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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

New Zealand Updates Virtual Currency Tax Guidance
Wednesday 16/9/2020
New Zealand's Inland Revenue on September 7, 2020, announced the release of updated guidance on the tax treatment of crypto-assets in New Zealand, including virtual currencies.

UK Reviewing VAT Group Rules
Monday 14/9/2020
The UK Government has recently issued a call for evidence from UK VAT groups on future policy reform.

COVID-19: Netherlands Clarifies Rules For Payment Of Deferred Tax Liabilities
Monday 7/9/2020
The Dutch tax authority has issued a clarification of the repayment requirements for taxes deferred during the COVID-19 health crisis.

Panama Considering SME Corporate Tax Rate Cuts
Friday 21/8/2020
Panama's parliament is presenting considering changes to income tax rates for small- and medium-sized businesses, included in Bill 358.

UK Issues Final Loan Charge Guidance
Friday 21/8/2020
The UK tax authority has published final guidance on the Loan Charge regime, following the enactment of amendments in the UK Finance Bill 2019-21.

Cayman Rules Out New Taxes In Response To COVID-19
Tuesday 18/8/2020
The Government of the Cayman Islands has ruled out the introduction of direct taxes or new indirect taxes in response to the COVID-19 pandemic.

Greece Approves Tax Breaks For Foreign Pensioners
Friday 7/8/2020
Greece has published in its Official Gazette a law to introduce a special tax regime for foreign pensioners relocating to the country.

Greece Planning Tax Perks For Expat Retirees
Friday 24/7/2020
Greece is set to introduce a special seven percent flat rate of tax on the overseas income of retired foreign nationals who shift their tax residence to Greece.

Singapore Launches Consultation On Income Tax Reforms
Friday 24/7/2020
Singapore's Ministry of Finance has launched a public consultation on proposed corporate tax and income tax breaks.

Malta Extends Individual Tax Deadlines
Friday 24/7/2020
Malta's Commissioner for Revenue has extended the deadline for submitting income tax returns.