Edmond de Rothschild (Suisse) SA agreed to pay $45.4 million to avoid prosecution for helping U.S. clients evade taxes, admitting it aided them in moving cash and using sham offshore entities to hide money from the Internal Revenue Service. Rothschild is the 68th Swiss bank to reach an accord with… – Continue reading
The Department of Justice announced today that Edmond de Rothschild (Suisse) SA and Edmond de Rothschild (Lugano) SA (collectively EdR Switzerland) reached a joint resolution under the department’s Swiss Bank Program. EdR Switzerland will pay a penalty of more than $45 million. The Swiss Bank Program, which was announced on… – Continue reading
2016 Compliance Update For the past few years, FATCA has dominated the international tax compliance landscape. As that regime continues to be phased-in, a new regime – the Common Reporting Standard (“CRS”) – will begin to be implemented around the world. CRS, sometimes referred to as “Global FATCA,” will expand… – Continue reading
Dreyfus Sons & Co. has operated for two centuries as a private Swiss bank, catering to Jewish clients who wanted to hide assets from the Nazis during the 1930s and World War II. More recently, it helped U.S. clients hide assets from the Internal Revenue Service by concealing their true… – Continue reading
The Cayman Islands (along with the United Kingdom, Ireland, Jersey, Guernsey, the British Virgin Islands and over 70 other countries) has committed to implementing the OECD Common Reporting Standard (“CRS”), which will require investment funds to collect tax identification and tax residency information from all new subscribers and transferees (including… – Continue reading
40% of licenses to frack in the UK are held by companies which are wholly or partly owned in offshore tax havens, a Greenpeace investigation has found. Analysis also shows that Cuadrilla, one of the UK’s leading shale gas firms, is majority owned by entities based in offshore tax havens…. – Continue reading
There are a number of ways to structure your offshore fund and the best option for you will depend largely on the location of the manager, your investor base and the type of investments that the fund will make. I have set out a summary of the three most common… – Continue reading
The BVI Business Companies Act 2004 (“BCA“) is shortly due to be amended by the BVI Business Companies (Amendment) Act 2015 (the “Amendment Act”). As well as keeping the British Virgin Islands (“BVI“) corporate regime at the forefront of compliance with international standards, the Amendment Act is intended to provide… – Continue reading
Many jurisdictions have agreed to implement the Organisation for Economic Co-operation and Development’s multilateral system of automatic exchange of information called the “Common Reporting Standard” (CRS). In furtherance of its objectives, the CRS imposes a variety of diligence and reporting requirements on “financial institutions,” which includes many master funds, offshore… – Continue reading
The company that owns the Queen‘s jeweller Mappin & Webb has paid no corporation tax for five years – despite profits of £66million. The allegations made against Mappin & Webb owners Aurum Holdings came as the conduct of firms holding royal warrants was scrutinised amid revelations about their tax arrangements…. – Continue reading
Each year the elected leaders of Britain’s overseas territories (OTs) gather from around the world to meet with British Ministers in London. Their objective is to discuss the continuing partnership with the UK, to establish priorities and to try to resolve differences. For the most part the issues covered at… – Continue reading
There are a variety of benefits to moving offshore, yet few would argue the assertion that tax neutrality is paramount among them. As anyone familiar with the phrase “tax haven” would surely recognize, many countries offer strongly favorable tax terms as an incentive to draw new business. Written by CT… – Continue reading
On 1 December 2015, the Income Tax (Approved International Agreements) (Implementation) (Common Reporting Standard) Regulations 2015 came into operation. The regulations implement the Council of Europe–OECD Mutual Assistance Treaty (1988) (as amended through 2010), under which, in order to improve international tax compliance, information will be automatically exchanged in accordance… – Continue reading
An influential UK newspaper has called for Britain to force its Overseas Territories to create a public register of owners of companies. Chris Blackhurst, the group content director of a four-newspaper stable, writing in the London Evening Standard, said: “Only then, once we have put our own house in order,… – Continue reading
The British government is about to get tough with so-called tax havens that are dragging their feet on revealing the secret ownership of thousands of offshore companies. One of the main thrusts of Britain’s drive to clean up the murky world of tax avoidance has been to put pressure on… – Continue reading
On 23 November 2015 Guernsey issued regulations to implement the Common Reporting Standard (“CRS”) under Guernsey’s domestic law. The regulations follow on from the commitment made on 29 October 2014 by Guernsey, along with the other Crown Dependencies and a number of other jurisdictions, to start exchanging information under the… – Continue reading
Amid all the diplomatic comings and goings on Syria and how to tackle Islamic State, an important but little-noticed high-level gathering has been taking place in London. The Overseas Territories were holding the fourth meeting of their Joint Ministerial Council at Lancaster House. Leaders from Anguilla, Bermuda, British Virgin Islands,… – Continue reading
HONG KONG, Dec. 2, 2015 /PRNewswire — Demand for asset protection, wealth planning and funds by high net worth individuals in Asian countries will drive continued growth in the offshore industry, according to OIL’s sixth “Offshore 2020” annual market research study. OIL, the leader in international incorporations and corporate services… – Continue reading
As the Joint Ministerial Council meeting continues in London this week Financial Services Minister Hon Wayne Panton says he intends to meet with European States in a bid to have Cayman removed from their lists of third-country, Non-cooperative Tax Jurisdictions. The minister, speaking at the last sitting of the Legislative… – Continue reading
For the sixth consecutive year, the British Virgin Islands (BVI) has been named the most important offshore financial services jurisdiction by OIL’s annual Offshore 2020 report. The report is based on the opinions of 300 global financial services industry professionals and explores key trends and issues facing the industry. Martin… – Continue reading
The Common Reporting Standard (CRS) is the standard for automatic exchange of financial account information produced by the Organisation for Economic Cooperation and Development (OECD) which provides for systematic and periodic automatic exchange of information between signatory jurisdictions. At its heart is a requirement for financial institutions, including British Virgin… – Continue reading
(CNS Business): A new report released by a coalition of NGOs, including Transparency International UK, has described some of the British overseas territories (BOTs) as “some of the most notorious purveyors of financial secrecy”, despite promises about more transparency. The authors say a World Bank study found that BOTs are… – Continue reading
Charities remind Cameron of pledge to ‘continue to lead world on tax and transparency’ before meetings with leaders of overseas territories Campaigners are urging David Cameron to use a meeting with leaders of Britain’s overseas territories this week to demand a crackdown on tax dodging, corruption and money laundering. Leading… – Continue reading
Following an independent report which ranked the British Virgin Islands (BVI) as the most important offshore jurisdiction for the sixth consecutive year, local stakeholders are singing the territory’s praises, with one going as far as to claim that the report has challenged the common perception that the BVI is being… – Continue reading
Introduction Transfer pricing is a term used to define the price charged between associated enterprises for the transfer of goods, services and intangible property. Increasing cross-border activities have made transfer pricing a real issue as enterprises seek to use transfer pricing as a tool for tax avoidance. Consequently, HK has… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes. The accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The firms, which… – Continue reading
The offshore industry is poised for growth, as the industry insiders see the demand for offshore financial and corporate services likely to increase in the coming years, according to an industry survey conducted by OIL, a corporate service provider specializing in international incorporations. The industry has been battling negative perceptions… – Continue reading
The offshore industry is poised for growth, as the industry insiders see the demand for offshore financial and corporate services likely to increase in the coming years, according to an industry survey conducted by OIL, a corporate service provider specializing in international incorporations. The industry has been battling negative perceptions… – Continue reading
As the founder of a startup company, one of the first questions you need to consider is “where should I incorporate my company?” Investors are drawn to the British Virgin Islands (BVI) for its flexible and modern corporate regime, tax neutrality, respected legal system, political stability and effective regulatory framework…. – Continue reading
Gabriele Galimberti and Paolo Woods make a complex and impenetrable subject palatable To do justice to the work undertaken by Paolo Woods and Gabriele Galimberti, requires thinking of them not as photographers, but as investigators. Their search for truth begins with a mystery, one embodied in Ian Fleming’s Dr. No…. – Continue reading
The clock is ticking for American tax dodgers around the world after BNP Paribas SA’s Swiss unit and two other banks joined a U.S. program to avoid prosecution, revealing the exact methods of Swiss bankers’ legendary discretion. BNP agreed to pay $59.8 million in a program that has brought in… – Continue reading
Now that’s what I call a Big Tax Case A long running court case that has become known as the ‘Big Tax Case’ appears to be reaching a conclusion. It involves Scottish football club Rangers, who went bust in 2012. After it failed, a new company was created. It bought… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
BRUNO Manser Funds (BMF) is investigating an art painting donated to the Art Gallery of South Australia by a a company linked to Abdul Taib Mahmud, a Malaysian politician who ruled Sarawak for over three decades. The conservation group is calling on the art gallery to disclose the full value… – Continue reading
Global tax is set to face the biggest shake up ever that will affect every saver and investor with accounts in any of the world’s major financial centres. Financial firms and governments are readying to start the Common Reporting Standard (CRS) from January 1, 2016. CRS is a souped up… – Continue reading
As Deputy Prime Minister, the holier-than-thou Nick Clegg made huge play of how his Lib Dems forced their Tory Coalition partners to crack down on tax avoidance. Offshore tax havens, in particular, were his target, when he said: ‘There are millions of people who pay their taxes . . …. – Continue reading
The Department of Justice announced today that Banque Internationale à Luxembourg (Suisse) SA (BIL Switzerland) and Zuger Kantonalbank (ZGKB) have reached resolutions under the department’s Swiss Bank Program. These banks will collectively pay penalties totaling more than $13 million and continue to cooperate with the department. “The agreements reached today… – Continue reading
While the United States works to get tax dollars from corporations hiding assets elsewhere, they offer the same opportunity in U.S. states to businesses from other countries. To some, “tax haven’’ is a dirty word, describing as it does a place where wealthy people and large corporations can hide assets… – Continue reading
Australian motor racing legend Alan Jones has become embroiled in the collapse of an online gambling company operated by notorious conman Peter Foster which owes $11.5 million to about 150 investors. The 69-year-old former winner of the Formula One Drivers’ Championship was named in a writ to be lodged in… – Continue reading
The Caribbean island says its financial system is all aboveboard, yet it remains a gateway to less scrupulous offshore havens like the Cayman Islands. BRIDGETOWN — Is there “dirty” money strewn across the pristine sands of Barbados? Does something sinister hide beneath the glistening coral reefs of this former pirate… – Continue reading
Britain has done more to tackle secretive company ownership practices which facilitate corruption than other leading economies, while the United States and China are falling short of their promises, a leading anti-corruption group said. Britain has made good progress on making beneficial ownership information accessible, having legislated for a central… – Continue reading
The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions, with effect from January 1, 2016. According to the OECD, all major financial centres have now signed up to the standard. Financial institutions should… – Continue reading
In this edition we also include the leading trustees, private bankers and accountants serving the private client industry. RBC Wealth Management leads our research in trust and advisory services with an impressive 18 names recommended. Alan Binnington specialises in establishing and administering trust and fiduciary structures for high net worth… – Continue reading
DID you hear the story about the Queen, tax evasion, a nationalised British bank for the rich and famous, a whistleblower and a £7bn under sale to ‘reward cronies and cheat the taxpayer’? Sounds like a pretty big deal, right? But last Thursday’s damning testimony from Helen Goodman MP –… – Continue reading
United States corporations avoid an estimated $US1.45 billion ($2.06b) of tax in Australia each year by shifting their profits to low or no tax countries, research shows. A joint report by advocacy and union groups Tax Justice Network, Oxfam, Global Alliance for Tax Justice and Public Services International says in… – Continue reading
A blacklist of tax havens by the U.S District of Columbia, which featured the Channel Islands, has been repealed. The Bailiwicks were listed as part of a plan to highlight international jurisdictions the U.S. considers to be used by people trying to avoid paying tax. The Chief Minister was opposed… – Continue reading
Exclusive More than 100 victims of notorious conman Peter Foster have moved to freeze funds held in offshore tax havens after more than $10 million was siphoned from his online gambling company Sports Trading Club. Fairfax Media can reveal Foster and at least eight associates have been served with freezing… – Continue reading
The BVI has announced amendments to its Anti-Money Laundering (AML) regime in order to ensure continued compliance with developing international standards on transparency and AML regimes. Amendments to the legislation have recently been published (Code of Practice and Regulations) and the proposed changes are to take effect on 1 January… – Continue reading
The UK government has a ‘Janus-faced’ approach to tax, a new report suggests: promising an increasingly intolerant approach to evasion and avoidance while being an aggressive participant in global tax competition and tolerating the UK tax havens which facilitate financial crime across the world. The report, Fifty Shades of Tax… – Continue reading
