This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
 

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

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

New Zealand

New Zealand: Legal Framework and Formation Rules and Fees
New Zealand: Review of the Law of Trusts
New Zealand: Taxation of Trusts

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees

 


Offshore Trusts News

Smaller Businesses Less Prepared For UAE GST Wednesday 24/5/2017 According to a survey conducted earlier this month, more than half of businesses based in the United Arab Emirates do not have an implementation strategy in place for the forthcoming introduction of VAT in the territory from January 2018.

Scottish Expats Told To Anticipate Incorrect Tax Bills Wednesday 24/5/2017 Scottish people living abroad risk paying the wrong amount of tax on UK-earned income, the Association of Taxation Technicians has warned.

Jersey Fund Sector Reports Strong 2016 Wednesday 24/5/2017 The value of funds being administered in Jersey rose to a record level at the end of 2016, according to the latest figures from the jurisdiction's financial services regulator.

Bermuda Touts Competitive Edge At Bloomberg Forum Tuesday 23/5/2017 Bermuda's profile among New York-based corporate executives has received a boost with business billionaire Michael Bloomberg telling a gathering of senior US business leaders that the island plays a special role in the global economy.

Jersey Increases Fees For Expat Workers Monday 22/5/2017 Jersey has announced plans to increase the cost of registration cards and licenses for those living and working on the island.

Deadline Nears For Brazilian Tax Debt Repayment Incentive Monday 22/5/2017 Brazil has said that taxpayers have until May 31 to join its program for settling tax debts.

Canadian Gov't Publishes Paper On Carbon Pricing Monday 22/5/2017 The Canadian Government has published a technical paper that outlines a proposed federal carbon pricing option for provinces that do not have their own system in place by 2018.

UK Conservative Party Would Hike Income Tax Bands Friday 19/5/2017 The ruling Conservative Party in the UK has said it would increase the middle income tax bracket and the tax-exempt threshold if reelected.

Slovenia Urged To Shift Tax Burden Away From Workers Friday 19/5/2017 Slovenia should increase its capital gains, real estate, and excise tax burden to raise funds for labor tax reform, the International Monetary Fund has said

German Labor Tax Burden Too High, IMF Says Friday 19/5/2017 Germany should reduce its "large and increasing tax burden on labor" to boost employment in the country, the International Monetary Fund has said.