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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 Announces COVID-19 Tax Breaks To Stimulate Economy
Friday 10/7/2020
In a bid to reinvigorate the UK economy and buoy property prices, Chancellor Rishi Sunak has announced plans to slash the VAT rate for the hospitality sector and offer temporary stamp duty relief.

COVID-19: Belgium Clarifies Tax Deadlines For Non-Resident Individuals
Thursday 25/6/2020
On June 24, 2020, the Belgian Ministry of Finance issued a clarification of tax payment deadlines for non-resident individuals after the tax authority issued tax statements with the wrong due dates.

COVID-19: New Zealand To Waive Individual Tax Bills Up To NZD200
Thursday 25/6/2020
The New Zealand Government has announced that it will provide tax relief for low-income earners by waiving nominal tax debts.

France Provides SMEs With More COVID-19 Tax Relief Measures
Thursday 25/6/2020
The French Government has presented to the Council of Ministers a third amendment to the Finance Bill for 2020, which provides additional support for businesses affected by the COVID-19 outbreak.

Italian Tax Agency Summarizes New COVID-19 Tax Support Measures
Thursday 28/5/2020
On May 21, 2020, the Italian Revenue Agency issued a summary of additional tax measures in Decree 34/2020, which are intended to further support taxpayers affected by the COVID-19 virus.

US House Passes COVID-19 Stimulus Bill With Tax Measures
Thursday 28/5/2020
On May 15, 2020, the United States House of Representatives approved the HEROES Act, which amends previous COVID-19-related stimulus legislation by changing loss carryback rules and providing further tax support for businesses and individuals.

Switzerland Launches New Tax Burden Calculation Tool
Thursday 28/5/2020
The Swiss Federal Department of Finance has announced the launch of a new online tool for individuals taxpayers, which is being developed also for legal entities.

No New Tax Announcements In New Zealand's 2020 Budget
Thursday 28/5/2020
New Zealand's new 2020 Budget, announced on May 14, highlighted recently enacted tax measures and announced the creation of a new NZD50bn COVID-19 Response and Recovery Fund.

France Announces COVID-19 Tax Support For Wine Industry
Friday 15/5/2020
On May 11, 2020, the French Government presented a COVID-19-related economic support package targeted at the nation's wine industry, which includes relief from social contributions.

Malaysia Issues FAQs On COVID-19 Tax Residency Issues
Friday 15/5/2020
The Government of Malaysia has issued new FAQs on international tax issues relating to COVID-19 travel restrictions.