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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

New Zealand Updates Virtual Currency Tax Guidance
Wednesday 16/9/2020
New Zealand's Inland Revenue on September 7, 2020, announced the release of updated guidance on the tax treatment of crypto-assets in New Zealand, including virtual currencies.

UK Reviewing VAT Group Rules
Monday 14/9/2020
The UK Government has recently issued a call for evidence from UK VAT groups on future policy reform.

COVID-19: Netherlands Clarifies Rules For Payment Of Deferred Tax Liabilities
Monday 7/9/2020
The Dutch tax authority has issued a clarification of the repayment requirements for taxes deferred during the COVID-19 health crisis.

Panama Considering SME Corporate Tax Rate Cuts
Friday 21/8/2020
Panama's parliament is presenting considering changes to income tax rates for small- and medium-sized businesses, included in Bill 358.

UK Issues Final Loan Charge Guidance
Friday 21/8/2020
The UK tax authority has published final guidance on the Loan Charge regime, following the enactment of amendments in the UK Finance Bill 2019-21.

Cayman Rules Out New Taxes In Response To COVID-19
Tuesday 18/8/2020
The Government of the Cayman Islands has ruled out the introduction of direct taxes or new indirect taxes in response to the COVID-19 pandemic.

Greece Approves Tax Breaks For Foreign Pensioners
Friday 7/8/2020
Greece has published in its Official Gazette a law to introduce a special tax regime for foreign pensioners relocating to the country.

Greece Planning Tax Perks For Expat Retirees
Friday 24/7/2020
Greece is set to introduce a special seven percent flat rate of tax on the overseas income of retired foreign nationals who shift their tax residence to Greece.

Singapore Launches Consultation On Income Tax Reforms
Friday 24/7/2020
Singapore's Ministry of Finance has launched a public consultation on proposed corporate tax and income tax breaks.

Malta Extends Individual Tax Deadlines
Friday 24/7/2020
Malta's Commissioner for Revenue has extended the deadline for submitting income tax returns.