Report on No Safe Havens - Changes in Offshore Private Banking by


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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
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Report on No Safe Havens - Changes in Offshore Private Banking by

  1. 1. 2020 Foresight Report: No Safe Havens - Changes in Offshore Private BankingSynopsisThe report provides analysis, information and insights on regulations for curbing offshore tax evasionimplemented 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 tomitigate offshore tax evasion by their taxpayers and the corresponding impact on wealth managementcompanies Detailed analysis of the initiatives being taken by some tax havens in order to stop inflow ofuntaxed wealth and the specific effect this has on wealth management companies in their territories Insightsinto what wealth management companies can do to keep growing their business despite paucity of offshorefunds due to punitive measures being imposed by the originating countries on concealed offshore incomesProvides a snapshot of the broader trends related to the growing prominence of certain locations as tax havensand the dynamics between onshore and offshore wealth due to taxing the previously untaxed offshore wealthExecutive summaryGovernments globally have been taking initiatives to curb offshore tax evasion for many years. However, thisphenomenon 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 taxhavens such as Switzerland and Singapore. Coordinated and individual actions taken by different jurisdictionshave significant ramifications for offshore wealth management companies and other institutions whosebusiness is significantly driven by offshore deposits.The economy at the forefront of fighting offshore tax evasion is the US. It has entered into agreements withseveral nations to ensure that their financial institutions implement the provisions of the Foreign Account TaxCompliance Act (FATCA), passed by US Congress. Under FATCA, the financial institutions of partnernations are required to give details of accounts held by US taxpayers with them, or be subject to a withholdingtax of 30%.Jurisdictions such as the UK have been signing bilateral agreements with other economies, under whichlimited timeframe disclosure facilities are being offered to offshore account holders to come clean on theirwealth or face penalties. Wealth management companies in tax havens entering into these agreements areexpected to handle significant funds through tax payments by offshore account holders. This comes under thecategory of tax information exchange agreements, whereby financial institutions in treaty countries arerequired to submit client data.ScopeThis report provides a detailed analysis of measures being taken by some developed nations and emergingeconomies to mitigate tax evasion offshore by their tax payers It explains the key provisions of some of theimportant acts such as the Foreign Account Tax Compliance Act in the US It details the measures being takenby certain tax havens to reduce their geographies from being used to evade taxes It details the impact onwealth management companies that had previously derived a major share of their business from offshorewealth It details the market entry strategies and product, target and customer retention strategies used byvarious wealth management companies in the wealth management industry It suggests the new businessmodels and marketing strategies to be adopted and the new geographies that have to be targeted by wealthmanagement companies in tax havens to keep their business growingKey highlightsThe US, through the medium of FATCA, has been putting the onus on financial institutions based out of itstreaty partners to provide information about the US taxpayers holding accounts with them by a certain date orbe subjected to withholding taxes. Countries such as the UK are mainly offering disclosure facilities to their2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking
  2. 2. citizens to come clean on their offshore wealth upon which they would be subjected to lower penalties. Somecountries such as Germany are not hesitating from buying out stolen offshore bank data and based upon it aretaking punitive measures both against those who have evaded their taxes and also the banks abetting them.Wealth management companies in offshore tax havens have to increasingly highlight the wealth managementproficiencies that they have built over a period of time rather than highlighting confidentiality of taxinformation. Due to the reduced returns on wealth deposited offshore due to penalties, individuals willincreasingly keep their money onshore. In the long run, it would be in the interest of the offshore wealthmanagement companies to obtain full-fledged licenses to operate onshore in the countries that they havepreviously been dependent on business for.Reasons to buyUnderstand the significance of the measures being taken by some nations such as the US, the UK andGermany to tax the offshore concealed wealth of their taxpayers Comprehend the impact on wealthmanagement companies whose business is driven mainly by offshore wealth Gain insights into the businessmodels that have to be adopted, the inherent strengths that have to be highlighted and the jurisdictions thatwealth management companies in offshore tax havens have to focus on to continue to expand their businessestable Of Contents1 Executive Summary2 Global Snapshot And Outlook2.1 Global Offshore Tax Evasion Dynamics2.2 Regulations And Compliance Across Key Markets2.2.1 Developed Economies2.2.2 Tax Havens2.2.3 Emerging Economies2.3 Recent Developments And Future Outlook3 Developed Economies3.1 The Us3.1.1 Introduction To Fatca3.1.2 Key Agreements With Offshore Economies3.1.3 Impact On Wealth Management Business3.1.4 Challenges3.2 The Uk3.2.1 Introduction To Offshore Tax Evasion Regulations3.2.2 Key Agreements With Offshore Economies3.2.3 Impact On Wealth Management Business3.2.4 Case Study3.2.5 Challenges3.3 Germany3.3.1 Introduction To Offshore Tax Evasion Regulations3.3.2 Key Agreements With Offshore Economies2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking
  3. 3. 3.3.3 Impact On Wealth Management Business3.3.4 Case Study4 Tax Havens4.1 Switzerland4.1.1 Initiatives To Curb Tax Evasion4.1.2 Key Agreements4.1.3 Impact On Wealth Management Business4.1.4 Case Study4.1.5 Challenges4.2 Singapore4.2.1 Initiatives To Curb Tax Evasion4.2.2 Key Agreements With Other Economies4.2.3 Impact On Wealth Management4.2.4 Case Study4.3 Hong Kong4.3.1 Initiatives To Curb Tax Evasion4.3.2 Impact On Wealth Management Businesses5 Developments In Emerging Economies5.1 Brazil5.2 Russia5.3 India5.4 China6 About WealthinsightMarket Research Report( is the mostcomprehensive collection of market research reports. services are especiallydesigned to save time and money of our clients. We are a one stop solution for all your research needs, ourmain offerings are syndicated research reports, custom research, subscription access and consulting services.We serve all sizes and types of companies spanning across various industries.Contact:M/s Sheela,90 State Street,Suite 700,Albany NY - 12207United StatesTel: +1-518-618-1030USA - Canada Toll Free 866-997-4948Email: sales@researchmoz.comWebsite: www.marketresearchreports.biz2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking
  4. 4. 2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking