A service I am subscribed to released a report saying that tax havens will have to pick up compliance or be excluded from the financial system.
Any plans or opinions around this?In 2009, the political leaders of the G20 countries declared that "the era of banking secrecy is over". During the ensuing years, the 8 RESEARCH REPORT: JULIUS BÄR 13 July 2022 succinctly named Global Forum on Transparency and Exchange of Information for Tax Purposes ("the Global Forum") forced other jurisdictions to eliminate banking secrecy, at least vis-a-vis tax authorities. This little-known organisation has completely transformed the operating landscape for offshore financial centres. Since 2017 and 2018, almost all offshore financial centres participate in the Automatic Exchange of Information ("AEOI") on financial accounts held by non-residents.
We are soon going to witness the next shoe dropping. Many people will realise that governments the world over will increasingly restrict how they can utilise their wealth, based also on where they keep it. Watch this space for an earthquake that will hit investors with offshore wealth, and which will shake the foundations of the financial industry over the coming months and years.
Clean jurisdictions: countries such as Switzerland or the Channel Islands (Guernsey, Jersey), which cooperated with these new global plans
The stragglers: countries such as Panama, the British Virgin Islands, the Cayman Islands, Malta, or Cyprus, which dragged their feet while adjusting to the new standards and implemented many changes half-heartedly.