Analysis and commentary on securities regulation, fund operations, cross-border structuring, and commercial disputes.
Three interconnected tax regimes every foreign investor in U.S. real estate must understand — FIRPTA withholding, USRPHC stock-sale exposure, and Section 351 nonrecognition rules.
Family offices based in Latin America face a distinct set of U.S. legal challenges — estate tax, immigration inflection points, securities law, and reporting. What to look for in U.S. counsel.
Liquidation preferences, participation rights, anti-dilution, and board control — the preferred stock terms that determine founder economics at exit and how to negotiate them.
Form ADV amendments, annual reviews, code of ethics reports, Form PF, custody rule compliance — a practical calendar of recurring SEC obligations for registered investment advisers.
El impuesto federal al patrimonio puede gravar hasta el 40% de sus activos en EE.UU. al fallecimiento. Los no residentes tienen apenas USD 60,000 de exención. Esto es lo que debe saber.
La distinción entre trust doméstico y trust extranjero tiene consecuencias tributarias profundas. Qué herramientas aplican para cada situación y las trampas más frecuentes para familias latinoamericanas.
Las familias latinoamericanas con activos en EE.UU. enfrentan tres exposiciones simultáneas. Aquí se analizan las estructuras disponibles, sus ventajas y el error más frecuente que conviene evitar.
El REFRIPE en Ecuador, las normas ECE en Colombia, y sus equivalentes regionales gravan ingresos offshore aunque no haya distribución. Por qué la planificación en EE.UU. debe coordinarse con el asesor local.
El día en que obtiene la residencia en EE.UU. cambia su situación fiscal para siempre. Los seis meses anteriores son su única oportunidad para planificar. Esto es lo que puede —y debe— hacer antes.
Qué son el FBAR y el Formulario 8938, qué cuentas y activos deben reportarse, las sanciones por incumplimiento, y cómo regularizar la situación a través del Streamlined Filing Compliance Procedure.
Carolina compró un apartamento en Brickell por $800,000 y lo puso a su nombre. Sus herederos debieron $296,000 al IRS antes de recibir nada. Estos son los errores más comunes — y cómo evitarlos.
Crear una LLC en Florida no elimina la exposición al impuesto al patrimonio para no residentes. El IRS mira a través de la LLC y trata sus activos como si fueran suyos directamente. Qué sí funciona.
No hace falta tener una green card. Si pasa suficientes días en EE.UU., el IRS puede considerarlo residente fiscal. Cómo funciona el conteo de días y qué cambia cuando cruza el umbral.
El inmueble se congela, se abre un proceso de sucesión en Florida, el IRS exige el pago del estate tax antes de que sus herederos reciban nada. Los números reales de un apartamento de $500,000.
FIRPTA obliga al comprador a retener el 15% del precio bruto de venta — no de la ganancia. Cómo funciona, qué se puede recuperar y por qué hay que planificar con al menos 60 días de anticipación.
Qué es un SAFE, qué es una nota convertible, y cuáles son las diferencias que realmente importan para el inversionista latinoamericano que le dice "sí" sin saber qué está firmando.
Si es residente fiscal en EE.UU. y tiene una empresa en LATAM, puede deber impuestos sobre sus utilidades aunque no haya distribuido ni un centavo. Esto es lo que necesita saber.
Ser extranjero no le impide comprar un negocio en Florida, pero hay capas adicionales que un comprador local no tiene: estructura de tenencia, visas, due diligence y financiamiento.
Un testamento en Ecuador no resuelve lo que pasa con sus activos en Florida. Cómo construir un plan integrado para familias con un pie en LATAM y otro en Miami — y evitar el doble probate.
Una holding es una empresa cuyo propósito es ser dueña de otros activos. Para qué sirve, cuándo la necesita, y lo que una holding definitivamente no puede hacer por usted.
Two structural reasons why institutional funds route capital through a Cayman feeder: UBTI blocking for tax-exempt US investors and ECI protection for foreign investors.
A practical comparison of the leading arbitral institutions for cross-border disputes — how they differ on procedure, cost, arbitrator selection, and enforceability.
Which LOI provisions are binding, what sellers give up when they sign exclusivity, and why engaging counsel after the LOI is often too late.
Subpart F, GILTI, Form 5471, and the pre-immigration planning implications for LATAM business owners who become U.S. tax residents.
The core seller rep package, materiality and knowledge qualifiers, indemnification mechanics, R&W insurance, and how disclosure schedules define post-closing exposure.
The Section 203(l) and 203(m) exemptions, what compliance obligations apply to ERAs, and when growth forces the transition to full SEC registration.
The enforcement procedure in U.S. federal court, the seven Article V defenses, how courts apply them, and why Miami is a strategic enforcement forum for LATAM awards.
Two parallel reporting regimes, different thresholds, different forms, and severe penalties — what every U.S. person with foreign accounts must know.
Investor qualification, ERISA tracking, FATCA documentation, AML representations, and the common manager mistakes that create securities law and regulatory exposure.
Rule 206(4)-7, the seven core program areas, CCO obligations, code of ethics, books and records, and what the SEC actually looks for in a first examination.
The three custody triggers, the fund audit exception, the inadvertent custody trap, and the most common deficiencies found in SEC examinations.
The 18 required Part 2A items, the plain English requirement, delivery obligations, amendment triggers, and the conflict disclosure deficiencies examiners find most often.
Duty of care, duty of loyalty, informed consent, conflicts that must be eliminated vs. disclosed, soft dollars, principal trading, and how the duty runs to fund investors.
The fundamental distinction between general solicitation and verified accreditation — and the operational implications for fund managers raising capital under Reg D.
Who qualifies as a covered person under Rule 506(d), what events trigger disqualification, and how to conduct due diligence that actually protects the exemption.
The two foundational conditions, three issuer categories, distribution compliance periods, and LATAM-specific structuring considerations for concurrent Reg D / Reg S offerings.
How to navigate restricted securities resales — Rule 144 holding periods, affiliate analysis, Section 4(a)(7), legend removal mechanics, and ROFR complications.
A practical comparison of Cayman, BVI, and Delaware fund structures — jurisdiction selection, tax efficiency, investor expectations, and parallel fund mechanics.
The three-entity architecture, the distribution waterfall, management fee mechanics, carried interest, clawbacks, and the governance provisions that define a fund's life.
MFN clauses, fee discounts, co-investment rights, ERISA provisions, FOIA protections, ESG requirements, and how to manage a growing side letter population across your LP base.
How carried interest is structured as a profits interest, why it qualifies for capital gains treatment, and what the Section 1061 three-year rule means for PE, venture, and hedge fund managers.
How a missed 30-day filing deadline can turn a modest tax event into a seven-figure liability for founders receiving restricted stock.
The types of SEC exams, what triggers them, key focus areas, and how to prepare your firm before, during, and after the examination process.
The structural differences between SAFEs and convertible notes, when each is appropriate, and the negotiation points that actually matter.
Common compliance failures under the SEC's Marketing Rule, from testimonial disclosures to performance advertising, and what examiners are focusing on.
How liquidation preferences function as downside protection, the difference between participating and non-participating structures, and why these terms matter at the negotiating table.
Effectively Connected Income can transform the tax profile of an offshore fund. How to analyze ECI exposure across fund strategies and why the analysis must happen at formation.
How profits interests work as tax-efficient equity compensation in fund and LLC structures, including the Rev. Proc. 93-27 safe harbor and common structuring mistakes.
FIRPTA withholding and estate tax exposure create significant risks for foreign nationals with U.S. investments. What to know and how to plan around it.
The critical planning window before becoming a U.S. tax resident, and why restructuring assets, trusts, and entities before the move can save millions.
Sell-side outcomes depend more on preparation than negotiation. How ownership clarity, governance mechanics, and process discipline shape deal leverage.
Why some sponsors choose an LLC over a traditional limited partnership structure, and where the operating agreement does the heavy lifting.
The elements, evidence standards, and strategic importance of fraud in the inducement claims in South Florida commercial disputes.
A three-tier governance framework for allocating decision-making authority in LLC operating agreements, with practical examples.
Why the window before becoming a U.S. tax resident is the most important planning moment for international families and business owners.