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.

1. 2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking
Synopsis
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
Executive 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
2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking

2. 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.
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
table Of Contents
1 Executive Summary
2 Global Snapshot And Outlook
2.1 Global Offshore Tax Evasion Dynamics
2.2 Regulations And Compliance Across Key Markets
2.2.1 Developed Economies
2.2.2 Tax Havens
2.2.3 Emerging Economies
2.3 Recent Developments And Future Outlook
3 Developed Economies
3.1 The Us
3.1.1 Introduction To Fatca
3.1.2 Key Agreements With Offshore Economies
3.1.3 Impact On Wealth Management Business
3.1.4 Challenges
3.2 The Uk
2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking

3. 3.2.1 Introduction To Offshore Tax Evasion Regulations
3.2.2 Key Agreements With Offshore Economies
3.2.3 Impact On Wealth Management Business
3.2.4 Case Study
3.2.5 Challenges
3.3 Germany
3.3.1 Introduction To Offshore Tax Evasion Regulations
3.3.2 Key Agreements With Offshore Economies
3.3.3 Impact On Wealth Management Business
3.3.4 Case Study
4 Tax Havens
4.1 Switzerland
4.1.1 Initiatives To Curb Tax Evasion
4.1.2 Key Agreements
4.1.3 Impact On Wealth Management Business
4.1.4 Case Study
4.1.5 Challenges
4.2 Singapore
4.2.1 Initiatives To Curb Tax Evasion
4.2.2 Key Agreements With Other Economies
4.2.3 Impact On Wealth Management
4.2.4 Case Study
4.3 Hong Kong
4.3.1 Initiatives To Curb Tax Evasion
4.3.2 Impact On Wealth Management Businesses
5 Developments In Emerging Economies
5.1 Brazil
5.2 Russia
5.3 India
5.4 China
6 About Wealthinsight
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2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking