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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

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

Australian Senate Passes Bank Levy Tuesday 20/6/2017 The Australian Government's major bank levy will enter into force on July 1, and is expected to raise around AUD6.2bn (USD4.7bn) in revenue over the next four years.

US Taxpayers' Input Sought On Tax Reform Tuesday 20/6/2017 The Senate Committee on Finance has asked for public input on US tax reform options.

New Zealand Government To Simplify Personal Income Tax Tuesday 20/6/2017 New Zealand's Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages, or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax.

UK Tax Burden To Rise, Chancellor Confirms Monday 19/6/2017 UK Chancellor Philip Hammond has signalled that the next Government is likely to increase taxes, saying that the "objective remains to bring the public finances back to balance by the middle of the next decade."

Brazil May Slash Top Individual Income Tax Rate Friday 16/6/2017 In a bid to improve the functioning of the tax regime for individuals, Brazil is considering lowering the rate on top earners and introducing tax on dividend payments to shareholders.

Brazil's Senate Consults On Import Tax Exemption Proposal Thursday 15/6/2017 Brazil's Senate has launched a consultation on a proposal to exempt from import duties goods bought by individuals worth up to USD1,000.

Jersey Research Highlights China HNW Succession Issues Thursday 15/6/2017 Jersey's financial services promotion agency, Jersey Finance, has published new research on the key challenges facing wealth management practitioners working with China's wealthiest individuals.

Venture Capital Firms Seek Bangladeshi Tax Holidays Thursday 15/6/2017 Venture capital and private equity firms in Bangladesh have called for corporate tax breaks to support investments in new businesses.

Irish Legal Professionals Propose Enhancements To Tax Regime Wednesday 14/6/2017 The Law Society of Ireland has published 22 recommendations for changes to the Irish taxation and probate systems, to boost the country's attractiveness for entrepreneurs and the creative industries.

Brazil To Collect USD6bn Under Tax Repayment Initiative Monday 12/6/2017 Brazilian authorities have secured BRL20bn (USD6bn) in revenue after offering some 342,000 micro and small businesses the opportunity to pay in installments.