Emmi Karvinen

Counsel, Member of the Finnish Bar

Services

  1. Tax & Structuring
  2. Private Wealth & Family Office

Contact details

I am responsible for our office’s Private Wealth & Family Office service. I advise clients in domestic and international tax matters. I am especially invested in tax matters of family-owned companies and their owner-entrepreneurs, from predictive wealth management measures to the implementation of generational change as well as assistance in possible tax litigation matters.

The ever-changing regulatory field causes challenges in planning the future of privately owned businesses. My task is to support the companies and their owners in this as efficiently as possible whilst ensuring that the solution chosen is adaptive enough, for example in case of succession of family businesses or corporate restructuring. I also assist our clients in matters related to the wealth of owner-entrepreneurs and its management, in family and inheritance law as well as tax matters related thereto. In addition to this, I have versatile experience in assisting our clients in tax appeal matters.

Before returning to Castrén & Snellman, I worked in a financial company as an in-house lawyer. In this position, I got to see in practice the kinds of needs SMEs have in the field of legal advice, not to mention the complexity and breadth of the issues these companies have to tackle. Equipped with this valuable experience, I trust that I can provide clear and pragmatic advice to our clients. I believe that the absolute advantage of a large law firm is that all matters related to the business and its ownership can be handled with one point of contact.

I have also worked as a tax specialist of private companies and their owners in a major audit firm.

Latest references

Owners of a family company – Incorporation of ownership
We assisted a prominent family-owned company in the incorporation of their business. Our clients appreciated the ability to discuss various possibilities with us, after which we conducted a detailed analysis of the options that seemed most viable. There were various factors to consider, ranging from corporate governance to international taxation, due to which the most attractive options from a Finnish tax perspective turned out to be less feasible in the overall analysis. In addition to our expertise, our clients were very satisfied with the comprehensive service they received beyond tax issues, delivered in a smooth and efficient manner through a single point of contact.
Case published 20.9.2024
Family-owned associated companies – Negotiating shareholders’ agreements
We drafted a full set of shareholders’ agreements for family-owned associated companies to align and record the family members’ objectives within the companies. Developing and revising an ownership strategy usually requires extensive discussions at the ownership level. These discussions must identify the future prospects each owner sees and the owners’ capacity to commit to a coherent strategy. The discussions may involve difficult issues, but their resolution is essential for long-term ownership. We assisted the family in codifying the ownership strategy of associated companies into shareholders’ agreements. During this revision work, the owners received a useful snapshot of the drivers propelling the business forward.
Case published 10.9.2024
Heirs of a decedent’s estate – Distribution of inheritance
We assisted the shareholders of a contentious estate on legal issues relating to inheritance and succession, as well as on the tax aspects of the distribution of the estate. Our advice covered a comprehensive set of legal issues, combining substantive inheritance law expertise with maintaining active contact with the heirs, facilitating negotiations between them, providing inheritance tax planning and handling various processes relating to the distribution of the estate. The clients appreciated that we actively advanced the matter and proactively highlighted different points of view at different stages of the process. It was important for the clients to understand what their options were and to know what to expect at each stage of the process.
Case published 13.8.2024
Multitude – Relocation from Finland to Switzerland
We act as the lead legal counsel in the groundbreaking case of Multitude SE’s (Multitude) proposed relocation from Finland to Switzerland. The first phase of the relocation, involving the transfer of Multitude’s registered office from Finland to Malta pursuant to SE Regulation, was successfully completed on 30 June 2024. In this connection, Multitude’s shares were removed from the Finnish book-entry system and the issuer central securities depository of the shares changed from Euroclear Finland Oy to the CSD operated by the Malta Stock Exchange. In practice, all of Multitude’s shares are now held through Clearstream. In Malta, the company is anticipated to be converted into a public limited liability company under Maltese law, following which it will seek redomiciliation from Malta to Switzerland. Given that Finnish legislation does not allow for direct relocation to a non-European Economic Area country such as Switzerland while preserving the company’s legal personality, the process necessitated a multi-jurisdictional strategy as outlined above. Our mandate encompasses advising Multitude on all aspects governed by Finnish law concerning the proposed relocation and coordinating the work of local legal counsel and various other advisors involved in the project. The process also involved a written procedure to amend Multitude’s existing subordinated capital notes and senior bonds to facilitate the relocation as well as placement of EUR 80 million senior guaranteed notes by a newly established Multitude Capital Oyj. ”The transfer to Malta marks a significant step in Multitude’s journey. This pioneering and complex process has been successfully implemented with the invaluable support of our own team and advisors. Castrén & Snellman has masterfully orchestrated the entire project, ensuring seamless coordination across multiple jurisdictions. We look forward to achieving our next step with the further relocation to Switzerland”, says Jorma Jokela, Multitude’s CEO. Multitude is a fully regulated growth platform for financial technology, employing over 700 individuals across 25 countries. Its shares are listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Case published 1.7.2024
Family-owned company – Structuring of generational change
We assisted a family-owned company in planning and implementing the transition of the business to the next generation. The generational change was implemented through several M&A transactions by restructuring the family members’ holdings into logical and distinct corporate entities. The client appreciated our highly professional service, where we reviewed the main aspects of the different options before choosing the best course of action and took the lead in advancing the project. We applied for pre-emptive guidance from the Finnish Tax Administration on key tax consequences and collaborated with our network of international advisors to assist with international tax issues. 
Case published 14.6.2024
Wealthy private individual – Tax dispute
We assisted a very wealthy private individual in a large-scale tax dispute that concerned expatriation. The tax authorities reviewed the taxation of the private individual through a subsequent assessment, arguing that the final preliminary ruling on the individual’s expatriation could be disregarded as subsequent assessment showed that some of the future plans included in the application had not been realised. The reassessment of taxation carried out by the Tax Administration led to significant residual taxes for the individual. A key issue in the tax dispute was whether genuine expatriation could be subject to the tax avoidance regime.
Case published 5.5.2024
Biovian – Debt refinancing initiative to support GeneCity expansion
We advised Biovian Oy, a Finnish company, in a debt refinancing initiative and securing a new funding package with Eurazeo, a French investment company, to support GeneCity facility expansion. The package will be used to refinance existing debt and to finance investment in GeneCity. The GeneCity facility will house cutting-edge equipment and advanced technologies to support the development, manufacturing, and testing of ATMP (Advanced Therapy Medicinal Products). It will also feature dedicated Class A to D cleanroom areas for bulk drug substances as well as final drug product manufacture. The new viral vector facility building has been started in the autumn of 2023 and the facility is expected to be ready in 2025. The new funding package is an important milestone in Biovian’s growth journey and will support Biovian in continuing its strong organic growth. The GeneCity expansion is a strategic move aimed at meeting the growing demand for high-quality biopharmaceutical manufacturing services and further solidifying Biovian’s position as a trusted partner in the biopharmaceutical industry.
Case published 17.1.2024
Copenhagen Infrastructure Partners – EUR 500 million debt financing package for Ilmatar
We acted as the Finnish legal counsel for the lenders in securing a milestone group level debt financing package of 500 million euros for Ilmatar. The transaction was led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 with participation from Kommunal Landspensjonskasse (KLP), P Capital Partners (PCP) and accounts managed by CIP. The package comprises a day one committed tranche of 325 million euros and an uncommitted increase option of 175 million euros. The financing will support Ilmatar’s construction of renewable energy production in Finland and Sweden, with approximately 1 GW of renewable energy in operation, under construction or in ready-to-build phases. The deal represents a milestone financing for Ilmatar, strengthening its position as a leading Nordic independent power producer.
Case published 22.11.2023

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