Welcome

Tuesday 21 April 2015

2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking

Synopsis

The report provides analysis, information and insights on regulations for curbing offshore tax evasion implemented by various governments across key markets and their impact on wealth management companies:  Intensive analysis of the measures being taken by some of the developed nations and emerging economies to mitigate offshore tax evasion by their taxpayers and the corresponding impact on wealth management companies Detailed analysis of the initiatives being taken by some tax havens in order to stop inflow of untaxed wealth and the specific effect this has on wealth management companies in their territories Insights into what wealth management companies can do to keep growing their business despite paucity of offshore funds due to punitive measures being imposed by the originating countries on concealed offshore incomes Provides a snapshot of the broader trends related to the growing prominence of certain locations as tax havens and the dynamics between onshore and offshore wealth due to taxing the previously untaxed offshore wealth

Summary

Governments globally have been taking initiatives to curb offshore tax evasion for many years. However, this phenomenon has assumed increased urgency since 2008-2009 when economies across the world, developed nations in particular, were severely impacted financially. Their prime targets have been offshore tax havens such as Switzerland and Singapore. 

Detailed report at: http://www.radiantinsights.com/research/2020-foresight-report-no-safe-havens-changes-in-offshore-private-banking 

Coordinated and individual actions taken by different jurisdictions have significant ramifications for offshore wealth management companies and other institutions whose business is significantly driven by offshore deposits. The economy at the forefront of fighting offshore tax evasion is the US. It has entered into agreements with several nations to ensure that their financial institutions implement the provisions of the Foreign Account Tax Compliance Act (FATCA), passed by US Congress. 

Under FATCA, the financial institutions of partner nations are required to give details of accounts held by US taxpayers with them, or be subject to a withholding tax of 30%. Jurisdictions such as the UK have been signing bilateral agreements with other economies, under which limited timeframe disclosure facilities are being offered to offshore account holders to come clean on their wealth or face penalties. 

Wealth management companies in tax havens entering into these agreements are expected to handle significant funds through tax payments by offshore account holders. This comes under the category of tax information exchange agreements, whereby financial institutions in treaty countries are required to submit client data.

About Radiant Insights

Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.

For More Information Visit – Radiant Insights

Contact:
Michelle Thoras
Corporate Sales Specialist, USA
Radiant Insights, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@radiantinsights.com

No comments: