ResearchMoz.us include new market research report"2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking " to its huge collection of research reports.

Albany, NY -- (SBWire) -- 06/10/2013 --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%.

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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

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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

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