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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

Irish Issues E-Brief On Mergers And Divisions
Thursday 22/8/2019
The Irish Revenue has published guidance on the tax compliance obligations that arise from mergers and divisions.

President Trump Considering New Tax Cuts
Thursday 22/8/2019
United States President Donald Trump said on August 20, 2019, that the administration is considering additional tax cuts to help maintain economic growth.

NZ Tax Man To Enforce Real-Time PAYE Reporting
Thursday 22/8/2019
New Zealand's Inland Revneue Department has said it is to challenge those employers who are currently failing to file their payroll information every payday.

Hong Kong Announces Reliefs For Individuals, Businesses
Thursday 22/8/2019
Hong Kong's Government has announced a package of reliefs for businesses and individuals, in response to the recent riots and risks around the global economy.

Italy Finalizes Rules For New Patent Box Regime
Thursday 8/8/2019
Italy's tax agency on July 30, 2019, published a definitive version of the rules for the operation of the country's patent box regime.

Austria To Introduce New Angel Investor Tax Breaks
Thursday 8/8/2019
The European Commission has approved an Austrian tax incentive for mid-sized business financing companies.

Gibraltar Adopts EU Dispute Resolution Rules
Thursday 8/8/2019
Gibraltar has enacted new regulations to transpose the EU's new tax dispute resolution mechanisms, set out in EU Council Directive 2017/1852, into Gibraltar's domestic tax law.

IRS Clarifies FTC Rules For French Social Taxes
Thursday 25/7/2019
On July 19, 2019, the United States Internal Revenue Service updated its webpage on foreign tax credits to clarify that it will not challenge foreign tax credit claims involving certain French taxes.

UK Shelves Plans For Surcharge On Overseas UK Property Buyers
Thursday 25/7/2019
The UK Government has dropped inclusion in the upcoming Finance Bill of a new one percent stamp duty land tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland.

Seychelles Seeks Input On Corporate Tax Regime Overhaul
Tuesday 16/7/2019
The Government of Seychelles has launched a consultation to seek views on an overhaul to the territory's business tax regime, with a new regime proposed to be implemented from 2020.