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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

Skilled Foreigners Being Turned Away For UK Visas
Monday 18/6/2018
Lower-paid medical practitioners are increasingly having their request for UK working visas rejected, as a result of immigration quotas.

Hong Kong Issues Tax Compliance Guide For Property Owners
Thursday 14/6/2018
On June 14, 2018, Hong Kong's Inland Revenue Department released guidance on the tax obligations of landlords.

Tax Deadline Approaching For Americans Abroad
Thursday 14/6/2018
The United States Internal Revenue Service has summarized the reporting and filing requirements for taxpayers living and working abroad, with the June 15, 2018, deadline for 2017 federal income tax returns now approaching.

First Tax-Deferred Pension Scheme Launched In China
Thursday 14/6/2018
China's Government announced recently that a local insurance company had issued the country's first tax-deferred pension insurance policy, saying it marked the beginning of tax-deferred pension plans in China.

Surveys Suggest Taxpayers Satisfied With TCJA, Says Hatch
Tuesday 5/6/2018
Both large and small businesses in the United States expect the measures included in the recently enacted tax reform legislation, the Tax Cuts and Jobs Act of 2017, to have a positive effect on their operations, according to Senate Finance Committee Chairman Orrin Hatch.

Australia Planning June Vote On Corporate Tax Cut Package
Monday 28/5/2018
The Australian Government will put its company tax reforms before the Senate in June, with the aim of securing a vote by the 28th.

US CPAs Recommend Easing Tax Rules On Partners Of Audited Firms
Tuesday 22/5/2018
The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners.

UK Mulling Extending Recent IR35 Reforms To Private Sector
Tuesday 22/5/2018
On May 18, 2018, the UK Government launched a consultation on enhancing rules surrounding "off-payroll" working (the IR35 rules), to ensure that contractors who work through their own company pay the right tax.

Think Tank Argues Against UK 'Robot Tax'
Tuesday 29/5/2018
In a new report, the Institute of Economic Affairs in the UK has argued against the need for the UK to introduce a so-called "robot tax," on profits from automation.

HK's Legislature Passes 2018/19 Budget Bill
Thursday 17/5/2018
Hong Kong's Secretary for Financial Services and the Treasury, James Lau, has welcomed the recent passage of the 2018/19 Budget Bill through the special administrative region's parliament.