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March 2009
03
I nves tme nt
I NTE RNATI ONAL
Comment
Contents
Jonathan Ball, editor
4 News
B
oth this magazine’s US correspondent and myself got it spectacularly
wrong. We both thought Obama would have too much on his plate to
The offshore
7 Letter from America
9 Investment International
give priority to a clampdown on so called ‘tax havens’. It now appears,
however, that the new regime will give priority to reforms in this area.
industry
Blog
The Chief Executive of
The pressure is mounting on offshore jurisdictions, not only in the
Jersey Finance Geoff Cook
United States but in the UK as well. The Chancellor has made no secret deserves better
argues in favour of offshore
of his views on the matter. Much of this appears unjustified and unnec-
jurisdictions
essary, but in recent weeks the trend has gathered momentum.
than the weak
11 Focus on Custom House
Speaking at a news conference with German Chancellor Angela Merkel
Hong Kong or Singapore?
on 14 March, the Prime Minister said, “All jurisdictions must come with-
in the new rules that govern the exchange of tax information……..So we
and ineffectual
A location dilemma for a
company operating in the
are insisting on 12 bilateral agreements from each country to show that
Far East. CEO Dermot
they are serious about implementing the principles of exchange of infor- leadership of
Butler weighs up the
mation.”
considerations
In a further sign of the times, on 13 March Switzerland announced it
those who see
14 AXA PPP healthcare
would adopt the definition of tax evasion used by the 30-nation
Background on one of the
Organisation for Economic Cooperation and Development (OECD)
when deciding whether its banks would turn over tax information of
us as a soft or
country’s leading
healthcare providers
international clientele to the clients’ countries of origin upon the request
17
of those countries. Switzerland has in the past generally turned over such
easy target
HSBC Bank International
Profile of Martin Spurling,
information only in situations it considers to be clear-cut fraud. It is
CEO of HSBC Bank
interesting to note that Switzerland makes a distinction between tax eva-
International and Head of
sion and tax fraud, which most countries do not.
Global Offshore. Plus the
Switzerland, which houses about one-third of the estimated US$7 tril-
findings of an extensive
lion stashed in “offshore” bank accounts, has come under strong criticism
Expat survey
from leading political figures from a number of countries, and in early
21 The right move in property
March was named by the OECD as an uncooperative tax haven, along
Spotlight on the overseas
with Andorra, Austria, Hong Kong, Liechtenstein, Luxembourg, Monaco
market in the present
and Singapore. Austria and Luxembourg have also agreed to adopt the
climate
OECD’s definition of tax evasion.
23 Offshore investments – a
The New York Times quoted a Washington tax lawyer as saying the
simple solution
“adoption of the OECD standards is a significant signal that bank secrecy
Offshore savings can prove
as it has existed for generations is coming to an end.”
an effective means of
As Geoff Cook, Chief Executive of Jersey Finance, argues in his blog in
ensuring solid financial
this issue of the magazine, it is far from clear that this development is
returns
either necessary or desirable. But it is unquestionably the harbinger of
25 Key players in Zurich
things to come.
27
The offshore industry deserves better than the weak and ineffectual
Payment protection
leadership of those who see us as a soft or easy target.
William Russell explains the
vital importance of a
Editor Issue 223: March 2009
financial safety net for your
Jonathan Ball, 0207 490 0739
I nves tme nt
life abroad
Jonathan@thepublishinggroup.co.uk
ADVICE TO READERS
Information carried in Investment International is
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29
Head of Marketing and PR
Comment and analysis
Charlotte Sayer, 0207 490 0693
checked for accuracy, but we recommend that you make
from Internaxx/Fortis
Charlotte@thepublishinggroup.co.uk
enquiries and, if necessary, take legal advice before
entering into any transactions. Any views or opinions
expressed in this magazine are solely those of the author
31
Publisher
Offshore Funds Tables
and do not necessarily represent those of The Publishing
Marco Callegari, 0207 490 0703 Group Ltd.
Marco@thepublishinggroup.co.uk
All rights reserved in respect of all articles, drawings,
Printed in England by Cervidae.
Managing Director photographs etc published in Investment International Distributed by Norwood Mailing
Ramesh Sharma, 0207 490 0719
anywhere in the world. Reproduction or imitations of
Ramesh@thepublishinggroup.co.uk
these are expressly forbidden without permission of the
The text and cover papers used in this publication are
publishers. Editorial contributions requiring an answer
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Andrew Goldsmith, 0207 490 0622 tions lost or damaged in the post. Conditions of sale and
Andrew@thepublishinggroup.co.uk supply: this periodical is sold subject to the following
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Head of Production
ten consent of the publishers be lent, resold, hired out or
Melanie Jones, 020 8290 4999
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melanie@em-jays.co.uk
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www.investmentinternational.com March 2009 Investment International
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