PRIVATE & INTERNATIONAL BANKING

Experienced expats lacking language skills for mainland Chinese clients shut out HONG KONG -- In a sign of changing fortunes in Asia's financial hub, it took almost a year for one experienced foreign private banker in Hong Kong to land a job after he was let go by his previous employer in early 2019.   The reason: most employers said they preferred -- and were easily hiring -- Mandarin speakers for such positions.   The banker, who is originally from the U.K. and has more than a decade of experience in wealth management in Hong Kong, was stunned when companies...

PRIVATE & INTERNATIONAL BANKING NEWS 2020

A major battle in the U.S.-China financial cold war could be fought over a decades-old currency peg. Money is whatever people will use to swap, store, and measure value. Since 1846, Hong Kong residents have relied on notes issued by commercial banks. And for almost four decades, they have been safe in the knowledge that 78 units of the local currency would always fetch 10 U.S. dollars. That certainty has spawned a globally competitive financial center.    But change is on its way. The people of Hong Kong may be asked to try out a new kind of money. Whether they bite could decide the outcome of a great superpower rivalry.  A digital renminbi trial will start in Hong Kong, according to China’s Commerce Ministry,...

PRIVATE & INTERNATIONAL BANKING NEWS 2020

In the heart of the South Pacific is the nation of the Cook Islands. Situated south of Hawaii and in the same time zone, Cook Islands is an independent nation, in free association with New Zealand, so all are New Zealand citizens. The Cook Islands established itself as an international finance center in the early 1980s, with the enactment of the International Companies Act 1981-82 and the International Trusts Act 1984. Since that time, through amendments to those acts and subsequent legislation, the Cook Islands has developed a robust asset protection framework. Its focus on protecting wealth has developed in...

CORPORATE & FIDUCIARY SPONSORED CONTENT 2020

Wealthy Hong Kong investors have moved as much as ten percent of physical gold holdings away from home, and to centers including Singapore and Switzerland, the «Financial Times» (behind paywall) reported on Friday, citing several gold specialists. The move follows a controversial Chinese security law for the territory last month, which has roiled finance as well.   «Many clients now perceive Hong Kong as riskier than other jurisdictions,» Joshua Rotbart, head of J Rotbart & Co, told the outlet. Based in Hong Kong, the company stores and trades gold. The precious metal recently rallied past $2,000 per ounce on pandemic and inflation fears and is...

CORPORATE & FIDUCIARY NEWS 2020

Swiss judges find that former compliance officer breached anti-money laundering rules over $700m transfer. A former Coutts banker has been found guilty of breaching anti-money laundering laws by allowing Jho Low, the alleged mastermind of the 1MDB investment scandal, to transfer hundreds of millions into Swiss accounts without warning regulators.    In a judgment on Friday, Switzerland’s top criminal court handed down a fine of SFr50,000 ($55,000) to the banker — a former compliance officer — who it found was guilty of repeatedly ignoring internal warning signs. As is common in many Swiss legal proceedings, the court withheld the identity...

PRIVATE & INTERNATIONAL BANKING NEWS 2020

By Fiona Le Poidevin. Q: What are some incentives and advantages of using Guernsey products and services?A: There is an ever growing awareness in Asia of the products and services which offshore centres can provide to Asian individuals and companies. In Guernsey, there is no withholding tax for dividends, nor capital gains tax or inheritance tax; there is no income tax levied on 'non-Guernsey' income generated from trusts whose beneficiaries include no Guernsey residents. Excluding some regulated financial services business, the standard rate of corporate income tax is zero. In addition, it is our understanding that while the initial, upfront costs...

PRIVATE & INTERNATIONAL BANKING JURISDICTION 2014

Subtropical beaches and offshore financial services comprise Bermuda's value proposition to the world, and the tiny set of islands, just 54 square kilometers overall, has done well with it. According to America's CIA Factbook, in 2004 Bermuda - officially a self-governing overseas territory of the United Kingdom - had the third highest per capita income and fourth highest per capita GDP at PPP in the world (Both close to $70,000 USD). The islands' ability to offer offshore financial services grew from its status,size and location. As a British territory its defense is the responsibility of the United Kingdom; military expenditures...

FUNDS & FUNDS SERVICES OVERVIEW - EXECUTIVE SUMMARY 2014