Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

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

Global offshore private banking market: Feeling effects from government clampdown on offshore tax evasion


Print article Print article
© companiesandmarkets.com

companiesandmarkets.com
companiesandmarkets.com
2014-02-21 22:21:01 - 2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking - a new market research report on companiesandmarkets.com

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.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. Report 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 growingReasons 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

Click for report details: www.companiesandmarkets.com/Market/Finance-and-Banking/Market-Re ..

Browse all Finance and Banking Market Research Reports www.companiesandmarkets.com/Market/Finance-and-Banking/Market-Re ..

Browse all Finance and Banking Company Profile Reports www.companiesandmarkets.com/Market/Finance-and-Banking/Company-P ..

Browse all Latest Market Research Reports www.companiesandmarkets.com/Market/All/Market-Research?aCode=f3f ..

About Us
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.com’s online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.


Author:
Mike King
e-mail
Web: www.companiesandmarkets.com
Phone: London: +44 (0) 203 086 8600

Disclaimer: If you have any questions regarding information in these press releases please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims contents contained in this release.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com | BidVertiser