PRIVATE & INTERNATIONAL BANKING

“The Era of Global Taxation Is Coming” In 2018, several domestic media outlets ran the headline, “The era of global taxation is coming”, with regards to the implementation of the Common Reporting Standard (CRS). For many high net-worth individuals, CRS was a major buzz word in 2018. So, what is CRS exactly? CRS is short for Common Reporting Standard. CRS is a standard for taxpaying citizens’ information exchange between different countries, developed by the Organization for Economic Co-operation and Development (OECD), requiring global financial institutions to offer the account information of citizens of a country to the tax authority of...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2019

For many people, Switzerland is both miraculous and mysterious. In films, we frequently see scenes like this: one of the richest people in the world walks quietly into a private bank in a street corner in Switzerland, where he has deposited a hefty chunk of cash. Switzerland has a national territorial area of more than 40,000 km2. It is a little larger than Hainan Province, a little smaller than the Ningxia Hui Autonomous Region, and about half the size of Chongqing, China. Switzerland has a population of over eight million, which is equivalent to the population of Shandong Province’s Jining...

PRIVATE & INTERNATIONAL BANKING SPONSORED CONTENT 2019

By James Zhang. Since the offshore finance sector had become a backbone industry for Barbados' economy in the late 1990s, the magnitude and spectra of Barbadian banking and related services have been expanding immensely. The overwhelming majority of the clientele of Barbados' 47 offshore banks plus hundreds of trust, insurance and consulting service providers sitting on an island of 431 square kilometers, is overseas. Barbadian and Chinese governments came into an agreement in July 2000 to avoid double taxation, Chinese investments in the Caribbean nation has surged henceforth. Barbadian Prime Minister Freundel Stuart visited China with stopovers in Beijing and Shanghai...

PRIVATE & INTERNATIONAL BANKING OVERVIEW - EXECUTIVE SUMMARY 2014

Country:                    Malaysia - Labuan Region:                       Asia Pacific Currency:                  Any currency of choice except Malaysian Ringgit (MYR) Languages:   English, Malay, Chinese, Tamil Time Zone:     UTC +8 Phone Code:   +6087 Communications: Very Good Labuan is located off the coast of the state of Sabah in East Malaysia and is a Federal Territory of Malaysia. It is also designated as an international business and financial zone by the Malaysian Government since 1990. Known as Labuan International Business and Financial Centre (Labuan IBFC), itpresents a comprehensiveyet cost-efficient midshore solutions and structures toglobal investors and businesses. The jurisdiction offers...

FUNDS & FUNDS SERVICES JURISDICTION 2018

Labuan, Monday 26th August 2019 – With the acceleration of digital revolution in banking, and the advent of 5G driving Industry 4.0, behavioural preference is observed to shift towards online and mobile, from payments to consumption, and in business and trade transactions. China Construction Bank Corporation Labuan Branch (“CCBL”) has been approved by the Labuan Financial Services Authority (“Labuan FSA”) to conduct digital banking activities in the Labuan International Business and Financial Centre (“Labuan IBFC”).   A core strategy of the China Construction Bank Corporation (“CCB”) Group is building a digital financial ecosystem with the use of Financial Technology (“FinTech”) to empower customers’ access their...

PRIVATE & INTERNATIONAL BANKING NEWS 2019

BEIJING, 19 March 2019 - The Labuan Financial Services Authority (Labuan FSA) and China Banking and Insurance Regulatory Commission (CBIRC) have entered into a Memorandum of Understanding (MoU) to foster greater co-operation and collaboration in regulatory and supervisory areas. The MoU provides the platform for Labuan FSA and CBIRC to enhance the regulatory and supervisory oversight of cross border branches and subsidiaries of China and Labuan based banks and insurance entities. In addition, through the MoU, the Authorities can undertake initiatives which are mutually beneficial for the development of financial businesses relating to banking and insurance between the two jurisdictions. It...

INSURANCE SPONSORED CONTENT 2019

Switzerland's top court has ruled that Swiss authorities can share data with France on some 40,000 USB bank accounts. France wants the data after a German probe indicated there could have been tax evasion. The Swiss Supreme Federal Court allowed tax authorities to hand over to French tax authorities data on some 40,000 accounts at UBS. The bank said it would "carefully review the written verdict." French tax officials have been seeking the data since German investigators found evidence that thousands of French nationals might have put money in UBS accounts to avoid paying taxes. With its ruling, the court overturned...

PRIVATE & INTERNATIONAL BANKING NEWS 2019

Belize has long been popular as a destination. Known for its beautiful beaches, lush tropical landscape, and friendly people, it’s no small wonder people flock here each year for a little rest and relaxation.What many people might not know about are the tax benefits and asset structures available in Belize that are available to those who choose to retire, invest, or bank here. These tax advantages extend to companies as well.Every jurisdiction has its own taxation rules for foreign investors and bank account holders, but Belize offers some of the biggest savings. Here are a few of the most significant...

PRIVATE & INTERNATIONAL BANKING NEWS 2019