Paulmann brothers set up four family businesses in London |  DFMAS

On Thursday, December 23, 2021, the three Paulmann brothers created four family businesses in England in which they included their respective children. On the one hand, Heike Paulmann – chairman of the board of directors of Cencosud – created Toby UK Holdings LLP, while Manfred founded Salmo Fario LLP and Peter Patagua LLP.

These three companies came under the aegis of a parent company – which they called Pauko LLP in allusion to their surnames Paulmann Koepfer – which they incorporated on Friday, December 24, 2021. The shareholders of the said company are Toby UK Holdings , Salmo Fario and Patagua. . This is the first flag erected by Horst Paulmann’s children in the UK.

The four entities are domiciled at 10 Norwich Street, in the heart of Holborn, a well-known district of law firms in the English capital. It corresponds to the same location used by businessman Isidoro Quiroga to establish his investment company South Lake Services LLP. As revealed by DF MAS in February, The former Enphase Energy shareholder moved to the UK in mid-2021 with his family and even moved his tax domicile to London after selling off much of his assets in Chile.

That’s not the only recent move the Paulmann brothers have made with their kids. As Diario Financiero reported last week, Peter and Manfred have sought court permission to donate more than $20 billion to their offspring. and they clarified that they will carry out the necessary legal procedures for this type of movement.

For this, they had to reveal part of their assets. In the case of Manfred, it has been established that he has an indirect interest in Cencosud equivalent to $15,940,498,005, while that of Peter is $19,779,579,630.

For her part, Heike Paulmann asked in April for permission to donate $3.2 million to each of her four children ($12.8 million in total). On the occasion, he specified that his stake in Cencosud was valued at 21,803 million dollars.

The family is legally advised by teams of lawyers from Carey and PwC. In fact, in April (after Horst Paulmann left the board of directors of Cencosud), María Paz Correa – tax lawyer for the consultancy firm – managed the procedure in which the founder of the retail company dismissed the powers of administration, representation and use of the marks to his three children. in the companies Inversiones Quinchamalí Limitada, Inversiones Tano Limitada and Inversiones Latadía Limitada.

It is unclear whether the investment companies that have opened in London will receive some of the assets Heike, Manfred and Peter want to give to their children. What is known is that the type of company they have chosen (LLP) is tax efficient when doing business outside of the UK. This means Horst Paulmann’s heirs are unlikely to consider moving to England as they would miss out on the tax benefits they currently enjoy.

Other entrepreneurs who have set up businesses in England

The Quirogas and the Paulmanns are not the only ones to be interested in London, a city very popular with wealthy Chilean families precisely because of the tax facilities it offers (just like Italy, Portugal or Spain).

On April 27, 2022, members of the Silva Domínguez family, shareholders of Grupo Security, formed an investment company which they named Trailafquen. Who opened it? Francisco Silva Silva (chairman of the board), Teresita Domínguez Valdés, Francisco Silva Domínguez, José Andrés Silva Domínguez, Teresita Silva Domínguez and Magdalena Silva Domínguez.

The same was done by Alejandro Ruiz Bornscheuer, a businessman linked to the real estate company Eurocorp. In March, with his family – formed by Marcia Rolle Espinoza, Catalina Ruiz Rolle, Raimundo Ruiz Rolle and Vicente Ruiz Rolle – he founded the company FRR Capital LLP.

The Silva Domínguez and Ruiz Rolle companies are under the same address used by the Paulmann brothers and the family of Isidoro Quiroga.

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