Search

Photo By: Guernsey Finance Center By Courtesy of Lowtax.net Guernsey has continued to court investors and build diplomatic relations in Asia, recently hosting a wealth management event in Shanghai and signing a Statement of Cooperation with the Beijing Municipal Bureau of Financial Work. More than 140 high-net-worth individuals and advisers attended "Partnership advantage – Guernsey wealth management services explained," which was co-hosted by Guernsey Finance and the Shanghai Municipal Financial Services Office. Guernsey's Commerce and Employment Minister, Kevin Stewart, said: "Guernsey was, in 2007, the first international financial services center to establish a representative office in Shanghai. Since then, we have...

NEWS 2020

Photo By: Xinhua By Xinhua China on Monday (Oct. 27th.) announced direct trading between the renminbi and Singapore dollar beginning Tuesday (Oct. 28th. 2014), marking another step toward internationalizing the Chinese currency. The announcement by China Foreign Exchange Trading System (CFETS) extended the yuan's list of direct onshore trade to more major currencies, including the U.S. dollar, the euro, British sterling, Japanese yen, Australian dollar, New Zealand dollar, Malaysian ringgit and Russian ruble. The move aims to boost bilateral trade and investment, facilitate the use of the two currencies in trade and investment settlement and reduce exchange costs for market players,...

NEWS 2020

Photo By: Joyce Yu By Courtesy of CNSBusiness Tax havens will no longer exist in five years as a result of new rules aimed at combating tax abuse, the OECD has said. In the wake of the agreement signed last week by over 50 countries, including the Cayman Islands, Grace Perez-Navarro, from the Organisation for Economic Co-operation and Development (OECD), said that banking secrecy offered by tax havens would be destroyed as a result of the “unprecedented” co-operation. Financial information held on tax evaders hiding money in signatory countries will now be shared automatically. “Will countries like the Cayman Islands...

NEWS 2020

Photo By: ICIJ By Courtesy of Reuters More than 300 companies, including PepsiCo Inc, AIG Inc and Deutsche Bank AG, secured secret deals from Luxembourg to slash their tax bills, the International Consortium of Investigative Journalists (ICIJ) reported, quoting leaked documents. The companies appear to have channeled hundreds of billions of dollars through Luxembourg and saved billions of dollars in taxes, the group of investigative journalists said, based on a review of nearly 28,000 pages of confidential documents. The leaked documents reviewed by ICIJ journalists include hundreds of private tax rulings – known as comfort letters – that Luxembourg provides...

NEWS 2020

Photo By: XPhotos By Courtesy of Reuters.  Qatar will become the Middle East's first hub for clearing transactions in the Chinese yuan, in a step that could over the long run help Gulf oil exporting countries reduce their dependence on the U.S. dollar. Industrial and Commercial Bank of China's Doha branch has been appointed as the clearing bank for yuan deals in Qatar, China's central bank said on Tuesday (Nov. 4th.). "The signing of the MoU and the appointment of the renminbi clearing bank will increase the strong ties between China and Qatar and position Qatar as the regional centre...

NEWS 2020

Photo By: Asia Outbound By Asia Outbound Asia Outbound summit series has made another milestone success by hosting another Shanghai Summit at the Ritz Carlton, Pudong, on Nov. 15th and 16th this year. The wealth management industry is continuously looking towards new frontiers and opportunities and for those wishing to stay ahead, China represents a strategic necessity. With this unprecedented growth in the country, China has a strong demand for global expertise to help manage wealth. Combining panel discussions, workshops and presentations, Asia Outbound Summit will reveal reasons behind the new and rapid expansion of Chinese outbound investments and strategies...

NEWS 2020

Photo By: Swiss Pix By Courtesy of The Economic Times Switzerland remains the "biggest private banking financial centers for cross border wealth management" with assets worth over CHF 2.11 trillion ($2.2 trillion), as per the study conducted by the Swiss Bankers Association (SBA) and the Boston Consulting Group (BCG). The Alpine nation is ahead of many other jurisdictions, including Caribbean and Panama' which has cross border invested assets to the tune of 1.07 trillion Swiss francs (CHF). These figures are for the year 2013. On the third place is Channel Islands and Dublin with assets worth CHF 1.05 trillion followed...

NEWS 2020

Photo By: poundsterlinglive.com By Courtesy of Lowtax.netGuernsey has welcomed the results of a United States (US) review of its procedures and systems confirming the adequacy of the island's data safeguards and infrastructure under the US Foreign Account Tax Compliance Act (FATCA).The US Inland Revenue Service (IRS) recently undertook the review to ensure that procedures and systems are in place so that information exchanged is kept safe and confidential and that there can be an effective exchange relationship.Both the US and Guernsey need to be satisfied that they each have the necessary procedures and systems to exchange information effectively and the...

NEWS 2020