HOW DO YOU PROTECT THE ASSETS AND BUSINESS BUILT UP OVER YEARS IN AN UNREFORMED COUNTRY ?

HOW DO YOU PROTECT THE ASSETS AND BUSINESS BUILT UP OVER YEARS IN AN UNREFORMED COUNTRY ? We recently published our next podcast(https://bitly.cx/GPTln), where my colleague Peter Varga talked with former Finance Minister Ivan Mikloš about how crucial the tax reform that the second Dzurinda government managed to push through in 2003 was in the long run. If we rewind the film 20 years, other similarly fundamental reforms are hard to find. Over such a long period of time, we have not been able to reform even a number of basic laws regulating business and the protection of entrepreneurs’ property, apart from elementary areas (education, healthcare). I am extracting the following from the interpretation for myself: ⛔ outdated regulation of company law – e.g. absence of different types of shares in LLCs, regulation of per rollam decision-making in all capital companies, possibility of redemption of shares and stocks, etc. (the material with the legislative intent of recodification of company law from 2021, which we Highgate Law & Tax also commented on at that time, is probably lying in a drawer somewhere); ⛔ the outdated (1964) provisions governing succession, including the succession of shares in companies; ⛔ the absence of legal regulation of the institutes of endowments and trusts for the protection and intergenerational transfer of property (they have existed in the Czech Republic since 2014); or ⛔ inflexible regulation of the regulation of property relations between spouses (BSM vs. prenuptial agreement). In the absence of these legal institutes common in the West, our creativity as tax and legal advisors comes into play. We look for or create local and cross-border structures to replace (to the extent permitted and possible by law) these missing legal institutes of asset protection. This also led us to establish https://estatevault.sk/ – a new branch of our private client advisory service, focusing on asset protection against various life and business risks (including disputes and stalemates between partners, asset sorting in inheritance and divorce, shifty tax audits, etc.). If this topic is relevant to you, please get in touch, we would be happy to advise.