Impact Of Tax Amnesties On Offshore Financial Services

A new report provides detailed analysis of the Finance and Banking market

This report introduces Datamonitor’s proprietary Tax Amnesty Assessment Index. It is a quantifiable assessment framework of 15 criteria, grouped within five critical amnesty conditions, that can be used by offshore banks to determine the likely impact of any announced amnesty on their assets under management. Offshore Financial Services

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 Offshore Financial Services

*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

Impact of tax amnesties on offshore FS:

Contact: CompaniesandMarkets.com

Mike King – info@companiesandmarkets.com

Tel: +44 (0) 2030868600