Law, and is frequently asked to speak at industry conferences.

Sullivan & Cromwell LLP 1 New Fetter Lane London EC4A 1AN England

Tel: +44 207 959 8900 Fax: +44 207 959 8950 Email: zirinisb@sullcrom.com Web: www.sullcrom.com

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INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP

Increased global mobility The increase in digitalisation and the rise in remote work opportunities resulting from the COVID-19 pan - demic created a highly mobile environment. Individu - als are now more transient than ever before. There has also been increased use of electronic tools in inter - national estate, trust and tax planning. With private client data being increasingly accessible via electronic platforms, the need to safeguard against security vul - nerabilities has never been greater. Global shifts in immigration and tax policies have fuelled this mobility trend. For example, some juris - dictions provide “residence-by-investment” schemes and/or preferential tax treatment for certain new resi - dents. Such policies, and the related surge in interest, have been met with some criticism in recent times. For example, the European Commission has called for member countries to eliminate residence-by- investment programmes due to anti-money launder - ing and security concerns, and some commentators have questioned the effect of such policies on local communities. In response, some countries have started to limit or terminate their respective residency programmes. • In late 2023, Portugal enacted major changes to its Golden Visa programme, eliminating real estate investment as a basis for residency. • In early 2024, Greece increased the threshold requirements for investments. • In April 2025, Spain ended its Golden Visa pro - gramme. • Also in April 2025, the European Court of Justice ordered Malta’s existing “Golden Passport” pro - gramme (which offered not just residency rights, but citizenship) to be shut down. Malta repealed the investment-based citizenship route in July 2025 and replaced it with a “merit-based” citizen - ship programme, under which citizenship may be granted only to individuals who have made excep - tional contributions or provided services to Malta. Malta’s “Golden Visa” programme, which offers the opportunity for residency, also remains available. • On the other hand, in the USA, the Trump admin - istration has moved forward with a “Gold Card” initiative to allow wealthy foreigners to live and

Global Outlook – Private Wealth in 2026 The pace of legal, cultural and technical develop - ments around the world increases each year, and international estate, trust and tax planning continues to evolve with them. Decades of globalisation, com - bined with the unprecedented mobility of the world’s wealthy, have made it common to have clients whose residences and assets range across multiple jurisdic - tions. International practice New and increasingly complex challenges have arisen in planning during life and at death, as coun - tries attempt to stabilise economies impacted by the evolving geopolitical landscape and ongoing interna - tional conflicts, and as families are affected by multi - ple – often conflicting – tax laws, rules of inheritance, treaties and cultural norms. As a result, international private client lawyers must work closely with legal advisers in many jurisdictions to ensure that advice is not being given in isolation, and that all factors affect - ing a client’s planning have been identified. Cultural differences Understanding and appreciating the cultures (both legal and national) of the various jurisdictions is also vital, and lawyers who do so will be increasingly valu - able, whether in non-contentious planning or in trust and estate litigation. Making an effort to bridge cul - tures and languages will also make mistakes much less likely. Lawyers who function as a team, who respect the intricacies and unique aspects of each legal system, and who recognise that an appreciation of language and culture is fundamental to successful cross-border work will have enormous advantages over lawyers who see multi-jurisdictional planning or litigation as separate silos where each lawyer has responsibility only for their own jurisdiction. The Chambers Private Wealth Global Practice Guide is designed to help encourage and facilitate such cross- border co-operation. A few recent global trends in the law that relate to families, their businesses and their planning are dis - cussed below.

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INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP

Global conflicts Russia’s military invasion of Ukraine in February 2022 has caused many thousands of deaths and displaced millions of people. The ongoing conflict continues to have a resounding international impact. In response to the crisis, the European Union, the USA and other countries have imposed economic sanctions against Russia, with broad international economic ripple effects. These sanctions have had a significant impact on private client advisers, who must keep abreast of changing guidance in relation to clients with ties to Russia. Individual violators of sanctions are generally subject to strict liability and face stiff penalties. Long-standing tensions in the Middle East boiled over in October 2023, when Hamas launched an attack on Israel. The ongoing conflict has since escalated into one of the most significant in the region in decades, causing tens of thousands of deaths and displacing millions of people. The conflict has expanded beyond Gaza, including periods of conflict in Lebanon and Iran. Recent military action involving the USA and Iran has further heightened geopolitical uncertainty in the Mid - dle East. The resulting disruption to international ship - ping and energy markets serves as a reminder of the wider economic implications that geopolitical events can have for internationally connected clients. Private client advisers will need to continue to monitor the political and economic environment surrounding the conflict and the effect on clients’ patterns of global migration as a result. Elections and political risk The political changes brought about by the landmark elections of 2024 have continued to unfold through 2025 and into 2026. In the United Kingdom, the Labour Party defeated the Conservative Party in the July 2024 general election, and in 2025 sweeping tax changes were made, particularly with respect to the “non-dom” tax regime. In the USA, President Donald Trump returned to office for a second term and has since introduced an economic agenda focused on tax

work in the country in exchange for USD1 million. However, as of 1 April 2026, only one applicant had been approved, and the constitutionality of the pro - gramme is being challenged in pending litigation. Presumably, these programmes will continue to be an area of focus in cross-border client practice. Preferential tax regimes that appeal to high net worth clients, and changes to such regimes, have also con - tinued to impact global immigration patterns. Under Italy’s “flat tax” regime, high net worth individuals are taxed at a fixed annual amount, which increased from EUR100,000 to EUR200,000 per year in 2024, and then to EUR300,000 per year from 2026. Greece has implemented a similar “flat tax” regime, under which foreign-source income is taxed at a flat annual rate of EUR100,000, subject to certain investment require - ments. Switzerland’s lump-sum tax regime is avail - able to foreigners who live but do not work in Swit - zerland (although the lump-sum taxation system is not available in all cantons). Unlike the Italian and Greek regimes, Switzerland calculates a taxpayer’s tax base from the taxpayer’s lifestyle expenses. Spain’s “Beckham” regime provides preferential tax treatment to foreigners who acquire tax residence in Spain for work purposes. Portugal’s expatriate tax regime – the “Non-Habitual Resident” (NHR) tax regime – ended in 2023 and has been replaced by the somewhat more restrictive “Tax Incentive for Scientific Research and Innovation” (IFICI), which provides for a flat tax rate of 20% on eligible income from Portu - gal and exemptions on professional foreign-sourced income. Furthermore, in April 2025, the United King - dom abolished its long-standing “non-dom” tax regime and replaced it with the Foreign Income and Gains (FIG) regime. The USA has proposed a “Plati - num Card”, which, if implemented, would create a preferential tax regime for qualifying ultra-high net worth individuals by permitting up to 270 days of presence in the USA without US taxation of non-US income, in exchange for a USD5 million contribution. All of these regimes are much more complex than they appear at first, and comprehensive tax planning with local experts is vital.

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INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP

cuts and the imposition of tariffs, impacting private clients with multi-jurisdictional wealth. Recent years have continued to see increased political volatility worldwide, highlighted by the reintroduction of broad-scale tariffs in international trade, a rise in nationalism and the continued consolidation of author - itarian regimes around the globe. The socio-economic fallout resulting from the pandemic, mounting interna - tional conflicts and other societal forces has increased worldwide political turmoil and, in some cases, civil unrest. The risk of nationalisation has increased, and continues to create the need to ensure that private clients separate personal wealth from ownership of companies that can be nationalised, which may prove difficult given that a family’s wealth is often predomi - nantly tied up in its family business. Private client advisers will need to keep abreast of any shifts in power and associated policy to continue to effectively counsel their clients in the face of political change. The global economy The evolving geopolitical landscape and ongoing global conflicts, combined with persistent inflation, high global interest rates and turbulent economic mar - kets, continue to generate concern regarding global economic growth. This concern has been further fuelled by escalating global trade tensions and the return of broad-scale tariffs. The political and eco - nomic policies implemented following the landmark elections of 2024 have continued to shape the global economy through 2025 and into 2026. All of these factors have dramatic consequences for clients and their business interests. Demand for increased transparency and oversight The global drive for transparency continues to be a dramatic force of change in the international private client world. Governments are increasingly focused on cross-border arrangements and structures, and have implemented regulatory schemes that require the exchange of tax-related information. For example, the USA has achieved near-complete international com - pliance with the Foreign Account Tax Compliance Act (FATCA).

The Common Reporting Standard (CRS – the recipro - cal automatic information exchange agreement devel - oped by the OECD) has been adopted in over 100 jurisdictions and requires entities (including trusts and foundations) to report information on controlling per - sons. For entities, the controlling persons are gener - ally the individuals who exercise control over the entity or who have a direct or indirect controlling ownership interest in the entity. For a trust, the controlling per - sons are defined to include the settlors, the trustees, the protectors (if any), the beneficiaries or class of beneficiaries, and any other natural persons exercis - ing ultimate effective control over the trust (whether directly or indirectly). Of course, few of these individuals (who may be resi - dent in numerous jurisdictions) actually control a trust, yet the broad reporting requirements create significant compliance burdens and challenges for trustees and financial institutions dealing with trusts. The global reach of the CRS has also made the co-operation of teams of advisers across multiple relevant jurisdic - The European Union has expanded the scope of man - datory disclosure beyond the CRS with the adoption of DAC6, a European Directive requiring tax, account - ing and legal professionals (“intermediaries”) to report their clients’ qualifying cross-border planning arrange - ments. Any cross-border arrangement involving one of a number of specified “hallmarks” is subject to disclosure. The implementation of DAC6 varies by jurisdiction. DAC6 is retroactive to 25 June 2018, which means that intermediaries and their clients may already have substantial reporting obligations under the disclosure regime. In addition to increased emphasis on the automatic exchange of information in programmes that purport to make the information available only to tax and law enforcement authorities, some governments and organisations have moved for even greater transpar - ency, demanding public registers. For instance, in July 2018 the European Parliament and Council adopted the fifth Anti-Money Laundering Directive (5AMLD), which broadened the availability of EU member states’ national registers of ultimate beneficial ownership of tions that much more important. Expansion of mandatory disclosure

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INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP

trusts. Beginning in 2020, trusts’ beneficial ownership information was required to be made available to: • professionals and institutions subject to anti- money laundering rules, including attorneys and financial institutions acting within the framework of customer due diligence; • persons who can demonstrate a “legitimate interest” in the information, as determined under national law; and • the public, in the case of any trust that holds cer - tain interests in a company outside the EU. However, in November 2022 the European Court of Justice declared this amendment invalid, balancing the public interest objective of the amendment against the right to privacy under the European Union Charter. Information on beneficial ownership must now only be accessible to persons and organisations that are able to demonstrate a “legitimate interest” in such information. In May 2024, the Anti-Money Laundering Regulation and the sixth Anti-Money Laundering Directive were adopted. This new package of laws aims to harmonise existing anti-money laundering rules, providing guid - ance on the type of information that should be held in EU member states’ beneficial ownership registers, and aiming to ensure that those with a “legitimate interest” (very broadly defined to include authorities, journalists, civil society organisations and similar) have access to registers of ownership information. Prior to the adoption of 5AMLD, the United Kingdom had already enacted similar legislation in the context of shareholders of corporations, which requires the disclosure of persons with significant control. Since 2016, all UK-incorporated companies and limited liability partnerships (LLPs) have been required to maintain a register of natural persons with significant control, held open for public inspection. Further - more, since 2018, UK-resident trusts and trusts with UK assets or income have been required to provide information for inclusion in the UK register of trusts. In response to 5AMLD, the UK expanded the register of trusts to include additional categories of non-UK trusts with connections to the UK, such as trusts that

enter into a business relationship with a business that is subject to the UK’s anti-money laundering regime. Such trusts were required to be registered by Sep - tember 2022. In line with EU regulations, the register – which was previously available only to government institutions – is now available to persons with a “legiti - mate interest”. The EU has also indirectly imposed transparency obli - gations on offshore jurisdictions through the publica - tion of a list of non-co-operative tax jurisdictions. In February 2025, the “blacklist” contained ten non-co- operative jurisdictions, including several US territo - ries. Numerous offshore jurisdictions have adopted (or have announced plans to adopt) local laws and regulations that implement the provisions of DAC6 and 5AMLD. These developments coincide with the increas - ing criminalisation of tax and compliance advice. In recent years, the UK Criminal Finances Act, the US Foreign Corrupt Practices Act and similar laws have threatened private client advisers with criminal penal - ties for their clients’ misconduct, effectively co-opting them into the oversight of client behaviour. Under the UK Criminal Finances Act, a corporate body (eg, a law firm or a financial institution) that fails to insti - tute policies designed to prevent the facilitation of tax offences or money laundering by its employees could itself be subject to substantial fines or the termination of licences. In the USA, new reporting requirements under the Corporate Transparency Act came into effect in Janu - ary 2024, as part of the Anti-Money Laundering Act of 2020, requiring corporations, limited liability compa - nies and similar entities to disclose beneficial owner - ship information to the US Department of the Treas - ury Financial Crimes Enforcement Network (FinCEN). Under the regulations, a beneficial owner includes any individual who, directly or indirectly, either exercises substantial control over a reporting company, or owns or controls at least 25% of the ownership interests of a reporting company. The information reported to FinCEN would not be publicly available but would be accessible by certain law enforcement agencies, reg - ulatory agencies, financial institutions (in certain cir - cumstances) and Department of Treasury personnel.

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INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP

However, in 2025, FinCEN significantly narrowed the scope of the reporting requirements. Under the final rule, the definition of “reporting company” generally only includes foreign companies that are registered to do business in any US state or tribal jurisdiction. US companies are no longer required to report ben - eficial ownership information to FinCEN, and foreign reporting companies are not required to report any US persons as beneficial owners. The substantial reporting burdens imposed by these types of regulations have had a notable impact on the offshore trust world. Many smaller trust companies simply do not have the resources to comply with the complex regulations, and the risks of incorrect report - ing often outweigh the benefits of taking on clients from certain jurisdictions. Some commentators have questioned the privacy implications, as well as the efficacy and fairness of the burden placed on individuals, families and advis - ers by these expansive transparency and oversight frameworks. In particular, practitioners are increasing - ly challenging the requirement that court proceedings relating to trust administration or related intra-family matters be kept open to the public where not spe - cifically requested by the parties. These proceedings generally involve non-contentious petitions, brought with the consent of all the interested parties. Under such circumstances, the public’s general interest in transparency may not justify the impairment of the liti - gants’ privacy. Commentators suggest that the norm of public access to court proceedings in the UK and other jurisdictions is likely to drive trust administration business to offshore forums. Rise of estate and trust litigation The world is in the middle of the greatest generational transfer of wealth in history, and cross-border estate and trust litigation has never been busier. Trustees find themselves entangled in a rising number of complex and costly cross-border disputes, often serving as the target of aggrieved beneficiaries (or excluded family members) in jurisdictions that have forced inheritance laws or that do not recognise trusts. A global reces - sion would likely increase the occurrence of such disputes as, for example, trustees must determine whether or not to distribute assets to beneficiaries

in difficult financial positions, and make investment decisions in a volatile market. Litigation in the areas of bankruptcy and fraud may also increase. The issue of requisite capacity in the execution of documents such as wills and trusts has become a dominant consideration. With increasing frequency, lawyers are ensuring they have evidence of their cli - ents’ requisite capacity at the time of execution, as well as emphasising the importance of planning for a client’s future incapacity, such as with powers of attorney and succession planning. Whether representing fiduciaries or challengers, anticipating litigation can go far towards increasing the likelihood of obtaining a favourable result (wheth - er through the courts or via a negotiated settlement). The greatest risks in multi-jurisdictional trust litigation come from the potential clash of laws and procedures of the different countries, yet these inconsistencies also create opportunities for surprise and victory. The litigation team that truly understands the intricacies in each jurisdiction and appreciates the contrasting cultural forces can exploit the gaps that are created to its substantive and procedural advantage. Artificial intelligence (AI) Rapid advances in AI technology have dominated headlines over the past several years, particularly with the rise of widely accessible AI chatbots. More so than ever before, companies are incorporating AI technology into the workplace, and such technology is quickly transforming the way people work and live. However, many commentators have also raised con - cerns about the impact of such rapid advancement and whether AI technology could also be harmful as it progresses. The rise of AI technology raises potential issues in the legal sector as well. Many lawyers and law firms have started to harness the power of AI in their day- to-day work, but questions remain as to whether AI will eventually be able to replicate certain skills of legal professionals. While AI may aid lawyers in the future, lawyers should evaluate the skills that may not easily be replaced, such as emotional intelligence and the personal relationships they have with their clients.

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INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP

Questions have also been raised regarding the eth - ics of AI, with commentators raising concerns about matters ranging from the accuracy and dependabil - ity of such tools to the confidentiality risks for client information. As AI becomes increasingly embedded in legal practice, lawyers and wealth advisers must determine how best to harness its benefits while con - tinuing to satisfy their professional and ethical obliga - tions to clients. The question arises as to how lawyers and wealth advisers can or should fulfil their responsi - bilities to their clients with the assistance of AI. The future We are living in times of increased uncertainty as countries determine how to address economic vola - tility, international conflict and an evolving technologi - cal landscape. Such uncertainty will impact the trends discussed above – political volatility, transparency, the increase in trust and estate litigation, and the rapid development of technology. Of course, the world of private client advice does not involve only these areas; much of the work relates to helping families structure the succession of wealth in responsible and lasting ways, preserving long-existing family businesses, encouraging family harmony, protecting family assets for both current and future generations, and preserv - ing private property. These needs will also continue and grow.

Emerging challenges include adapting current laws and structures to evolving methods of reproduction due to scientific and medical advancements. These range from the increasing use of surrogacy arrange - ments to the posthumous conception of children from frozen embryos after one or both of their biological parents have died. Laws to address questions of inheritance rights and the definition of such terms as “issue” and “legitimate” in these contexts either do not exist or conflict among jurisdictions. Digital assets, including virtual currencies such as Bit - coin, continue to evolve, requiring national legal sys - tems to adapt and address new issues as they arise. The development of law around these new challeng - es, particularly as digital assets become more widely held by private clients and integrated into mainstream financial markets, will be of increasing importance.

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ARGENTINA

Brazil

Paraguay

Chile

Uruguay

Buenos Aires

Argentina

Law and Practice Contributed by: Juan McEwan and Agustín Lacoste McEWAN

Contents 1. Tax p.15

6. Roles and Responsibilities of Fiduciaries p.25 6.1 Prevalence of Corporate Fiduciaries p.25 6.2 Fiduciary Liabilities p.25 6.3 Fiduciary Regulation p.25 6.4 Fiduciary Investment p.25 7. Citizenship and Residency p.25 7.1 Requirements for Domicile, Residency and Citizenship p.25 7.2 Expeditious Citizenship p.26 8. Planning for Minors, Adults with Disabilities and Elders p.26 8.1 Special Planning Mechanisms p.26 8.2 Appointment of a Guardian p.26 8.3 Planning for Incapacity p.26 8.4 Elder Law p.26 9. Planning for Non-Traditional Families p.27 9.1 Children p.27 9.2 Same-Sex Marriage p.27 9.3 Cohabitation and Unmarried Couples p.27 10. Charitable Planning p.28 10.1 Charitable Giving p.28 10.2 Common Charitable Structures p.29

1.1 Tax Regimes p.15 1.2 Exemptions p.17 1.3 Income Tax Planning p.17 1.4 Pre-Immigration and Exit Planning p.17 1.5 Taxation of Real Estate Owned by Non-Residents and Non-Citizens p.17 1.6 Stability of Tax Laws p.18 1.7 Transparency and Increased Global Reporting p.19 2. Succession p.20 2.1 Cultural Considerations in Succession Planning p.20 2.2 International Planning p.21 2.3 Forced Heirship Laws p.21 2.4 Marital Property p.21 2.5 Transfer of Property p.22 2.6 Transfer of Assets: Vehicle and Planning Mechanisms p.22 2.7 Transfer of Assets: Digital Assets p.22 3. Trusts, Foundations and Similar Entities p.22 3.1 Types of Trusts, Foundations or Similar Entities p.22 3.2 Recognition of Trusts p.23 3.3 Taxation of Trusts, Foundations and Similar Entities Located in Other Jurisdictions p.23 3.4 Tax Consequences of Fiduciary and Beneficiary Roles p.23 4. Family Business Planning p.24 4.1 Asset Protection p.24 4.2 Succession Planning p.24 4.3 Transfer of Partial Interest p.24 5. Wealth Disputes p.24 5.1 Trends Driving Disputes p.24 5.2 Mechanism for Compensation p.25

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ARGENTINA Law and Practice Contributed by: Juan McEwan and Agustín Lacoste, McEWAN

McEWAN is a pioneer in delivering legal and tax ad - visory services to private clients in Argentina. With a proven track record advising high and ultra-high net worth individuals and their families, McEWAN has earned solid recognition in the areas of estate struc - turing, international tax planning, and cross-border succession. The firm’s multidisciplinary team ‒ com - prising seasoned lawyers and accountants ‒ provides strategic counsel not only to individuals and family groups, but also to private banks, family offices, trust

companies, investment banks and private equity firms seeking trusted guidance on complex legal and tax matters. McEWAN offers comprehensive capa - bilities across civil, tax and corporate law, along with a strong reputation in high-value succession cases and complex tax litigation. In addition, its profession - als bring deep expertise in family law, particularly in managing high-conflict, multi-jurisdictional matters involving family governance, asset protection, and intergenerational planning.

Authors

Juan McEwan is the founder and managing partner of McEWAN. He is a pioneer in Argentina in the development of legal and tax advisory services targeted at high net worth individuals and families. Juan advises

Agustín Lacoste is a partner in the private client law department of McEWAN and a member of the Buenos Aires Bar Association. His practice is focused on the daily counselling of high net worth families,

on all aspects of domestic and international estate planning and succession matters for individuals, trust and estate administration, charitable giving, and the operation of tax-exempt organisations. He also assists clients with tax planning and has expertise in creating local and international trusts and foundations. Juan’s practice encompasses multi-jurisdictional and international matters for numerous multinational families. He co-authored the book “International Succession” (Oxford University Press, 2014), as well as a law review concerning private wealth.

providing them with highly valuable, creative and reliable solutions through sophisticated legal advice and tax services. Agustín has published articles on tax litigation, wealth planning and estate planning in Argentina, as well as on international succession.

McEWAN Esmeralda 1061 PB C1007ABM Buenos Aires Argentina Tel: +54 117 078 1112 Fax: +54 117 078 1112

Email: info@estudiomcewan.com.ar Web: www.estudiomcewan.com.ar

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ARGENTINA Law and Practice Contributed by: Juan McEwan and Agustín Lacoste, McEWAN

1. Tax 1.1 Tax Regimes

cial investments and the inclusion of fiscal transpar - ency through the controlled foreign company rules. However, through the enactment of Law 27.541, exemptions for certain Argentine-sourced income have been re-established, such as: • income derived from the allocation of capital in public securities issued by the national, provincial, municipal or City of Buenos Aires governments, negotiable obligations, debt securities, bonds and other securities, as well as from participations in mutual funds; and • interest from savings accounts and fixed-term deposits in national currency, capital gains from public securities issued by the national, provincial, municipal or City of Buenos Aires governments, and participations in mutual funds and financial trusts. Since 1 January 2026, gains from the sale of real estate in Argentina are exempt from PIT, replacing the previous regime, under which a 15% rate applied to properties acquired from 2018 onwards, and a 1.5% withholding tax applied to properties acquired ear - lier. This exemption was introduced by Law 27.802 (enacted in March 2026) and clarified through Decree 406/2026, and it applies to both residents and non- residents selling Argentine real estate. For non- residents, this exemption is not automatic in every case. Article 28 of the ITL is a general anti-abuse rule providing that exemptions do not apply to the extent they would simply transfer the tax benefit to a foreign treasury – that is, if the seller’s country of residence would tax the same gain precisely because Argentina exempted it, the Argentine exemption is disregarded and the gain remains subject to Argentine tax, gener - ally via withholding. The same law also exempts rental income from PIT when the property is rented out as the tenant’s primary home, effective from the same date. Section 130 of the ITL establishes that certain foreign structures (companies or other entities or contracts such as trusts) will be considered “transparent” for tax purposes if they meet certain requirements. To that end, the ITL establishes three categories of entities:

The Argentine tax regime functions at the three levels of government: federal, provincial and municipal. The most relevant taxes at federal level levied on individu - als are income tax and personal assets tax – although there are other taxes that, albeit normally irrelevant, may have an impact on wealth structuring. Personal Income Tax Individuals residing in Argentina are subject to person - al income tax (PIT) on worldwide income. In summary, the following are regarded as Argentine residents: • Argentine citizens, whether native or naturalised individuals; • foreign individuals who have obtained perma - nent residency status in Argentina or have been in Argentina with temporary authorisation for 12 months (provided that temporary absences do not exceed 90 days); and • undivided estates in which the decedent was Argentine domiciled on the date of their death. In the case of individuals, the Income Tax Law (ITL) establishes a progressive scale consisting of two con - cepts: • a fixed tax value; and • a variable rate (from 5% to 35%). However, the ITL applies a differential treatment to profits derived from the sale of bonds, stocks, other securities and real estate, and income derived from dividends distributed by Argentine entities – at rates of 7% or 15%, respectively. PIT is an annual tax and the tax return must be filed in mid-June of the year following the tax period set - tled. A tax credit will also be permitted with regard to a similar tax paid abroad. PIT – Amendments to Legislation More than five years have passed since the enact - ment of Law 27.430, which incorporated significant changes and had a great impact on high net worth individuals and families due to the taxability of finan -

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ARGENTINA Law and Practice Contributed by: Juan McEwan and Agustín Lacoste, McEWAN

• trusts, private interest foundations and similar structures established or domiciled abroad; • companies without fiscal personality; and • companies with fiscal personality. Trusts and Private Interest Foundations The ITL establishes that fiscal transparency will apply to trusts, private interest foundations and similar structures if an Argentine tax resident exercises con - trol over the structure – ie, when there is evidence that the assets remain in its possession and/or are admin - istered either directly or indirectly by the tax resident – in the following cases, among others: • revocable trusts or foundations; • when the settlor/founder is also a beneficiary; and • when the settlor/founder has decision-making power, directly or indirectly, to invest or divest assets. If a trust/private interest foundation does not meet these characteristics, it will not be considered trans - parent for tax purposes. Personal Asset Tax – Amendments to Legislation The criteria according to which an individual falls with - in the scope of personal asset tax (PAT) changed five years ago from domicile to residency under the terms and conditions foreseen in the ITL. Law 27.667 (published in the Official Gazette on 31 December 2021) increased the value of the standard tax-free threshold from ARS2 million to ARS6 million. The law also provided that this value will be adjusted annually based on the consumer price index ( índice de precios al consumidor , or IPC). The IPC adjustment began to apply from the 2022 tax period. However, on 28 June 2024, Law 27.743 introducing modifications to the PAT was approved by Congress. For the tax period 2023, the tax-free threshold was set at ARS100 million. Therefore, Argentine-resident individuals will be subject to PAT on assets held both in and outside Argentina as of 31 December each year. Unlike the previous regulations, this new law introduc - es a single progressive tax rate for all assets above the

threshold (located in Argentina and abroad), ranging from 0.5% to 1.5%. Real property in which the taxpayer lives ( casa hab- itación ) – or in which the deceased used to live in the case of undivided estates – will not be taxable when its value is equal to or less than ARS350 million. The taxable base is the market value of such assets and, apart from a few exceptions, debts are not deductible. As mentioned in 1.5 Taxation of Real Estate Owned by Non-Residents and Non-Citizens , for real estate property, PAT is also applicable to non-resident indi - viduals exclusively on assets held in Argentina. To ensure that the tax is collected, the law provides a method of substitution that imposes the obligation to file the tax return and pay the tax on the local resident that administers the asset on behalf of the foreigner (“substitute taxpayer regime”). Those individuals must designate a local substitute taxpayer to pay the tax assessed on property located in Argentina, applying a fixed tax rate of 0.5%. A 0.5% tax rate applies on the net equity value of Argentine companies owned by resident and non-res - ident individuals or entities. The company is responsi - ble for filing the tax return and paying the applicable tax (“substitute taxpayer regime”). Expatriates residing in Argentina on work assignments for a period not exceeding five years are considered non-residents (Section 123 (c) of the ITL) and are therefore taxed exclusively on their Argentine situs assets. The employment reasons that require Argen - tine residence must be duly proven. Gift/Estate Tax In Argentina there is neither federal gift tax nor inher - itance/estate tax. A gift tax/estate tax ( impuesto a la transmisión gratuita de bienes , or ITGB) is only appli - cable for Buenos Aires Province ( Provincia de Buenos Aires , or PBA). ITGB is assessed on any increase in an individual’s wealth due to the receipt of a gratuitous transfer of assets from, for example, inheritances, legacies or gifts. According to the law, the following are regarded as liable.

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• Natural persons and legal entities domiciled within PBA that have benefited from a gratuitous transfer are liable. In this case, the tax applies to the total sum of the assets received by that person or entity. • Natural persons and legal entities domiciled outside PBA are liable when the increase in their wealth comes from a gratuitous transfer of assets located within PBA (PBA situs assets). In this case, the tax applies only to the amount of the increase derived from the transfer. The PBA Tax Code considers that the shares and equity interests of a company registered outside PBA are a PBA situs asset in the proportion of those assets held by the company that are situated in PBA (eg, a company incorporated and registered in the Autonomous City of Buenos Aires having real property in PBA). For tax assessment purposes, the shares will be valued according to the net asset value of the lat - est closed financial statements. The tax-free allowance when the beneficiary is the spouse, child or parent of the transferor is ARS23,343,337. If the amount received exceeds this sum, the tax will be applied to the difference. In any other cases, the tax-free allowance is ARS5,606,568. The applicable tax rates vary between 2.404% and 9.513%, depending on the value of the property trans - ferred and the relationship between the transferor and the transferee of the property. The rates are based on the assessment value or the market value (whichever is higher). The PBA Tax Code (Section 320 of Provincial Law 10.397) provides that certain heirs (surviving spouse, ascendants and/or descendants) will be exempt from ITGB when they receive any of the following assets mortis causa: • a homestead ( vivienda familiar ) in accordance with Section 244 of the Argentine Civil and Commercial Code ( Código Civil y Comercial de la Nación , or CCCN); • real property entirely destined for the housing of the decedent or their family, provided it is the only property and its assessed value does not exceed ARS1,154,400 (for the 2026 fiscal period); and

• a company, whatever its form of organisation, pro - vided the valuation of its assets does not exceed the amount established by law (ARS421,510,967 for the 2026 fiscal period) and as long as the activity is effectively maintained in the five years following the death of the decedent – otherwise, they must pay the tax reassessment for the remain - ing years to obtain the benefits of the exemption (although this exemption will not apply when the income of the company derived from rental and financial assets exceeds ARS16,900,450 (for the 2026 fiscal period)). Even though there are no similar taxes in the rest of the provinces (Entre Ríos Province abrogated this tax on 22 December 2018), it cannot be ruled out that oth - er provinces may introduce similar taxes in the future or that an inheritance is enacted at a federal level. Every now and then these possibilities are mentioned. 1.2 Exemptions See 1.1 Tax Regimes (Gift/Estate Tax). 1.3 Income Tax Planning Income tax planning alternatives should be analysed on a case-by-case basis. However, there are no spe - cial provisions in the ITL that provide a step-up in the value of assets to their fair market value. 1.4 Pre-Immigration and Exit Planning As noted in 1.3 Income Tax Planning , the ITL con - tains no provision for a step-up in the tax basis of assets to fair market value upon becoming a resident. Against this backdrop, individuals relocating to Argen - tina often find it prudent to keep careful records of the historical acquisition cost of their foreign assets, and to weigh – while such income still falls outside the scope of Argentine taxation – whether realising built- in gains, distributing retained earnings, or undertak - ing corporate reorganisations ahead of the move may prove advantageous. 1.5 Taxation of Real Estate Owned by Non- Residents and Non-Citizens Personal Asset Tax Non-residents are subject to PAT on all property locat - ed in Argentina as of 31 December each year. To col - lect this tax, the law provides a method of substitution

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