The Kronos Group’s report went on to state that Taiwan’s private banking assets under management have grown over the past few years by an average of 12 percent per annum to reach an estimated US$150 billion according to an official source.
“In the past 10 years, a lot of funds from outside of the Asian Region have moved to Taiwan from Europe, Latin America, the Middle East, Russia and Central Asia,” says Todd Laraway, Chairman of The Kronos Group.
“10 years ago, the industry was small and existed only to help local Taiwanese locals set up offshore trusts away from Taiwan but today it is almost the opposite. The trust industry is helping foreigners set up trusts in Taiwan” went on to say Todd Laraway, Chairman of The Kronos Group.
The Kronos Group’s report says that One of the prime reasons for the financial shift to Asia is ongoing investigations into tax havens by Organization for Economic Co-operation and Development (OECD) member countries, most notably that of America.
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