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Introduction: The Society of Trust and Estate Practitioners

The Society of Trust and Estate Practitioners is the leading worldwide professional body for practitioners in the fields of trusts, estates and related issues. It is a unique global body which provides its members with a local, national and international learning and business network focusing on the “responsible stewardship of assets today and across the generations.”

STEP members help plan family successions and to navigate the complex laws and tax rules surrounding trusts, estates and inheritance.

Founded in 1991 by George Tasker, a senior trust manager with a big five UK accountancy firm, STEP was initially intended to be a discussion forum for the profession in the UK. However, since its first meeting in London, the organization has grown rapidly and STEP now has more than 14,500 members in 66 countries, ranging from the US and the UK to New Zealand and Mauritius. STEP branches can be found in 33 countries in Europe, Asia, North America, the Caribbean, Central and South America and Australasia.

STEP provides education, training, representation and networking for its members. Members advise clients on the broad business of the management of personal finance. Full members of STEP are the most experienced and senior practitioners in the field of trusts and estates.

STEP supports a wide-ranging education and training programme and more than 3,500 students worldwide are currently studying for STEP qualifications. STEP members are subject to a rigorous code of professional conduct and the public can identify if their adviser is a STEP member by the use of the designation TEP (Trust and Estate Practitioner) after their name. STEP also actively promotes continuing professional development among its members through briefings, publications, special interest groups, courses and seminars.

Although politically non-aligned, STEP campaigns for fair, transparent and consistent tax rules so that families making long-term plans have “clear tax rules that do not change repeatedly if they are going to have the confidence to enter into long-term commitments.” One recent notable example was STEP’s highlighting of the potentially damaging impact of proposed changes to the UK rules on the taxation of non-domiciled taxpayers, giving technical evidence to a House of Lords Committee and securing significant changes in legislation. STEP has also worked closely with the European Union in ensuring that proposed changes to the EU Savings Directive are “robust and practical for professional advisers to implement.” In addition, STEP has been with several jurisdictions on the practical implementation of the G20/OECD programme for improved international tax transparency.

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.