Offshore Private Banking

Tax amnesty outflows near an end

Mon, Feb, 1 2010

Private banks in offshore centres have weathered the worst of the outflows from national tax amnesties, according to research.The impacts of amnesties on offshore centres, notably Switzerland and Liechtenstein, have not been “excessive”, according to a report by A.M. First, a credit rating organisation.

Industry shifts to ‘declared offshore’

Tue, Dec, 15 2009

With the current focus on tax amnesties, and with the UK deadline approaching on 4 January, UK private banks have to consider their options.

Channel Islands become the latest target

Thu, Oct, 22 2009

The so-called “zero-10” corporate tax system operated in Guernsey, Jersey and the Isle of Man is to be abolished, after several unidentified European Union member states placed pressure on Britain to end the tax advantages of the UK’s offshore banking centres.

Asia financial centres on the up

Thu, Oct, 22 2009

Bankers have started to regain confidence in overseas financial centres as concerns over the credit crisis start to diminish.

US clients own up to the ‘External Revenue Service’

Thu, Oct, 22 2009

Around 7,500 US taxpayers have come forward to disclose accounts in foreign havens, according to officials of the US Internal Revenue Service.

Singapore edges towards white list

Thu, Oct, 22 2009

(Free) Singapore has amended its tax law to comply with international standards, paving the way for its inclusion among the Organisation for Economic Cooperation and Development’s list of white-listed jurisdictions.

A substitute for banking secrecy?

Thu, Oct, 22 2009

US clients are renouncing their citizenship and are being encouraged to move into insurance-based products as banking secrecy in Switzerland evaporates. While banking secrecy has been declared effectively dead by industry commentators, the privacy offered through insurance structures has become an increasingly attractive option for private banks and clients.

Founding an offshore flight to quality

Wed, Aug, 19 2009

Foundations, which originally emerged as wrappers for philanthropic works for the wealthy, are being promoted as the new vehicle-of-choice for those seeking family asset protection. But a flight to quality seems likely to ensue as Jersey seeks to attract business.

Offshore alive and kicking

Thu, Jul, 23 2009

The business of managing undeclared money has been killed off following the international push to promote the exchange of tax information between nations. But offshore private banking remains an important part of the service offering, and Switzerland, despite its concessions on bank secrecy, is likely to be at the centre of it.