|
Tax avoidance may once have been its main purpose. Today, it’s asset protection and fund management.
By Jonathon Clifton *
Since the beginning of the global financial crisis, politicians, the media and the public have engaged in a series of blame games to find those responsible for economic losses. One “culprit” has been firmly in the spotlight: the offshore industry. International bodies such as the Organization for Economic Cooperation and Development, the G-8 and G-20 are racing to enact a range of initiatives, including base erosion and profit shifting (BEPS) and common reporting standards (CRS). Throw in the U.S. Foreign Account Tax Compliance Act (Fatca) as well, and the offshore industry is left wading through an...
|