Offshore: In good health
The Society of Trust and Estate Practitioners (STEP) has recently published a report, entitled 'Offshore Evolution - Transparency and Solutions in Cross Border Wealth Restructuring July 2009'. Based on interviews with leading practitioners over the past six months, the report seeks to offer some predictions about the private client industry for the next 12 to 18 months. The predictions offered in the report are split into two different categories. Firstly, there are a number of "impact" predictions, which seek to identify trends or impacts happening in our industry over which firms have limited control. Secondly, the report identifies a number of "response" predictions which are termed as actions or approaches that industry might make to the impact predictions.
Most practitioners agree ‘wealth management by secrecy’ is over, but while the heat will remain on offshore jurisdictions, private client centres are set to prosper. Steve Meiklejohn reports
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