The Attractiveness of Tax-Efficient IFCs in The New World Order. Onshore vs. Offshore perspective
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1 The Attractiveness of Tax-Efficient IFCs in The New World Order Onshore vs. Offshore perspective
2 The Attractiveness of Tax-Efficient IFCs in The New World Order Onshore vs. Offshore perspective New World Order What has changed? Tax-Efficient IFCs Why do they remain attractive? Onshore vs. Offshore Which is best Is there a difference?
3 New World Order What has changed? Trump effect Brexit ramifications Selective investment response Strategic global positioning required Geo-political threats = geo-financial risk Judicious IFC venue allocation essential
4 Extra-territoriality Geo-financial risk writ large US$ supremacy, US enforcement power Post-9/11 ( War on terror ), post-gfc Lack of Extra-territorial know-how; Neo-Westphalian approach BNP Paribas ($9bn), Deutsche Bank, Commerzbank (...Crying wolf... ) Standard Chartered (...Never mind the Yanks... ) HSBC (Local issues on a global scale) Lebanese Canadian Bank (Hezbollah) SocGen picks up the pieces... OFAC designations and 311; US enforcements vs. EU/(UN)/OECD FATCA & GATCA disclosure, transparency where appropriate BP (Deepwater Horizon), VW emissions scandal EU Passporting/De-risking: Banc de Binary, ADS Securities Advisory troubles Deloittes, PwC, Promontory... Rolls Royce ($800m UK s SFO in cooperation with DoJ)
5 Tax-Efficient IFCs Why do they remain attractive? Governments short on revenue, growth Onshore and offshore Attracting much-needed revenues Investors need to think like multi-nationals Diverting exposure from asset-stripping venues Common sovereign tactic
6 Onshore versus Offshore Which is best Is there a difference? Onshore Judicious IFC venue allocation... Headline versus Effective tax rates Post-GFC GDP growth national/regional/global Geo-political/financial stability; Rule of law; Dispute res. Financial centre specialist; US/UK; Common/Civil law Dual passport; Bank de-risking Offshore Post-9/11, post-gfc, post-panama Papers Tax efficient; Dual passport; Bank de-risking Geo-political/financial stability; Rule of law; Dispute res. Financial centre specialist; US/UK; Common/Civil law
7 Index of Economic Freedom 2017 Key Parameters: Property rights Freedom from corruption Fiscal freedom Government spending Business freedom Labour freedom Monetary freedom Trade freedom Investment freedom Financial freedom Economic Freedom Scores Free Mostly Free Moderately Free Mostly Unfree Repressed Source: Heritage Foundation Country Rating Ranking Country Rating Ranking Hong Kong 89.8 (1/180) Singapore 87.8 (2) Switzerland 81.5 (4) Ireland 76.7 (9) UK 76.4 (12) Luxembourg 75.9 (14) Netherlands 75.8 (15) US 75.1 (17) Germany 73.8 (26) Belgium 67.8 (49) France 63.3 (72) Italy 62.5 (79) S Africa 62.3 (81) China 57.4 (111) Russia 57.1 (114) Brazil 52.9 (140) India 52.6 (143) UAE 76.9 (8/180) Qatar 73.1 (29) Bahrain 68.5 (44) Turkey 65.2 (60) Taiwan 76.5 (11) Malaysia 73.8 (27) Indonesia 61.9 (84) Mauritius 74.7 (21) Panama 66.3 (54) Costa Rica 63 (65) Seychelles 61.8 (85) Bahamas 61.1 (90) Cyprus 67.9 (48) Malta 67.7 (50) Iran 43.5 (171)
8 Global Financial Centres Index (GFCI 20), Sept 2016 PRE-BREXIT Factors of Competitiveness: Business Environment Factors Country Rating Ranking Country Rating Ranking London 795 (1/87) New York 794 (2) Singapore 752 (3) Hong Kong 748 (4) Dubai 698 (18/87) Doha 641 (40) Istanbul 620 (57) Bahrain 619 (58) Financial Sector Development Infrastructure Factors Human Capital Reputational Factors Source: z/yen Zurich 716 (9) Luxembourg 711 (12) Frankfurt 695 (19) Geneva 689 (23) Paris 672 (29) Dublin 663 (31) Milan 624 (53) Shanghai 700 (16) Sao Paulo 626 (51) Jo burg 618 (59) Mumbai 598 (75) Moscow 568 (84) Jersey 639 (42) Isle of Man 621 (56) Liech stein 621 (56) Monaco 609 (67) Caymans 676 (28) Bermuda 654 (35) BVI 653 (36) Jakarta 597 (76) Mauritius 594 (79) Bahamas 566 (86) Malta 599 (74) Cyprus 593 (80) Iran 406 (N/A)
9 Global Financial Centres Index (GFCI 21), March 2017 POST-BREXIT Factors of Competitiveness: Business Environment Factors Country Rating Ranking Country Rating Ranking London (/87) New York Singapore Hong Kong Dubai (18) Doha (40) Bahrain (58) Istanbul (57) Financial Sector Development Infrastructure Factors Human Capital Reputational Factors Source: z/yen Zurich (11) Luxembourg (12) Geneva (23) Frankfurt (19) Paris 679 (29) Dublin (31) Milan (53) Shanghai (16) Sao Paulo (51) Jo burg 616 (59) Mumbai (75) Moscow (84) Jersey (42) Liech stein (56) Isle of Man (56) Monaco (67) Caymans (28) Bermuda (35) BVI (36) Jakarta (76) Mauritius (79) Bahamas (86) Malta (74) Cyprus (80) Iran 452 (N/A)
10 World Economic Forum Global Competitiveness Index Property rights Intellectual property protection Diversion of public funds Public trust in politicians Irregular payments and bribes Judicial independence Favouritism in decisions of govt officials Wastefulness of govt spending Burden of govt regulation Efficiency of legal framework in settling disputes Efficiency of legal framework in challenging regs Transparency of govt policymaking Business costs of terrorism Business costs of crime, violence Organized crime Reliability of police services Ethical behaviour of firms Strength of auditing, reporting standards Efficacy of corporate boards Protection of min. shareholders interests Strength of investor protection Quality of overall infrastructure Quality of roads Country Rating Ranking Country Rating Ranking Switzerland 5.81 (1/139) Singapore 5.72 (2) US 5.70 (3) Netherlands 5.57 (4) Germany 5.57 (5) UK 5.49 (7) Hong Kong 5.48 (9) Belgium 5.25 (17) Luxembourg 5.20 (20) France 5.20 (21) Ireland 5.18 (23) Italy 4.50 (44) China 4.95 (28) India 4.52 (39) Russia 4.51 (43) S Africa 4.47 (47) Brazil 4.06 (81) UAE 5.26 (16/139) Qatar 5.23 (18) Bahrain 4.47 (48) Turkey 4.39 (55) Taiwan 5.28 (14) Malaysia 5.16 (25) Indonesia 4.52 (41) Panama 4.51 (42) Mauritius 4.49 (45) Costa Rica 4.41 (54) Malta 4.52 (40) Cyprus 4.04 (83) Iran 4.12 (76)
11 Transparency International Corruption Perceptions Index 2016 Key Parameters Very Clean < 50 indicates serious corruption problem Highly Corrupt Source: Transparency International Country Rating Ranking Country Rating Ranking Switzerland 86 (5/176) Singapore 84 (7) Netherlands 83 (8) Germany 81 (10) Luxembourg 81 (10) UK 81 (10) Belgium 77 (15) Hong Kong 77 (15) US 74 (18) Ireland 73 (19) France 69 (23) Italy 47 (60) S Africa 45 (64) China 40 (79) Brazil 40 (79) India 40 (79) Russia 29 (131) UAE 66 (24/176) Qatar 61 (31) Bahrain 43 (70) Turkey 41 (75) Taiwan 61 (31) Malaysia 49 (55) Indonesia 37 (90) Bahamas 66 (24) St Vincent 60 (35) Dominica 59 (38) Costa Rica 58 (41) Mauritius 50 (54) Panama 38 (87) Cyprus 55 (47) Malta 55 (47) Iran 29 (131)
12 World Justice Project Rule of Law Index 2016 Parameters Constraints on Government Powers Absence of Corruption Open Government Fundamental Rights Order and Security Regulatory Enforcement Civil Justice Criminal Justice N.B. Malta, Cyprus, Luxembourg, Switzerland, Qatar, Bahrain, Mauritius did not participate in the World Justice Project. Country Score Rank Netherlands 0.86 (5/113) Germany 0.83 (6) Singapore 0.82 (9) UK 0.81 (10) Belgium 0.79 (13) Hong Kong 0.77 (16) US 0.74 (18) France 0.72 (21) Italy 0.64 (35) S Africa 0.59 (43) Brazil 0.55 (52) India 0.51 (66) China 0.48 (80) Russia 0.45 (92) Country Score Rank UAE 0.66 (33) Turkey 0.43 (99) Malaysia 0.54 (56) Indonesia 0.52 (61) Costa Rica 0.68 (25) Antigua & Barb (29) St Kitts & Nevis 0.66 (30) St Vincent 0.61 (37) Bahamas 0.61 (38) Dominica 0.60 (40) Panama 0.52 (62) Iran 0.47 (86)
13 Life Expectancy by Country CIA World Factbook 2015 Country Age Rank Monaco (1/224) Japan (2) Singapore (3) Macau (4) Hong Kong (7) Andorra (8) Switzerland (9) Guernsey (10) Italy (14) Liech stein (16) Jersey (17) France (19) Netherlands (24) Belgium (29) Germany (32) UK (33) US (43) China (99) Brazil (129) Russia (153) India (163) S Africa (191) Country Age Rank Qatar (53) Bahrain (51) UAE (72) Turkey (115) Malaysia (112) Indonesia (140) Anguilla (23) Bermuda (25) Caymans (26) Malta (36) Cyprus (54) Panama (56) Costa Rica (58) Dominica (78) Antigua & Barb (87) St Kitts & Nevis (97) St Vincent (107) Bahamas (142) Iran (149)
14 The Attractiveness of Tax-Efficient IFCs in The New World Order Onshore vs. Offshore perspective Conclusions Selective investment response Strategic global positioning required Geo-political threats = geo-financial risk Judicious IFC venue allocation essential
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