Impact Of Tax Amnesties On Offshore Fs - Market Research Reports On Aarkstore Enterprise

Introduction

Introduction

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.

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

*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

Table of Contents :

"Overview 1

Catalyst 1

Summary 1

Executive Summary 2

Only Jersey, Guernsey and Isle of Man source their clients strongly from their home region, making them vulnerable to single country tax amnesties 2

There are five key determinants of a tax amnesty's ability to pull money from offshore centres 2

Substantial 'carrots' will threaten offshore business 3

But without 'sticks', offshore wealth will stay offshore 4

Table of Contents 5

Table of figures 6

Table of tables 7

Clients served from the Offshore Banking Centers Today 8

The offshore client base is balanced within most centers, with clients domiciled worldwide 8

Only Jersey, Guernsey and Isle of Man source their clients strongly from their home region, making them vulnerable to single country tax amnesties 8

Investment opportunities and service entice clients offshore much more than tax avoidance 9

Offshore clients are motivated by a combination of fear and opportunity in moving money back onshore 10

The US tax amnesty's success makes offshore banks fear for another 11

Assessing the impact of tax amnesties 13

The tide has turned on offshore banking centres 13

A number of 'carrots' and 'sticks' will continue to drive client wealth back onshore 13

The benefits of the tax amnesty combined with the threat credibility of enforcement, push money onshore 13

Investors are less likely to take advantage of an amnesty if they don't believe it is a one-time opportunity 14

Onshore structural dynamics pull investors' wealth back home 14

For some investors, security is an important motivator 14

But for most, high taxes onshore have historically been the key boost to offshore business 15

Opportunities, and service, must be strong in the home market to be a threat to offshore banks 15

There are only two 'hold steady' factors that might encourage investors to keep their wealth offshore 16

Substantial 'carrots' will threaten offshore business 19

But without 'sticks', offshore wealth will stay offshore 19

America's IRS clamps down on offshore credit cards 19

Australia's ATO threatens that ""all bets are off"" 20

Italy's high-profile raids and border patrols give threat credibility to its amnesty 20

Deconstructing the impact of recent amnesties 20

The likely threat of an amnesty to a centre's offshore business can be assessed using 15 criteria 20

Incentives tempt investors onshore 21

Consequences threaten investors who don't comply 21

Publicity strikes fear of getting caught into investors 21

Frequency of announced amnesties reduces chances of success 21

Home market changes are necessary to keep investors' wealth onshore 22

Putting the Tax Amnesty Assessment Index into practice: Italy 22

Putting the Tax Amnesty Assessment Index into practice: US 24

Putting the Tax Amnesty Assessment Index into practice: UK 26

Putting the Tax Amnesty Assessment Index into practice: Australia 28

APPENDIX 31

Definitions 31

Domicile 31

Offshore 31

Tax Amnesty 31

TIEA 31

Methodology 31

Bibliography 31

Further reading 31

Ask the analyst 31

consulting 32

Disclaimer 32

For more information, please visit :

www.aarkstore.com/reports/Impact-of-tax-amnesties-on-offshore-FS-45097.html

by: Aarkstore Enterprise

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