Offshore Evolution: Transparency and Solutions in Cross Border Wealth Structuring
published a report examining international trends in the trust and
estate planning industry.
The report covers many areas including:
The impact of the policy and economic environment; How changes
affect clients; Competition; Business Management; Products and
Order your copy of the
report or view the executive summary.
One of the main findings is that wealthy families are increasingly
looking to manage their assets internationally and highlights the
growing need for their professional advisers to give tax advice on
a global, not just local, basis. Those advisors and trustees who
master global and integrated tax advice will thrive in this new
Much more sophisticated advice is needed to manage the
complexity of tax issues wherever a client may have assets or
connections. Clients want home country compliance and international
tax neutrality to avoid additional layers of tax.
Three key trends were identified which will be felt across the
industry for years to come
The Transparency Dividend
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.
Investors and their advisors will choose jurisdictions for tax
neutrality, so that investors from several jurisdictions are not
subject to the additional layers of taxation that sometimes arise
in a cross-border context.
All this requires much more sophisticated tax and regulatory
advice where integration is key. This means bringing together the
advice from country A and country B to achieve the best outcome
overall for the family.
Transforming Trust and Estate Planning into Wealth
Modernising practices are integrating trust and estate planning
into a wider wealth management business. Trustees are adopting best
practices in investment management and enhancing compliance
processes to reduce risk.
‘Trust Plus’ Strategies
Products and services are being combined together to create new
revenue opportunities for wealth structuring professionals. New
strategies are being added to the toolbox and existing strategies
are being combined in new ways to create customised solutions in
higher value structures.
Thirty-two leading Trust and Estate Planning practitioners were
interviewed between March & June 2009 about their predictions
for the industry over the next 12-18 months.