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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

Switzerland A Step Closer On Corporate Tax Reform
Friday 21/9/2018
The two houses of Switzerland's parliament have said that they are largely in agreement on the main points of the Government's proposed changes to the corporation tax system.

Australian PM Planning New SME Tax Changes
Tuesday 4/9/2018
Australia's new Prime Minister has said his Government is working on plans to help improve the tax competitiveness of small businesses.

Netherlands Ponders New Aviation Tax
Monday 16/7/2018
The Dutch Government has begun a public consultation exercise on plans to introduce a new tax on air travel by 2021.

Australian Tax Changes Effective From July 1
Friday 6/7/2018
The Australian Government has set out the numerous changes made to the tax system on July 1 and launched a consultation on new tax rules for "stapled structures."

IMF Urges US To Hike Indirect Taxes
Friday 6/7/2018
The International Monetary Fund has recommended that the United States raise indirect taxes to boost revenues, to offset the cost of recent tax cuts and spending increases.

Pakistani Tax Amnesties Extended Until July 31
Monday 9/7/2018
Pakistan's Government has approved a one-month extension to tax amnesties for companies and individuals, which were due to end on June 30, 2018.

OECD Welcomes Dutch Efforts To Counter BEPS
Wednesday 4/7/2018
The OECD has welcomed efforts by the Dutch Government to tackle base erosion and profit shifting but called for the overall tax regime to be simplified, including in area of value-added tax.

Australian Gov't Delays Company Tax Vote
Sunday 1/7/2018
The Australian Government is to postpone a Senate vote on its company tax cuts until after July's by-elections.

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.

Seychelles Introduces Progressive PIT Regime
Thursday 21/6/2018
The Seychelles introduced a new progressive income tax system for individuals on June 1, 2018.