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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

Gibraltar Marks 25th Year of HNWI Residency Scheme
Saturday 17/2/2018
Gibraltar is marking the 25th year of its special tax residency program for high-net-worth individuals, known officially as Category 2 status, which limits taxation on worldwide income to a maximum of GBP30,000 (USD41,958) per year.

Cayman Eases Deadline For CbC Reporting
Wednesday 14/2/2018
Authorities in the Cayman Islands have pushed back the deadline for notifying local authorities of which entity will file a country-by-country report, and for filing the first reports.

Morrison Continues Australian Corporate Tax Cut Push
Tuesday 13/2/2018
It does not "make any sense" to keep Australia's business taxes high, Treasurer Scott Morrison has said.

IoM Guides On Vetting Key Persons
Tuesday 6/2/2018
The Isle of Man's Financial Services Authority has updated its guidance on the criminal records checks regulated entities are required to undertake.

Bermuda Launches Anti-Money Laundering Campaign
Friday 2/2/2018
Bermuda's Prime Minister, David Burt, has launched a public awareness campaign calling on all islanders and businesses to support the Government's efforts to combat global financial crime.

EU Issues GDPR Tool For SMEs, Guidance For States
Wednesday 31/1/2018
The European Commission has newly launched an online tool to support citizens, businesses – and in particular small- and medium-sized firms – and other organizations to come to terms and comply with new data protection rules being introduced from May 25: the General Data Protection Regulation.

EU Asks For Small Firms' Input On VAT Reform Plans
Wednesday 31/1/2018
The European Commission has asked for taxpayers' feedback in respect of its proposals to simplify value-added tax compliance for small enterprises, alongside the publication of its proposal for a Council Directive to amend the EU VAT Directive as regards the special scheme for small businesses.

Barbados Looks To Bolster Intellectual Property Regime
Monday 29/1/2018
Barbados's Government has laid out plans to better safeguard the intellectual property rights of the island's micro, small and medium-sized enterprises.

IoM Consults On EU Data Protection Law Changes
Wednesday 24/1/2018
The Isle of Man Government has issued a consultation document providing further detail on the alignment of the island's data protection law with the European Union's General Data Protection Regulation, which comes into force on May 25, 2018.

Hong Kong Eases Stamp Duty Rules For Residents
Monday 22/1/2018
Hong Kong has relaxed the rules for those buying residential property, with the publication in the Official Gazette of The Stamp Duty (Amendment) Ordinance 2018 on January 19, 2018.