Family Office service

www.bethelfinance.com

You have succeed in business and you have acquired a certain wealth.
Do you have the time to run your personal money or legal issues like you do in your business life ?
Are you sure that the reporting of your assets allocation is accurate ?

If you need:

• An advisor that understands your goals and can creatively solve problems.
• An expert that send you timely consolidated analyses organized to support financial decisions.
• An objective professional advice about what will best fit into optimized asset allocations and estate plans.
• A coordinator of the activities of all other advisors. The best legal or financial advice may be useless if it is received in a vacuum or misaligned with your goals or financial strategy.
• A trust person that observe the full picture and that can highlight risks

If you are seeking a team with the financial expertise objectivity and administrative skills to relieve you of the some of the myriad tasks associated with managing your wealth Bethel Finance Family Office Services is the right firm.

Your financial reports delivered in a simple easy to understand format organized around your personal goals can make your time more productive.

Here what we will do for you and your family :
• Family projects
• Strategic asset allocation
• Overall risk management
• Operational advice Legal and tax planning
• Over-all and detailed consolidation of assets
• Gathering classifying and dealing with administrative and financial documents
• Real estate investments
• Advising the family
• Family governance
• Training and helping beneficiaries Foundations and Philanthropy
• Yacht registration
• Trusts
We believe that our clients are attracted to Bethel Finance because we are capable honest ethical and straight forward. We think straight, talk straight and provide exceptional client service while maximizing client value.
We have a strong history of providing discreet comprehensive solutions for prosperous individuals.

Ready to look at your finances in a new way?

Our life may be complex but your finances can be organized and simplified.
For the high net worth individuals and families who turn to Bethel Finance whether they are successful entrepreneurs or well-established individuals managing the financial ramifications of life events one thing remains constant:
They are busy people who need timely access to accurate information and unbiased advice to help them achieve their goals.
As your advisor we will listen, help you, define a strategic plan objectively implement it and then measure results as they relate to your goals.
As part of this process much like a personal CFO we can coordinate the activities of your other professional advisors so that their counsel is aligned with your strategies and life goals.

International Business Company

www.bethelfinance.com

Bethel Finance is more than just Another Company
Bethel Finance is a concept, a philosophical approach, much more than just a company.

We believe that in the near future Israel will become a financial and consulting hub. To this end, the founders have left their respective countries, France, the United States and Switzerland to follow their vision.
Bethel Finance has established a matchless reputation in Asset Management and incorporating Offshore companies in Israel. Israeli lawyers and accountants complete the picture.

From the start, we have advised families whose objective is to optimize their tax burden, protect their assets against intrusion and transmit their heritage to future generations under the best possible conditions.
We have invested in a top notch team and cutting edge technology in order to offer the best service and products. We are more than capable of meeting any challenge placed before us.

By working closely with your lawyers, consultants and tax advisers, we will set up a legal and tax structure which will help you and us achieve the ancient dream of a strong and financially secure Israel. In the words of the eternal prayer “Next year in Jerusalem”.

When you are working with us and our expert team, you will come to regard our firm as more than just another company; we are certain that the relationship will be long term, and that your dream for Israel will be fulfilled through this partnership.

Please don't hesitate to contact us at +972-3-643-7999 or email us at info@bethelfinance.com.

Transform you financials into inheritance

www.bethelfinance.com

Welcome to Bethel Finance. If you were searching for a reliable firm to help you to manage your wealth,  optimize your taxes burden and to transmit your fortune to your family, you have chosen the right place.
We provide to our clients with something that is simple and logical, yet not commonly available independent and unbiased advice with a true alignment of interests at all levels.
Trust, commitment, confidentiality are the pillars of our philosophy.
Discover the world of our exclusive services in just one click.

The Implementation Of FTA With EU is delayed by Algeria

www.bethelfinance.com

The EU-Algeria free trade agreement should be fully phased-in by 2020, and not by 2017 according with the fact that Algeria has won a trade concession from the European Union.

Under the new Free Trade Agreement (FTA) which entered into force on September 1, 2012, the Algerian government has successfully asked for more time to fully lift tariff restrictions with the EU on imports of industrial products.

Trade minister Mustapha Benbada has reiterated that the FTA is necessary to help Algeria diversify its economy. However, Benbada said that the existing association agreement with the EU cost Algeria USD2.5m in lost customs duties between 2005 and 2009, while investments from the EU have not been as strong as initially anticipated. At the same time, Algerian imports from the EU have increased dramatically.

The Algerian government has argued that it is favourable to opening its economy and progressively lifting trade and investment restrictions, but that it needs some more time to make sure the FTA is mutually beneficial. The government says it needs the time to reform its administration and its tax system, in order to make it less reliant on customs duties.

Under the new terms of the EU-Algeria FTA, tariffs will be gradually reduced for the next eight years, until they reach zero in 2020.

Democratic platform focuses on fixing the economy

www.bethelfinance.com

Monday democrats unveiled a party platform at their national convention  that echoes President Barack Obama's call for higher taxes on wealthier Americans while backing same-sex marriage and abortion rights.

Delegates will vote Tuesday to adopt the platform that reflects the president's argument that his work is unfinished and he deserves another four years to complete the job.

"Today, our economy is growing again, al-Qaeda is weaker than at any point since 9/11, and our manufacturing sector is growing for the first time in more than a decade. But there is more we need to do, and so we come together again to continue what we started," the platform said.

The document is a sharp contrast from the Republican blueprint that the GOP adopted at its convention last week. The Republican plan would ban abortion and gay marriage, repeal Obama's health care overhaul law and shift Medicare into a voucher-style program.

Democrats acknowledged that divergent views.

"This election is not simply a choice between two candidates or two political parties, but between two fundamentally different paths for our country and our families," the Democrats said.

Mauritius route gets GAAR breather. Tax treaty will have to wait

www.bethelfinance.com
The Mauritius government will be relieved that the Parthasarathi Shome committee, set up to review the controversial general anti-avoidance rules (GAAR), has recommended a delay in their implementation and some investor-friendly changes.

This will mean that foreign investors who route their transactions through the island nation won’t have to worry about India examining them to see if they sought to avoid tax. On the other hand, India can’t afford to hamper investment flows as its economy slows.

But India, which wanted to amend the India-Mauritius double taxation avoidance treaty, will have to wait longer as talks with the island nation will start only after India finalizes the GAAR guidelines.

Starting with 22 August talks between the two sides, Mauritius expressed concern that its position as a key investment route was being eroded because of the uncertainty over GAAR.

Only those companies that meet certain criteria, including a minimum expenditure norm in a tax haven country, can take advantage of the tax treaties, under the limitation of benefit clause.

The committee led by Shome, a former adviser in the finance ministry, suggested deferring the implementation of anti-avoidance rules by three years. The rules, aimed at cracking down on transactions the tax department may deem to be structured in such a way as to avoid tax, had shaken investor confidence.

Mauritius has accounted for nearly 40% of India’s foreign investment. Under the avoidance of double taxation treaty, companies that invest through Mauritius do not have to pay tax in India but only have to pay tax in the island. But capital gains tax is close to zero in Mauritius, making it a popular investment hub.
Talks in Port Louis between Mauritius and India last week were largely inconclusive with no breakthroughs on key disagreements such as the capital gains tax.

“Both sides met and expressed their concerns, but everything hinges on GAAR. We are committed to continue negotiations,” the person said, adding the dates for the next round of talks will be decided after India finalizes GAAR regulations.

India had introduced GAAR in this year’s national budget, giving the tax department powers to invalidate transactions entered into for the sole purpose of avoiding tax. Draft GAAR guidelines issued in June said foreign institutional investors that choose to avail of benefits under a tax avoidance pact could come under the scanner of the income-tax department, which led to worries in Mauritius.

Protests by industry and other lobbies besides concerns that investment, much needed as India tries to get the economy accelerating again, forced Prime Minister Manmohan Singh to order a review of GAAR under the expert committee headed by Shome, a former adviser to the finance ministry.

The Shome committee, which submitted its report on Saturday, recommended significant dilutions in GAAR.
“Where Circular No. 789 of 2000 with respect to Mauritius is applicable, GAAR provisions shall not apply to examine the genuineness of the residency of an entity set up in Mauritius,” the committee said.
Analysts, however, point out that the committee’s recommendations may protect foreign institutional investors more than foreign direct investment routed from the island nation.

The committee is expected to come out with final guidelines by 30 September.
“It is in Mauritius’ interests to aggressively negotiate for inclusion of limitation of benefit clause,” said Sudhir Kapadia, national tax leader, at audit and consulting firm Ernst and Young. “A limitation of benefit clause can be seen as a proxy for fulfilling the criteria of commercial substance. This will ensure that tax officers cannot apply GAAR to such transactions on flimsy grounds.”

Another recommendation of the Shome committee was that where a tax treaty has the limitation of benefit clause GAAR provisions won’t apply.

According with the agreement with Singapore, only those companies that spend a minimum  of $200,000 (around Rs. 1.1 crore) in Singapore can avail of the benefits of the treaty.

India wants to renegotiate the double taxation treaty with Mauritius to check round-tripping, in which money is moved out of one country to another and brought back under the garb of foreign capital, taking advantage of tax breaks
.
While Mauritius has expressed its willingness to consider inclusion of the limitation of benefit clause and stricter provisions for issuance of tax residency certificates, it’s not in favour of any changes to article 13 of the treaty that deals with capital gains tax.

The renegotiation of the double taxation avoidance treaty was discussed during the visit to India in July by Arvin Boolell, the Mauritius minister for foreign affairs and international trade. He had told reporters that Mauritius was willing to discuss the addition of a limitation of benefit clause in the reworked treaty on the condition that the renegotiated pact would prevail over India’s domestic legislation. Mauritius will also insist on a so-called grandfathering clause to protect investments made before the changes to the existing treaty, Boolell said.

A grandfathering clause is intended to ensure that old rules continue to govern past investments and new rules apply only to future ones, to make sure that past deals aren’t retrospectively scrutinized and taxed.
During the talks, Mauritius also pitched for Indian companies to use it as a “bridge” for investment into Africa—into countries such as Mozambique, South Africa, Madagascar and Kenya. “As per the proposal, Mauritius could help Indian companies raise part of funds needed for investment besides providing its expertise” for entering markets in Africa.

Apart from Asian rival China, which has a visible and established presence across the continent, India is also facing competition from other countries such as South Korea and Malaysia. In order to source raw materials to fuel its economic growth, India has been trying to make incursions into resource and mineral-rich Africa in recent years.

India needs to honour tax treaties

www.bethelfinance.com

Parthasarathi Shome, the head of an expert committee set up by Prime Minister Manmohan Singh to address concerns of foreign investors, said abolishing capital gains tax on the transfer of securities is the right step after recommending deferment of the prickly General Anti Avoidance Rules (GAAR) by three years.

India has to be competitive in attracting investment to reverse sluggish growth, and needs inflows to balance its capital account, Mr Shome told NDTV in an interview.

 

The Committee has suggested that GAAR provisions should not be invoked to examine the genuineness of residency of entities in Mauritius as an attempt to reassure chary global investors about the country’s regulatory environment.

 

Mauritius is the best route for foreign investments because of the liberal taxation regime in the island country, and has a Double Taxation Avoidance Agreement (DTAA) with India.

 

Mr Shome said there is nothing wrong with the tax treaty with Mauritius and a Limitation of Benefits (LoB) clause in the treaty is not required.

 

Mauritius authorities said that while they will cooperate with the Indian government to check tax evasion, the GAAR provisions should not overrule their bilateral treaty.

 

Striking a positive note for foreign investors, Mr Shome said India needs to honour its tax treaties, and cannot suddenly say, “This is not enough.”

 

The draft report, which was submitted to the Finance Ministry yesterday, has also sought comments from stakeholders by September 15. 

 

The scope of the terms of reference of the committee include all non-resident tax payers instead of only foreign institutional investors.

 

On circular 789, which relates to tax residency certificate, he said abolishing the circular will cause “tremendous” uncertainty, and it is wrong to revoke an agreement signed in 2000. Under the rule, tax authorities have to accept a tax residency certificate issued by Mauritius revenue officials, thereby entitling the holder of the certificate to be exempt from having to pay capital gains tax.

 

Calling for better tax administration on GAAR, Mr Shome said tax administrators are not prepared for the provisions, and investors as well as auditors also need to be ready for GAAR.

 

The panel is currently checking indirect transfer of assets and looking at which structures should be taxed, Mr Shome said, but avoided any direct reference to the 2007 deal between telecom majors Hutchison and Vodafone.

 

The panel has proposed increasing the securities transaction tax (STT) to compensate for the revenue loss from abolishing the capital gains tax, which he said is “highly distortionary”.

 

Before finalizing the recommendations, Mr Shome said the committee had discussed the issues with the Finance Minister.