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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

UK Tax Info Request To Dubai Resident Lawful, UK Court Says
Tuesday 12/2/2019
The UK's Court of Appeal has ruled that HM Revenue and Customs acted lawfully when issuing a request to a British expat in Dubai for documents concerning his tax affairs.

Ireland Updates Special Assignee Relief Programme Guide
Tuesday 12/2/2019
The Irish tax agency has updated its guidance on provisions in Section 825C of the Taxes Consolidation Act 1997 on the Special Assignee Relief Programme.

Netherlands To Improve Employee Allowance Scheme
Tuesday 12/2/2019
The Dutch Ministry of Finance announced on February 1, 2019, that the work-related costs scheme will be improved from 2020.

EU To Probe Potential Abuses Of Citizenship By Investment Schemes
Monday 28/1/2019
For the first time, the Commission has presented a comprehensive report on investor citizenship and residence schemes operated by a number of EU member states.

Canadian Tax Regime To Be Enhanced From 2019
Friday 28/12/2018
Canada's small business tax rate will be reduced from 10 percent to nine percent from January 1, 2019, as part of a suite of new year tax changes.

France To Levy Digital Tax Starting Jan 2019
Friday 21/12/2018
The French Government has decided to bring forward the introduction of a national tax on digital companies following the failure of European Union member states to agree on an EU-wide digital services tax.

Ukrainian Corporate Tax Reform Plans Shelved
Friday 14/12/2018
Ukraine has reportedly postponed consideration of a bill that would reform the country's corporate tax system to shift the burden of tax from company profits to distributions.

UK Urged To Drop Plan To Extend Offshore Tax Limitations Period
Friday 30/11/2018
The UK Parliament's Economic Affairs Finance Bill Sub-Committee has proposed that provisions should be stripped from the Finance Bill that would extend the time limit on assessing offshore tax to 12 years.

UK Urged To Push Back Making Tax Digital Agenda
Friday 30/11/2018
In a new report released on November 22, 2018, the UK's Economic Affairs Committee called for a one-year delay to the implementation date of Making Tax Digital for VAT.

Germany's Bundestag Approves VAT Reforms
Friday 16/11/2018
Germany's parliament, the Bundestag, has approved the introduction of new value-added tax rules for online marketplaces.