Mediaboss Marketing

HONG KONG, May 8, 2012 /PRNewswire/ --

Vistra Fund Services (VFS) announced today the launch of its Privium Capital Fund product, a Cayman Islands-based umbrella fund structure. The Privium Capital Fund platform enables Vistra Fund Services clients to establish their own segregated portfolio or sub-funds and build fund management expertise located in four major jurisdictions - Hong Kong, Cayman, The Netherlands and the UK. Clients can benefit from a one-stop platform, with administration and related support provided by Vistra from its Hong Kong, Luxembourg or Jersey offices. Fund auditing will be covered by PwC Hong Kong, Cayman Islands and The Netherlands, with legal support provided by the leading offshore law firm Maples and Calder from the Cayman Islands. Banking and custodian arrangements can be specified by clients and are not limited to any one jurisdiction.

The Privium Capital Fund provides a simple and fast solution to the challenge of designing and establishing new fund structures. The streamlined approach allows for rapid fund establishment, with Privium providing support in the areas of marketing, set up and design, compliance and approval, physical office and risk management models. These are of particular relevance to those first time or start-up managers launching their funds.

Vistra Fund Services offers a full range of fund administration services using both the Advent and AIM systems platforms which are generally regarded as the gold standard in the industry. VFS has set up direct links with various prime brokers and custodians to allow for efficient reconciliation and settlement. VFS will also provide a range of other services including net asset value calculations, investor communication and reporting and anti-money laundering compliance checks.

Commenting on the launch, Charles Kwun, Managing Director of Vistra Fund Services Asia said, "The new Privium Capital Fund adds to our range of services and delivers a higher level of flexibility.

It allows clients to have fund and management separately domiciled in a range of locations of their choice, and offers tremendous savings in initial set-up and ongoing costs as well as a short implementation time, which we think will be of particular interest to the Far East and Asian markets. This new flexibility will also help to resolve other logistical factors such as time zone differences, communications and control."

About VistraFund Services

Vistra Fund Services ("VFS") is the fund administration and fund formation division of the Vistra Group, a leading global provider of corporate, fund administration, trust and fiduciary services.Vistra has 23 offices in 19 jurisdictions with specialist fund teams based in Jersey, Luxembourg and Hong Kong.

VFS offers a full range of fund administration services with a major focus on alternative investment sectors including hedge funds, real estate, private equity, venture capital and alternative assets.

VFS manages the fund's operations and offers our experience and guidance with regards to the choice of structure, jurisdiction, service provider, working procedures and regulatory matters. At VFS, each fund has a dedicated administration team responsible for the fund and the on-going relationship with the client for the lifecycle of the fund. Our team establish and administer a wide range of funds, and help clients develop bespoke solutions to support their daily fund operations.

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Vistra Fund Services Adds Privium Capital Fund to Create Multi-Jurisdictional Platform

GRAND CAYMAN, Cayman Islands, May 8, 2012 /PRNewswire/ --Cayman Airways has announced the launch of non-stop service from Dallas/Fort Worth International Airport to Grand Cayman to commence this June. Effective June 23, 2012 September 2, 2012, Cayman Airways will operate weekly service from Dallas to Grand Cayman on Sunday and from Grand Cayman to Dallas on Saturday, starting at $399.

Just in time for the summer season, the introduction of this flight route allows Dallas and Texas residents an easy escape from the hustle of everyday life to head to the Cayman Islands for some fun in the famed turquoise waters and white sandy beaches. Visitors can also take advantage of Cayman's affordable summer promotion, Cayman Summer Splash, enjoying 5th night free accommodations including a $100 resort credit. Business class service is available.

Dallas, TX - Grand Cayman

Flight

Departure

Arrival

Frequency

KX 321

9:00am

1:00pm

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Cayman Airways Launches Non-Stop Service Between Dallas and the Cayman Islands

Last week was crossover in the General Assembly. As many of you know, that is the day after which bills passed in one side of the Assembly crossover to the other side only with great difficulty. It serves to expedite matters that may have languished, especially this year as we are in the second year of our two-year legislative session. All bills not disposed will have to be resubmitted after the second Tuesday of next year.

Consequently, we debated more than 75 individual bills in a pretty challenging week. The good news is that we got some important things accomplished. Of the four major initiatives under consideration, we did good work on three. In baseball, I would have been pretty happy with a .750 batting average. In lawmaking, with the stakes as high as they are, not so much.

We did manage to pass meaningful tax reform. We cut the individual income tax for residents and small business owners. We made the tax code somewhat flatter, fairer, and more competitive. What we did was pass bills that were put forth by the GOP Tax Reform Committee, on which I serve. It should be noted that our efforts, laudable as they may be, are not the final word, as these measures have to go to the Senate for final approval, then to the governor. We, however, have done our part.

Another aspect of tax reform is a bill that gives local property tax relief to the homeowner trying to sell a recently vacated home. If you decide to downsize and move to a smaller place, under current law, the new house is your primary residence and is assessed at 4 percent, while your former residence, now vacant, is assessed at 6 percent, a 50 percent tax increase. Under the new bill passed by the House, your assessment will remain at 4 percent for one year to give you a better shot at selling without taking a big tax hit. In my view, this is a common sense piece of legislation that helps homeowners as well as the real estate industry in general.

We also closed the huge, galling loopholes in the Freedom of Information Act (FOIA). By a vote of 100-1, we passed a reform that makes it illegal for government agencies, local and state governments, school districts, and yes, even legislators from charging unreasonable fees to provide public records, as well as makes it all happen in a timely fashion. Another common-sense piece of work that has been a long time in the works.

Finally, the sales tax reform passed by the House does not qualify as reform in any true sense of the word. Our proposal was to cut more than $220 million in sales tax exemptions and lower the sales tax from the current 6 percent. Well, friends, we failed. The bill that eventually passed cuts a paltry $13 million in exemptions and served mainly to highlight the power of the lobbying community. The backbone of many of my colleagues simply dissolved before hearings even began. rarely display overt displeasure with members of my caucus, but this matter is important, urgent, and a test of principle. We were tested and found lacking.

I want to thank my friend Rep. Bill Taylor (R-Aiken) for his help on this weeks content. I was just buried in work, and he helped pull this thing together.

Next week, the golf cart bill saga gets strange.

Bill Herbkersman, R-Bluffton, represents District 118 in the South Carolina House of Representatives. He can be reached through his website at http://www.herbkersman.com or by telephone at 757-7900.

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Highlight: Tax reform legislation passed

By Richard Rubin - Tue May 08 04:01:00 GMT 2012

Lisa Watters via Bloomberg

Benny Watters, 5, died in September 2010 from a brain tumor. A thief stole his identity on the Internet after his death.

Benny Watters, 5, died in September 2010 from a brain tumor. A thief stole his identity on the Internet after his death. Source: Lisa Watters via Bloomberg

May 8 (Bloomberg) -- Megan Hughes reports on fraudulent tax returns related to identity theft. More than 460,000 people have been the victims of tax-related identity theft since 2008, according to the IRS. The agency has been trying to flag deceased taxpayers final returns and prevent anyone else from using those Social Security numbers. As of mid-March, the agency had stopped 66,000 returns this year for that reason.(Source: Bloomberg)

Mandel Ngan/AFP/Getty Images

Senator Bill Nelson, a Florida Democrat, has sonspored legislation that would limit access to the Death Master File.

Senator Bill Nelson, a Florida Democrat, has sonspored legislation that would limit access to the Death Master File. Photographer: Mandel Ngan/AFP/Getty Images

Benny Watters, 5, died of a brain tumor in September 2010. Ten months later, when his parents sought to file their taxes and claim him as a dependent, they found that an identity thief already had done so, using government data about Bennys death on a fraudulent return.

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Tax Cheats Troll Public List for Dead Kids’ Identities

(PR NewsChannel) / May 8, 2012 / DALLAS

"Creative Tax Strategies for Creating Financial Freedom" by Kara Krystina Ostroski-Francis, Esq.

In Creative Tax Strategies for Creating Financial Freedom (ISBN 1470085658), Kara Krystina Ostroski-Francis, Esq. shows families how they can save thousands of dollars each year through the tax deductions offered to small business owners.

Her latest release is part of Ostroski-Francis simply stated series that breaks down complicated tax laws in an easy-to-read format that the readers can quickly absorb and put into practice daily. Her guide explains how being classified as a sole proprietor, self-employed or small business owner reduces your taxes each year and saves you money.

Beyond the tax savings, Ostroski-Francis seeks to show the reader how they can augment their income and increase their freedom through owning and operating their own business. By having multiple streams of revenue, readers can better protect themselves against downturns in the market and household emergencies that pop up. As tax, corporate and business attorney, Ostroski-Francis doesnt advocate leaving your current employment. Instead, she encourages you to establish a small business apart from your job to secure yourself financially and partake in one of the lucrative tax breaks that IRS code affords to even the smallest and most novice of business owners.

Readers will learn how as a business owner, they can transform their personal expenses into business ones and lower their taxes each year indefinitely. Ostroski-Francis also explains how business owners enjoy the additional advantage of being able to fund their retirement with large tax-free contributions.

Beyond the money savings, Ostroski-Francis also shows how personal businesses can allow readers to have more fun with life through entertaining clients and giving gifts that are tax deductible.

Ultimately, owning your own business, trade or profession can be one of the most beneficial means to help create financial freedom for my readers and their families, says Ostroski-Francis.

Creative Tax Strategies for Creating Financial Freedom is available for sale online at Amazon.com and other channels.

About the Author: Kara Krystina Ostroski-Francis is a corporate tax attorney as well as an entrepreneur and small business owner. She has given many public presentations on owning a business and deploying creative tax deduction strategies. Ostroski-Francis earned a bachelors degree in communications and history from the University of Scranton and a law degree from Roger Williams University School of Law. She lives outside of Dallas with her husband and business partner, Dunton Francis.

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New book helps individuals find freedom through lucrative tax advantages of owning business