Quarterly Technical Briefing

#4 Summer 2025

Editorial comment

Aidan Golden
Head of Group Technical Services

Welcome to the Summer 2025 edition of NAVIGATOR.

This quarter, our Technical Spotlight focuses on a theme that continues to gain traction among HNW and UHNW investors: alternative assets and private markets. As interest in private markets grows, so too does the need for robust structuring and operational support. To explore this further, I sat down with Domenico Iacono, Head of Group Complex Assets and Investment Data, to discuss how clients and advisers are responding to this shift – and the practical challenges that come with it.

We also feature expert insights on how insurance-based solutions can support the integration of private market investments into long-term wealth strategies. Peter Tung outlines how insurance solutions can be tailored to meet the needs of wealthy families in Asia, while Brendan Harper explores how our multi-support framework enables flexible access to private markets through a single, scalable structure.

In Regulation, Tax and Compliance, we cover major developments across Europe and Asia — including France’s Supreme Court ruling on beneficiary nominations, Thailand’s new tax on overseas income, Spain’s proposed 100% transfer tax,and Belgium’s upcoming capital gains tax. Each article outlines the implications for advisers and clients, and how insurance-based planning can help navigate the changes.

Our Country Focus section offers practical guidance on estate planning in Spain and France, with a spotlight on the importance of beneficiary nominations and the legal clarity surrounding unit-linked life insurance.

Finally, our Case Study Insights feature shows how tailored structuring helped a British national simplify a complex cross-border investment when relocating to Spain.

We hope you enjoy this edition and welcome your feedback.

Aidan Golden
Head of Group Technical Services

PulseRegulation, Tax and ComplianceTechnical SpotlightNavigator VoicesCountry FocusCase Study InsightsUpcoming Events Download PDF

In this issue

Pulse

The key developments in regulation, tax and compliance by market.

Regulation, Tax and Compliance
Technical Spotlight
Navigator Voices
Country Focus
Case Study Insights

Simplifying Complex Cross-Border Investments: A British National’s Move to Spain

Upcoming Events

Upcoming webinars and other industry events

Ask Our Team

Get in touch with the Technical Services team

Pulse

Keep your finger on the industry pulse with our quarterly round-up of the most important regulatory and compliance developments in the wealth management sector.

Updated quarterly, this overview reflects the position at the time of publication.
For the latest developments, please refer to the most recent edition.

EU
Sustainable Finance Disclosure Regime (SFDR) Changes

ESAs propose SFDR changes.

31 July 2024

  • The European Supervisory Authorities (ESAs) have proposed several changes to the existing SFDR, including a simplified categorisation system.
  • These proposals contribute to the European Commission’s ongoing review of the SFDR and its effectiveness.

France
Green Industry Law No. 2023-973 of 23 October 2023

Greater transparency within policies and funds.
Changes to the information provided to customers prior to the purchase and sale of a fund within a life insurance policy.

24 October 2024

  • Greater transparency and clear communication on surrender penalties on life insurance policies or funds.
  • New rules on the pre-contractual information that must be provided to customers.

France
Green Industry Law no. 2023-973 of 23 October 2023

Reinforcement of “the duty to advise”.
Creation of a financial profile for the customer, to be updated proactively.

24 October 2024

  • Introduction into French law of a range of measures requiring regular updating of the information collected from policyholders throughout their investment life.

France
2025 Budget Act No. 2025-127

Life insurance is safe and sound.
Several fiscal adjustments, while life insurance maintains its favourable tax treatment.

14 February 2025

  • Introduction of a minimum 20% tax on high incomes.
  • Tightening of capital gains taxation for non-professional furnished rental properties (LMNP).
  • New tax framework for management packages
  • Indexation of the income tax scale.

EU
Omnibus Simplification Package published

Proposed Omnibus regulation to cut ‘red tape’.

26 February 2025

  • ‘Omnibus Simplification Package’ published.
  • Contains proposals to reduce CSRD and CSDDD burdens on firms and simplify obligations under the Taxonomy Regulation.
  • Proposals de-scope a number of firms from the CSRD reporting requirements altogether.
  • Package also contains proposals to postpone the reporting obligations for firms reporting for financial years 2025 and 2026 to prevent possible costs of reporting before being de-scoped.
  • Unclear when and what proposals will come into effect.

Italy
2025 Budget Law

Significant changes to collection of Stamp Duty payments.

June 2025

  • Italian 2025 Budget Law introduced a new obligation on insurance companies to prepay policyholder stamp duty liabilities accrued from 2012 to 2014 and introduced a new obligation to pay SD on annual basis from 2025 onwards.
  • Utmost PanEurope has implemented the new provisions and made the first payment of the 2012-2024 stock by 30 June deadline.

Italy
Institute for the Supervision of Insurance (IVASS)

Second Consultation on revised set of rules on permissible assets and investment restrictions for index and unit-linked products.
Final Regulation still not issued.

30 June 2025

  • More than three years since the first consultation in March 2022, and more than two years since the second public consultation in March 2024 (closed May 2024), IVASS is still to issue the final regulation on revised rules for permissible assets and investment restrictions for index and unit-linked products, as well as its views on biometric risk requirements. Once issued, these regulations will apply to both domestic and EU insurers operating in Italy on a FoS basis.
  • Utmost provided feedback to the Regulator on the revised rules during both consultation processes, aiming to minimise the impact the proposed changes might have on the Italian product and market.
  • There is currently no official update on the expected issue date of the final regulations. IVASS was expected to issue them by the end of 2024, but this did not happen. Latest expectations are that IVASS may issue the final regulation by the summer.

Belgium
New Law on capital gains tax on ‘financial assets’ held by Belgian residents

Branch 23 (unit-linked) insurance contracts will fall into the scope of the new Law, but only on withdrawals and surrenders.

31 December 2025 (at latest)

  • On 30 June 2025, the Belgian government officially reached an agreement concerning the modalities of a new capital gains tax that will be applicable on all financial assets held by Belgian residents.
  • Upon realization of the gain, i.e., sale of the financial asset, the tax rate of the capital gains tax will be 10%, with an exemption of a capital gain of €10,000 per year per investor.
  • The tax will be effective as of 1 January 2026. Historical gains realized up to 31 December 2025 will be out of scope of the capital gains tax.

France
Green Industry Law no. 2023-973 of 23 October 2023

Transaction fees banned for arbitrage mandates.
Introducing a DDA interpretation within French law on life insurance dealing charges (in arbitration mandates).

1 January 2026

  • Transaction costs on traditional private bank accounts managed on a discretionary basis are still permitted in France.
  • Transaction costs will be prohibited on discretionary managed life insurance policies from 01 January 2026.

EU
Artificial Intelligence (AI) Act

Majority of provisions in the Act to take effect.

2 August 2026

  • Published in the EU Official Journal on 12 July 2024, the AI Act classifies AI systems based on their potential risk, banning those with unacceptable risk and regulating high-risk systems.
  • Applies to all organisations that develop, use, distribute, or import AI systems in the EU, even if they are not EU-based.
  • Legal application to be phased in over the next three years, with most provisions taking effect on 2 August 2026.

EU
Retail Investment Strategy (RIS)

Retail Investment Strategy PRIIPs and IDD changes.

2027

  • RIS aims to boost consumer protection and confidence in the financial sector through enhanced disclosure requirements and financial promotion rules, for example, to encourage customers to invest in financial products across the Union. It has two main components:
    • The Omnibus Directive, which significantly amends IDD, MiFID II, UCITS, AIFMD, and Solvency II.
    • Amendments to the PRIIPs Level One Regulation, paving the way for new technical standards
  • Negotiations on aspects such as inducement rules and value-for-money benchmarks have been intense. The EU ‘trilogue’ negotiations are expected to begin in November 2024, following the new Commission’s term commencement.
  • Given the complexity of these legal updates, the strategy is not expected to be in effect until 2027.

EU
EU Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)

6th AML Directive (AML D6) and new AML Regulatory Package.

2027

  • This package includes a directive outlining the mechanisms member states must implement, a regulation establishing the Authority for AML and CTF, and a significant regulation to replace the current Fifth AML Directive.
  • The new regulation aims to address inconsistencies in the local application of the directive by introducing directly applicable rules across the EU.
  • Four sets of draft Regulatory Technical Standards published by EBA on 6 March 2025 including draft RTS on Customer Due Diligence.

UK
Advice Guidance Boundary Review update

Next steps set out in FCA’s work to close the ‘advice gap’.
Consultation CP 25/17 released setting out new regulatory proposition for targeted support in pensions and retail investments.

15 November 2024

  • FCA have identified a gap in provision of financial advice.
  • Review aims to look at targeted support for certain groups, developing concept of ‘simplified advice’ and further clarifying boundary between regulated advice and non-regulated support.
  • Consultation paper released December 2024 on proposed targeted support reforms for pensions with comments by 13 February 2025.
  • Targeted support introduced as a new type of help for consumers not currently accessing financial advice but have uninvested cash savings or pension requirements for example.

UK
UK PRIIPs Revocation and Replacement Disclosure Regime

Consultation Paper on new disclosure regime to replace UK PRIIPs published 19 December 2024. Second Consultation Paper CP25/9 released covering cost information and complaints handling.

2025

  • FCA consultation document on a new consumer disclosure regime released with draft rules.
  • Term ‘PRIIP’ being replaced with ‘consumer composite investments’.
  • Proposal to replace PRIIPS KID and UCITS KIID with a product summary.
  • FCA also consumer testing their proposals.
  • The existing exemption for UK UCITS Funds in providing a UK PRIIPs document expires in 2027.
  • Proposed rules on complaints handing for unauthorised manufacturers and distributors of CCI’s.

UK
Removal of remittance basis of taxation and moving to a residence-based system for UK IHT.

UK Long-term residents no longer able to benefit from remittance basis. IHT system changed to a simpler residence-based system.

6 April 2025

  • UK IHT moves from domiciled-based system to residence-based system from 6 April 2025.
  • Excluded Property trust and UK Trust Protections removed from 6 April 2025 – property will be in scope for IHT based on a person’s long-term residence.
  • Remittance basis removed from 6 April – FIG regime introduced to allow arrives who have been non-resident for 10 consecutive years to benefit from four years of tax relief.

UK
Hague Convention on the recognition and enforcement of Foreign Judgements in Civil or Commercial Matters 2019.

Reciprocal framework for the recognition and enforcement of judgments between the UK and the EU.

1 July 2025

  • Enters into force on 1 July 2025 between UK and any currently contacting states like the EU.
  • Reciprocal framework for enforcement of judgments in civil and commercial matters.

UK
Regulatory regime for ESG ratings providers

HM Treasury currently finalising the scope of the regime.

2025

  • Regime expected to improve transparency and quality of ESG ratings for investments and other types of financial products.
  • Treasury published consultation response November 2024.
  • FCA voluntary survey of ESG ratings providers closed on 16 May 2025. Results will shape future regulatory regime.

UK
Financial Conduct Authority Crypto roadmap

FCA expects all Policy Statements that form the new Crypto regime to be published in 2026.
FCA consulting on proposal to lift ban on retail clients accessing crypto Exchange Traded Notes.

2026

  • Roadmap sets out key dates for expected discussion papers. and consultation papers in development of new UK crypto regime.
  • Designed to increase consumer trust and ensure market integrity.
  • DP24/4: Regulating cryptoassets – Admissions & Disclosures and Market Abuse Regime for Cryptoassets published 16 December 2024.
  • Discussion paper DP25/1 Regulating cryptoasset activities published 2 May 2025. It seeks views on FCA’s approach to regulating cryptoasset trading platforms, intermediaries, cryptoasset lending and borrowing, staking and decentralised finance and use of credit to purchase cryptoassets.
  • Consultations CP25/14 and CP25/15 published setting out proposed rules for issuing stablecoin and the proposed prudential requirements for issuers.
  • CP25/16 Quarterly Consultation Paper contains consultation on proposals to lift ban on retail access to Crypto ETNs traded on UK Recognised Investment Exchanges and the financial promotions rules that should apply if the ban is lifted.

UK
IHT on unused pensions savings

UK Government remain committed to including unused pensions savings in estates for IHT purposes.

April 2027

  • Autumn Budget announced unused pension savings may be included in people’s estates for IHT.
  • Despite industry pushback, the pensions minister has stated that there will be no change of approach from the government in this matter.

Norway
Proposal for a revision of tax rules applicable to corporate policyholders

If passed, will impact corporate clients holding policies as gains from shares within the policy will no longer be tax exempt at withdrawal.

1 January 2026

  • The proposal from the Ministry of Finance is looking at abolishing the tax exemption method currently applicable to the share portion of the policy. This only impacts corporate clients.
  • The changes are suggested to apply retroactively, as per 30 January 2025.
  • The consultation for the proposal closed on 30 April 2025.
  • The Ministry of Finance is now reviewing and revising its proposal; no timeline has been provided.

Malaysia
Guideline related to Income Tax
(Exemption) (No. 6) Order 2022 (Amendment) Order 2024

Clarified tax treatment for foreign income.

June 2024

  • Foreign income received in Malaysia by residents will be taxable, with certain exemptions for foreign dividend income and other specified conditions.
  • Detailed guidelines issued for the tax treatment of foreign income received in Malaysia, including exemptions and record-keeping requirements.

Taiwan
CFC Reporting for Offshore Trusts

Tightened tax rules for offshore trusts held by Taiwanese residents.

July 2024

  • New ruling issued by the Ministry of Finance supplementing the CFC ruling in January 2024 that imposes Alternative Minimum Tax (AMT) on the settlor/beneficiaries of offshore trusts when CFC is involved.
  • Offshore trustees must register with Taiwan tax authorities, prepare accounts and detailed income and distribution statements for all trust assets. Trustees without a presence in Taiwan must appoint a local agent.

Hong Kong
Proposed Company
Re-domiciliation Regime

New regime to allow foreign companies to change their place of incorporation to Hong Kong.

July 2024

  • Streamlined process for businesses to re-domicile to Hong Kong.
  • Applies to foreign companies of different types and scales.
  • A comprehensive regime follows the fund re-domiciliation regime implemented in November 2021 which established a simplified fund re-domiciliation regime for Open-Ended Fund Companies and Limited Partnership Funds.

China
Enforcement of Six-Year Rule

Taxation on global income for long-term foreign residents.

December 2024

  • Six-Year Rule introduced from January 2019. 2024 marks the first year that this rule is applicable.
  • Foreigners residing in China for more than 183 days per year for six consecutive years will be taxed on their global income. The six-year period can be reset by leaving China for more than 30 consecutive days.

Malaysia
Extended exemption for foreign-sourced income

Exemption period extended to 2036.

January 2025

  • Exemption extended to 31 December 2036 (effective 1 January 2027).
  • Applies to resident individuals on all classes of foreign-sourced income (excluding partnership income), provided such income is taxed abroad.

Taiwan
MOF Update to Individual CFC Regime Q&A

Clarified CFC treatment of PPLI.

April 2025

  • MOF added Q&A Q66 clarifying PPLI treatment under CFC rules.
  • Where individuals transfer CFC shares to an insurer and retain economic control, the CFC is treated as directly held.
  • Reinforces substance-over-form to prevent CFC tax avoidance.

Hong Kong
Companies (Amendment) (No. 2) Ordinance 2025 – Inward Re-domiciliation

Enables re-domiciliation of foreign companies.

May 2025

  • Amendment Ordinance gazetted 23 May 2025.
  • Prospective application. Eligible companies must meet jurisdictional recognition, minimum incorporation period, and creditor protection requirements.
  • Retention of original company name and BR number; profits tax transitional relief available.

Hong Kong
Family Office Policy Further Review and Tax Concessions

Enhanced measures and tax regime for family offices.

May 2025

  • Ongoing measurement of the Capital Investment Entrant Scheme (CIES) and Family-owned Investment Holding Vehicles (FIHVs) introduced in March 2024.

Thailand
Remittance-Based Taxation of Foreign Income Tax on foreign income brought into Thailand

Comprehensive taxation on foreign income.

2025>2026

  • Further revision of foreign income taxation effective from 01 January 2024. Foreign income brought into Thailand will be taxed in the year it is brought in, regardless of when earned. This eliminates the previous tax deferral strategy.

Thailand
Proposed draft May 2025 Royal Decree on Foreign Income Remittance Reform

New 1–2-year tax-exempt window under draft decree

2025>2026

  • Draft royal decree (May 2025) proposes that foreign income remitted within the same or next calendar year after it’s earned (1–2 year “safe window”), will be exempt.
  • Encourages timely capital return; draft still pending enactment, likely in 2026.

Regulation, Tax and Compliance

France’s Supreme Court Reverses Stance on Beneficiary Nomination Changes

Alix Devalmont
Senior Wealth Planner – France

Advisers take note: A major shift in French life insurance law means that beneficiary changes may now be valid without notifying the insurer – provided the policyholder’s intent is clear. This creates new risks and responsibilities for advisers, who must ensure clients’ wishes are properly documented and communicated.

On 3 April 2025, the French Supreme Court re-established a more liberal approach, stating that only the policyholder’s clear and unequivocal intention is required for a valid modification – removing the previously established requirement to notify the insurer.

Alix Devalmont, Senior Wealth Planner – France, outlines the implications of this decision and its impact on insurers, policyholders and advisers.

Read the article

Thailand’s Overseas Income Tax Shift: The Role of Insurance-Based Solutions

Peter Tung
Tax and Legal Counsel – Asia

Thailand has introduced sweeping changes to the taxation of overseas income. From 1 January 2024, all overseas income remitted into Thailand by tax residents is now taxable – regardless of when it was earned. However, a proposed exemption for 2025 offers a unique opportunity.

In this update, Peter Tung, Tax and Legal Counsel – Asia, outlines the implications of these changes and how insurance-based wealth solutions, such as investment-linked insurance policies (ILPs), can support compliant, tax-efficient wealth planning.

Read the article

Spain’s Proposed 100% Transfer Tax Could Reshape Foreign Property Investment

Ester Carbonell van Reck
Senior Wealth Planner – 
Spain and LatAm

Spain’s proposed 100% transfer tax has sent shockwaves through the property market. Introduced to Congress on 22 May 2025, the draft Bill targets certain real estate purchases by non-EU residents, aiming to curb speculation and boost affordable housing. If passed, it could dramatically reshape foreign investment in Spanish property and trigger significant legal and political pushback.

Ester Carbonell van Reck, Senior Wealth Planner, explains the scope of the proposed tax, its legal implications, and what it could mean for high-net-worth individuals (HNWIs) considering property investment in Spain.

Read the article

Belgium Introduces Capital Gains Tax on Financial Assets

Nicolaas Vancrombrugge
Senior Wealth Planner – Belgium and Luxembourg

The Belgian government has agreed to introduce a new capital gains tax (CGT) on financial assets held by Belgian residents. The tax will take effect from 1 January 2026 and will apply to a broad range of financial products, including unit-linked life insurance contracts.

Nicolaas Vancrombrugge, Senior Wealth Planner for Belgium and Luxembourg, analyses the preliminary draft law and its implications for insurance-based wealth solutions.

Read the article

Technical Spotlight

Alternative Assets and Private Markets

Peter Tung
Tax and Legal Counsel – Asia

Bespoke Integration of Alternative Investments in Asia

Asia’s wealthiest families are embracing private equity and alternatives. As high-net-worth (HNW) investors seek enhanced returns and diversification, interest in private markets is accelerating. When structured within insurance-based wealth solutions like Investment-Linked Insurance Policies (ILPs) – the product commonly used in Asia that combines investment and protection elements – these assets can support long-term wealth preservation, tax efficiency and succession planning.

In this article, Peter Tung, Tax and Legal Counsel – Asia, outlines how Utmost’s open-architecture approach enables the tailored integration of alternative assets into insurance-based wealth strategies.

Read the article

Brendan Harper
Head of Asia and HNW Technical Services

Insurance-Based Solutions: The “Multi-Support Bento-Box” for Private Market Investments

This year is shaping up to be a strong one for private markets, with more high-net-worth (HNW) individuals diversifying into alternative assets. This trend is driven by increasing global instability and continued stock market volatility. Amidst this challenging environment, global private markets assets under management (AUM) are proving resilient – with assets under management nearing $13 trillion by the end of 2024.

Brendan Harper, Head of Asia and HNW Technical Services, outlines how Utmost’s multi-support insurance solutions can help HNW clients integrate private market investments into their long-term wealth strategies.

Read the article

Country Focus

Spain: The Importance of Including a Beneficiary Nomination in Life Insurance

Nerea Llona
Tax and Legal Counsel – Spain and LatAm

For Spanish resident clients, naming a beneficiary in a life insurance policy isn’t just good practice – it’s a powerful legal tool for efficient, private wealth transfer.

In this article, Nerea Llona, Tax and Legal Counsel for Spain and LatAm, explains how a properly executed beneficiary nomination can help clients avoid probate, reduce delays, and ensure their wishes are respected.

She also outlines the key legal considerations and practical benefits of beneficiary nominations under Spanish law, offering valuable insights for advisers supporting clients with cross-border wealth planning.

Read the article

France: Legal Clarity for Estate Planning with Unit-Linked Life Insurance

Benjamin Fiorino
Wealth Planner / Tax and Legal Counsel, France and Monaco

A recent decision by the French Cour de cassationconfirms that life insurance contracts stand apart from forced heirship rules — even when large premiums are involved. For clients using unit-linked life insurance to structure their legacies, this ruling brings welcome legal certainty.

In this article, Benjamin Fiorino, Wealth Planner and Tax and Legal Counsel for France and Monaco, explains the implications of the ruling and how advisers can use life insurance to support bespoke, legally robust estate planning strategies.

Read the article

Case Study Insights

Nerea Llona
Tax and Legal Counsel – Spain and LatAm

Simplifying Complex Cross-Border Investments: A British National's Move to Spain

Nerea Llona, Tax and Legal Counsel for Spain and Latin America, outlines a recent client scenario involving cross-border property investment and the evolving Spanish tax landscape.

Drawing on her expertise, Nerea explains how tailored wealth structuring and proactive planning helped the client address regulatory challenges and optimise their position under current and proposed tax rules.

Read the Case Study

Events and Webinars

Stay updated on our webinars and other industry events where Utmost will have a presence.

Market
Event
Date

Singapore

Hubbis HNW Insurance Summit

27 August 2025

Find out more

LatAm

STEP LatAm Conference

4-5 September 2025, Mexico City

Find out more

Spain

ACA event
Luxembourg – Madrid: Cross-Border Opportunities in Asset Insurance

24 September 2025, Madrid

Find out more

Luxembourg

APCAL Brokerage Day

09 October 2025

Find out more

Belgium

BZB Fedafin Conference

16 October 2025

Find out more

Hong Kong

Hubbis Wealth Planning and Structuring Forum

22 October 2025

Find out more

Hong Kong

STEP Asia Conference

6-7 November 2025

Find out more

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To contact the team, simply get in touch via the Ask Us Anything form below.

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