Follow on Google News News By Tag * Offshore * Amnesty * Tax * Clients * Banks * Amnesties * Investors * Onshore * Wealth * Money * More Tags... Industry News News By Place Country(s) Industry News
Follow on Google News | Recently released market study: Impact of tax amnesties on offshore FSRecently published research from Datamonitor, "Impact of tax amnesties on offshore FS", is now available at Fast Market Research
Scope * Presents findings of our Offshore Banks Survey 2010 covering Jersey, Guernsey, Isle of Man, Switzerland, Hong Kong and Singapore * Introduces our proprietary Tax Amnesty Assessment Index, allowing offshore banks to analyze the impact of any future tax amnesty * Assesses the success (or failure) factors in four amnesties: US, UK, Italy and Australia * Identifies 15 critical criteria that make an amnesty a threat to offshore business Highlights Nearly 70% of Channel Islands/ Isle of Man's offshore client base is domiciled in Western Europe (and around half are based just in the UK), which is a legacy of the strength of the UK banks in those centres. However this means that these centers risk losing a significant amount of business to a successful UK amnesty. In Jersey, Guernsey and Isle of Man it is the UK government's future plans that are making banks nervous, because of the reliance they have on UK domiciled clients. And this same reliance on a single country (Germany) is causing banks in Switzerland to keep a close eye on developments there. Some countries' clients fear for the safety of their wealth rather than their personal safety. This was confirmed by Datamonitor's Offshore Banks Survey, where more than 40% of Swiss respondents cited "They feel their money is safer offshore" as a main reason for clients to put money outside their domicile. Reasons to Purchase * Understand the motivations for clients to put money offshore with results from Datamonitor's Offshore Banks Survey 2010 * Assess the impact of future tax amnesties on your business with Datamonitor's Tax Amnesty Assessment Index * Understand what makes an amnesty a threat to your business with real-life examples that highlight the 15 criteria for amnesty success For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Overview 1 Catalyst 1 Summary 1 Executive Summary 2 Only Jersey, Guernsey and Isle of Man source their clients strongly from their home region, making them vulnerable to single country tax amnesties 2 There are five key determinants of a tax amnesty's ability to pull money from offshore centres 2 Substantial 'carrots' will threaten offshore business 3 But without 'sticks', offshore wealth will stay offshore 4 Table of Contents 5 Table of figures 6 Table of tables 7 Clients served from the Offshore Banking Centers Today 8 The offshore client base is balanced within most centers, with clients domiciled worldwide 8 Only Jersey, Guernsey and Isle of Man source their clients strongly from their home region, making them vulnerable to single country tax amnesties 8 Investment opportunities and service entice clients offshore much more than tax avoidance 9 Offshore clients are motivated by a combination of fear and opportunity in moving money back onshore 10 The US tax amnesty's success makes offshore banks fear for another 11 Assessing the impact of tax amnesties 13 The tide has turned on offshore banking centres 13 A number of 'carrots' and 'sticks' will continue to drive client wealth back onshore 13 The benefits of the tax amnesty combined with the threat credibility of enforcement, push money onshore 13 Investors are less likely to take advantage of an amnesty if they don't believe it is a one-time opportunity 14 Onshore structural dynamics pull investors' wealth back home 14 For some investors, security is an important motivator 14 But for most, high taxes onshore have historically been the key boost to offshore business 15 Opportunities, and service, must be strong in the home market to be a threat to offshore banks 15 There are only two 'hold steady' factors that might encourage investors to keep their wealth offshore 16 Substantial 'carrots' will threaten offshore business 19 But without 'sticks', offshore wealth will stay offshore 19 America's IRS clamps down on offshore credit cards 19 Australia's ATO threatens that ""all bets are off"" 20 Italy's high-profile raids and border patrols give threat credibility to its amnesty 20 Deconstructing the impact of recent amnesties 20 The likely threat of an amnesty to a centre's offshore business can be assessed using 15 criteria 20 Incentives tempt investors onshore 21 Consequences threaten investors who don't comply 21 Publicity strikes fear of getting caught into investors 21 Frequency of announced amnesties reduces chances of success 21 Home market changes are necessary to keep investors' wealth onshore 22 Putting the Tax Amnesty Assessment Index into practice: Italy 22 Putting the Tax Amnesty Assessment Index into practice: US 24 Putting the Tax Amnesty Assessment Index into practice: UK 26 Putting the Tax Amnesty Assessment Index into practice: Australia 28 APPENDIX 31 Definitions 31 Domicile 31 Offshore 31 Tax Amnesty 31 TIEA 31 Methodology 31 Bibliography 31 Further reading 31 Ask the analyst 31 Datamonitor consulting 32 Disclaimer 32 List of Tables Table 1: Assessing Italy's tax amnesty, January 2010 24 Table 2: Assessing the US's tax amnesty, January 2010 26 Full Table of Contents is available at: -- http://www.fastmr.com/ About Datamonitor The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. End
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number