Changes in Offshore Private Banking – Tax Havens 2020 Foresight Report

2013-06-10
Published : Jun-2013

Synopsis for “2020 Foresight Report: No Safe Havens – Changes in Offshore Private Banking”:

  • 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

Complete Report available @ http://www.reportsnreports.com/reports/252386-2020-foresight-report-no-safe-havens-changes-in-offshore-private-banking.html.

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. 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.

Scope

  • This report provides a detailed analysis of measures being taken by some developed nations and emerging economies to mitigate tax evasion offshore by their tax payers
  • It explains the key provisions of some of the important acts such as the Foreign Account Tax Compliance Act in the US
  • It details the measures being taken by certain tax havens to reduce their geographies from being used to evade taxes
  • It details the impact on wealth management companies that had previously derived a major share of their business from offshore wealth
  • It details the market entry strategies and product, target and customer retention strategies used by various wealth management companies in the wealth management industry
  • It suggests the new business models and marketing strategies to be adopted and the new geographies that have to be targeted by wealth management companies in tax havens to keep their business growing

Key highlights

  • The US, through the medium of FATCA, has been putting the onus on financial institutions based out of its treaty partners to provide information about the US taxpayers holding accounts with them by a certain date or be subjected to withholding taxes.
  • Countries such as the UK are mainly offering disclosure facilities to their citizens to come clean on their offshore wealth upon which they would be subjected to lower penalties.
  • Some countries such as Germany are not hesitating from buying out stolen offshore bank data and based upon it are taking 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 management proficiencies that they have built over a period of time rather than highlighting confidentiality of tax information.
  • Due to the reduced returns on wealth deposited offshore due to penalties, individuals will increasingly keep their money onshore. In the long run, it would be in the interest of the offshore wealth management companies to obtain full-fledged licenses to operate onshore in the countries that they have previously been dependent on business for.

Order / Buy a copy of this report @ http://www.reportsnreports.com/purchase.aspx?name=252386.

Reasons to buy

  • Understand the significance of the measures being taken by some nations such as the US, the UK and Germany to tax the offshore concealed wealth of their taxpayers
  • Comprehend the impact on wealth management companies whose business is driven mainly by offshore wealth
  • Gain insights into the business models that have to be adopted, the inherent strengths that have to be highlighted and the jurisdictions that wealth management companies in offshore tax havens have to focus on to continue to expand their businesses

Contact sales@sandlerresearch.org with a request to order this report.


Filed in: Banking & Finance, Wealth Management
More Reports
Title Price Buy Now

FinTrack: October 2019

FinTrack: October 2019 Summary Every month, FinTrack showcases the latest innovations from financial services providers around the world. Each innovation is assessed and rated on key criteria, providing you with valuable insight. The provision of financial services is constantly evolving, with new technology having a particularly significant impact. Innovations such as digital delivery, AI, biometrics, and robo-advice are enabling providers around the world to offer new and improved services to customers that will improve the way they manage their finances. The growing availability of these technologies is also making it easier than ever for new entrants to develop their own propositions and challenge the established providers. Scope - Samsung Pay launches international P2P transfers ......
$1295

Governance, Risk and Compliance – The Colombian Insurance Industry

Governance, Risk and Compliance - The Colombian Insurance Industry Summary GlobalData's 'Governance, Risk and Compliance - Colombian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Colombia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal sy......
$950

Competitor Profile: Square

Competitor Profile: Square Summary Square is a US-based payment services provider that was launched in 2009. It enables businesses to accept payments through methods including debit and credit cards issued by all major scheme providers, as well as NFC-based solutions such as Google Pay and Apple Pay. For offline payments, Square offers an array of traditional and mobile point-of-sale (mPOS) solutions for payment acceptance via magnetic stripe, chip, and NFC cards. It also enables online payments through Square Checkout and e-commerce application programming interfaces (APIs). Square's point-of-sale (POS) solutions are used by a number of prominent brands such as Apple, Amazon, Best Buy, Staples, Target, and Walgreens. Square also offers fund transfers to both consumers and businesses t......
$350

Governance, Risk and Compliance – The Japanese Insurance Industry

Governance, Risk and Compliance - The Japanese Insurance Industry Summary GlobalData's 'Governance, Risk and Compliance - The Japanese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Japan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal sy......
$950

Competitor Profile: Pingit

Competitor Profile: Pingit Summary Pingit was the UK's first instant mobile payments app, introduced by Barclays in 2012. Initially launched as a peer-to-peer (P2P) payment service between individuals, it was extended for merchants, allowing them to accept payments for online and offline purchases. The service was initially only offered to Barclays account holders, before being extended to all UK residents with a UK-registered mobile number and UK bank account. The app can be downloaded from the Apple App Store or Google Play Store. The solution enables users to make real-time P2P transfers from their mobile phones using the recipient's mobile number. For Barclays customers, the app is directly linked to their Barclays current account; for non-Barclays customers, a Pingit account is cre......
$350

Enterprise Tech Ecosystem Series: Maybank

Enterprise Tech Ecosystem Series: Maybank Summary Maybank is a leading financial services provider that offers a range of personal banking, wholesale banking, investment banking, private banking, online banking, and insurance products and services. Its personal and wholesale banking product and service portfolio includes mortgage, car, and personal loans; debit and credit cards; savings, current, cash, and Islamic accounts; trade finance; custody and clearing services; personal accident plans; and share margin financing. It also provides wealth management and treasury services and takaful insurance products. This report provides insights into Maybank's digital transformation strategies, accelerator programs, and innovation centers. It also gives an overview of its technology initiatives......
$1295

Bermuda Insurance Industry: Key Trends and Opportunities to 2022

Bermuda Insurance Industry: Key Trends and Opportunities to 2022 Summary GlobalData's 'Bermuda Insurance Industry: Key Trends and Opportunities to 2022' report provides in-depth analysis, information and insights into the Bermudian insurance industry. GlobalData's 'Bermuda Insurance Industry: Key Trends and Opportunities to 2022' report provides a detailed outlook by product category for the Bermudian insurance industry. It provides values for key performance indicators such as written premium and investments during the review period (2013-2017) and forecast period (2017-2022). The report gives a comprehensive overview of theBermudian economy and demographics. The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on s......
$995

Swaziland Insurance Industry: Key Trends and Opportunities to 2022

Swaziland Insurance Industry: Key Trends and Opportunities to 2022 Summary GlobalData's 'Swaziland Insurance Industry: Key Trends and Opportunities to 2022' report provides in-depth analysis, information and insights into the Swaziland insurance industry. GlobalData's 'Swaziland Insurance Industry: Key Trends and Opportunities to 2022' report provides a detailed outlook by product category for the Swaziland insurance industry. It provides values for key performance indicators such as written premium, investments, loss ratio, density and penetration during the review period (2013-2017) and forecast period (2017-2022). The report gives a comprehensive overview of the Swaziland economy and demographics. The report brings together GlobalData's research, modeling and analysis expertise, g......
$995

Enterprise Tech Ecosystem Series: ING Group

Enterprise Tech Ecosystem Series: ING Group Summary ING Group is a provider of retail and commercial banking services as well as other related financial solutions. The company provides deposit services, loans and mortgages, saving and investment products, derivatives and equities, credit and debit cards, asset and wealth management services, and financial planning solutions to individuals. It offers business loans, current accounts, trade and receivable financing, international banking, and other solutions to clients ranging from SMEs to large corporates. It also provides private banking and wealth and investment management services to high net worth individuals and families. Headquartered in the Netherlands, the group operates across Europe, the Americas, Asia, and Australia. This rep......
$1295

Denmark General Insurance: Key trends and Opportunities to 2023

Denmark General Insurance: Key trends and Opportunities to 2023 Summary GlobalData's 'Denmark General Insurance: Key Trends and Opportunities to 2023' report provides in-depth market analysis, information and insights into the the Danish general insurance segment. GlobalData's 'Denmark General Insurance: Key Trends and Opportunities to 2023' report provides a detailed outlook by product category for the Danish general insurance segment. It provides values for key performance indicators such as written premium, loss ratio and general insurance penetration during the review period (2014-2018) and forecast period (2018-2023). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Danish economy and demographics, and provides detailed ......
$3999
We use cookies to deliver the best possible experience on our website.
By continuing to use this site, or closing this box, you consent to our use of cookies. To learn more, visit our Privacy Policy