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Introduction: The New Age of Transparency

By mid-2009, evidence was emerging that the trust and wealth management industries were adopting to the new age of transparency instigated by the OECD countries in response to the global financial metldown and subsequent economic crisis. Participants in a survey conducted by the Society of Estate and Trust Practitioners agreed that three key trends would develop in the industry over the course of the coming years.

These include:

  • The end of secrecy will mean families will seek out advisors and trustees who can master global tax advice. Economic conditions will mean tax competition between countries will increase and the distinction between offshore and onshore will disappear;

  • The industry will modernise its practices to attract a wider audience; increasing its market share through adopting best practices in investment management and enhancing compliance processes to reduce risk;

  • Products and services will continue to be combined together to create new revenue opportunities for wealth structuring professionals. Trust and Estate Planning practitioners will have to be increasingly innovative to expand the number of strategies in its ‘toolbox’ to create bespoke solutions in higher value structures.

Shortly after the results of this survey were published, STEP released figures which indicated that sentiment was improving amongst practitioners, with 41% of the organization's members predicting that trust and estate business would "improve" or "significantly improve" over the year ahead. This was almost double the number that held this view earlier in the year.

STEP Chief Executive David Harvey said: “The move to positivity among STEP members is a great indicator that, despite the economic downturn and the regulatory environment providing new challenges for trust and estate practitioners, the industry is looking to the future with renewed confidence. Our members are looking to embrace the opportunities afforded by the needs of international families to plan and to be compliant on an increasingly global, rather than national, basis.

The Report

Offshore Trusts Guide: Introduction

Offshore Trusts Guide: Jurisdictions

Bahamas Barbados Bermuda British Virgin Islands Cayman Islands Cook Islands Cyprus Gibraltar Guernsey Isle of Man Jersey Liechtenstein Madeira Malta Mauritius Monaco Nevis New Zealand Panama Seychelles Turks & Caicos Vanuatu


Offshore Trusts News

Hungarian Government Submits Tax Bill
Friday 15/11/2019
On November 12, 2019, Hungary's Ministry of Finance announced that it has submitted to parliament the seventh and final part of its Economic Action Plan, which includes various tax measures.

Warren Announces US Corporate Tax And Wealth Tax Plans
Friday 8/11/2019
On November 1, 2019, the presidential campaign of United States Senator Elizabeth Warren (D-MA) published plans for a system of universal Medicare that will be partially funded by tax increases on large corporations and wealthy individuals, as well as by stricter anti-tax avoidance rules.

South Africa Launches Large Business Center
Monday 28/10/2019
On October 23, 2019, the Commissioner of the South African Revenue Service launched the re-established Large Business Centre, which aims to bring about higher levels of voluntary tax compliance among large taxpayers.

Ireland Publishes 2019 Finance Bill
Friday 18/10/2019
The Irish Government has published its 2019 Finance Bill, which introduces changes to a number of SME-targeted tax incentives and implements a range of measures announced in this month's Budget.

New Zealand Offering Simpler, Cheaper Rulings For SMEs
Friday 4/10/2019
On October 1, 2019, New Zealand's Inland Revenue began offering to SMEs and individuals a simplified tax ruling process that is shorter and cheaper.

An Update On Brazil's Efforts To Install VAT
Friday 4/10/2019
Brazil's Government must overcome a number of challenges, including assuaging the concerns of state authorities, if it is deliver on its plans to overhaul the country's complex indirect tax system.

Jersey Consults On Reporting CRS Avoidance Arrangements
Friday 27/9/2019
The Jersey Government is consulting on the implementation of mandatory disclosure rules for Common Reporting Standard Avoidance Arrangements and Opaque Offshore Structures.

Sanders Unveils US Wealth Tax
Friday 27/9/2019
United States Senator Bernie Sanders (D-VT), a leading contender for the Democratic presidential nomination, has proposed a new tax, as well as a series of enforcement measures, targeting America's wealthiest individuals.

Finnish Budget For 2020 Agreed
Friday 27/9/2019
On September 17, 2019, the Finnish Ministry of Finance announced that the Government has reached an agreement on the contents of the 2020 Budget, which includes some tax reductions for both companies and individuals.

Netherlands Planning Slower But Deeper Corporate Tax Cut
Friday 20/9/2019
On September 17, 2019, Dutch State Secretary for Finance Menno Snel presented the Government's 2020 Tax Plan to the House of Representatives. It includes revised plans for corporate tax cuts.