Offshore Trusts Under Threat? - Apparently Not . . .

[Cronky]

From a global perspective apparently our financial services industry has a good future:

 

Offshore Trusts Under Threat?

http://www.offshoretrustsguide.com/features/Q3_2012_Feature_Offshore_Trusts_Under_Threat__570067.html

 

The current controversy over the tax affairs of wealthy celebrities in the United Kingdom has cast an unwelcome spotlight onto offshore territories like Guernsey and Jersey, and has led some to suggest that the offshore trust, at least as far as these jurisdictions are concerned, has had its day, with David Cameron’s coalition government expected to fire a new volley of anti-avoidance legislation in their direction. Leading political and finance industry figures in the islands, however, beg to differ.

 

. . . the Isle of Man played host to a delegation of leading business people from the London operations of some of China's leading companies from various sectors, including banking, shipping, telecoms, petrochemicals and food.

 

"This was the first visit of its kind to the Isle of Man and it is highly encouraging that the Chinese delegation had expressed a desire to visit here over other jurisdictions,” commented Michael Charlton, Director of International Business Development in the Manx government. “We have been very proactive over the last year in building relationships with key Chinese Government Ministries, trade bodies and business leaders with three visits from Isle of Man delegations having visited China already and another planned for the Autumn."

 

Zhou Xiaoming, Minister Counsellor, Economic & Commercial Office, Embassy of the People's Republic of China in London was “impressed” by the diversity of the Island's economy, the range of opportunities available to Chinese business. “We see this visit as the beginning of a lasting relationship and very much look forward to working together with the Isle of Man Government and the Island's businesses we have met to mutual advantage."

 

Ultimately, these jurisdictions have taken all that the OECD, the FATF and the EU could throw at them over the past decade or more during the campaigns for transparency and fiscal fairness, and they have come through the ordeal leaner and fitter. It may well become more difficult for people in places like the US, the UK and elsewhere in Europe to utilise offshore trusts, but the potentially huge volume of custom headed from the newly-wealthy in the emerging economies suggests they have a secure future, and places like the Channel Islands and the Isle of Man in particular have adapted well to the changing financial environment in recent years.

 

It amazes how someone like Michael Charlton, apparently a key individual in our economic future, has such a low profile locally. There was plenty about him in the UK media when he was appointed:

 

Isle of Man appoints international business director

http://www.telegraph...s-director.html

 

Mr Charlton will be responsible for bringing in new business, focusing on target markets such as the Middle East, China and Russia. This focus forms part of the government's new country strategy, which is being developed in conjunction with the private sector.

 

Strangely, he doesn't even appear on the Government website . . .

[IOMRS97]

It's good to know the Isle of Man won't be adversely affected by any clampdown on offshore trusts. Mind you it's not so long ago we were being told that the island wouldn't be greatly affected by the recession......

[GD4ELI]

"but the potentially huge volume of custom headed from the newly-wealthy in the emerging economies suggests they have a secure future"

 

I really don't see the Chinese authorities allowing their citizens to park money offshore like this.

[Lxxx]

"but the potentially huge volume of custom headed from the newly-wealthy in the emerging economies suggests they have a secure future"

 

I really don't see the Chinese authorities allowing their citizens to park money offshore like this.

 

Citizens no. The vast members of the corrupt local and national government and their 'business' partners, possibly.

[prism10]

Where there is an off shore tax haven.......... money follows!

[Manx1Bloke]

"but the potentially huge volume of custom headed from the newly-wealthy in the emerging economies suggests they have a secure future"

 

I really don't see the Chinese authorities allowing their citizens to park money offshore like this.

 

but it happens already....it is almost a status symbol to have an offshore structure, BVI companies are amongst the favourites......