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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

Belgian Lawmakers Approve New Tax On Securities Trading
Monday 22/2/2021
At a plenary session on February 11, 2021, Belgium's parliament adopted a draft law for a new annual tax on securities accounts.

US Tax Season Begins
Monday 22/2/2021
The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns.

Dutch Senate Approves 2021 Tax Changes
Tuesday 22/12/2020
The Dutch Senate has approved the 2021 Tax Plan package, which introduces a lower rate of corporate tax for small- and medium-sized businesses.

Bermuda Consults Industry On New Conduct Of Business Regime
Wednesday 13/1/2021
The Bermuda Monetary Authority on December 15, 2020, released a new consultation paper on its proposal for a conduct of business regulatory regime to better protect retail investors.

UK Eyeing VAT Rule Changes For Sharing Economy
Tuesday 22/12/2020
The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy.

French Legislature Considering 2021 Finance Bill
Thursday 10/12/2020
France's Senate is considering the country's 2021 Finance Bill, following approval in late November by the National Assembly.

UK May Double Capital Gains Tax Burden
Tuesday 17/11/2020
More closely aligning UK capital gains tax (CGT) rates with income tax rates could raise significant revenues for the UK, a government-commissioned review has concluded.

Malta Releases 2021 Budget
Monday 2/11/2020
Malta's 2021 Budget, announced on October 19, 2020, included tax breaks for individuals and an increase to the VAT registration threshold.

OECD Indicates New Focus On Virtual Currency Tax Issues
Tuesday 20/10/2020
The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets.

UK Updates Brexit VAT Guidance For Imported Goods
Tuesday 20/10/2020
On October 5, 2020, the UK tax authority added considerably to its Brexit guidance for businesses on the value-added tax rules that will apply to goods entering Great Britain from outside the UK.