Have you been told that Switzerland has repositioned itself as a tax compliant financial centre and done way with banking secrecy? Are you aware that Jersey, Guernsey and the Isle of Man are starting to disclose information? Have you been advised that Anguilla, Bermuda, Cayman, BVI, Turks & Caicos and Montserrat have all agreed to automatically share information with the UK in a crackdown on tax evasion?
You probably don’t know that these British territories as well as the Channel Islands will pass on names, addresses, dates of birth, account numbers, account balances and payment details. Are you aware that this will extend to offshore companies and trusts before a revised EU Savings Directive kicks in?
Has your private banker or financial adviser not told you that they will also be sharing information with G5 nations? Surely you must have been told that France, Germany, Italy, Spain and the UK are about to sign an agreement involving an automatic exchange of information between them to crack down on clients who try and escape taxes by hiding their assets in offshore locations?
Did you miss the reporting deadline of 30th April for undeclared offshore assets? Are you still trying to avoid disclosure? Well there is nothing you can do about your past failings but you need to protect your assets going forward. With the statute of limitation being scrapped the stakes are high.
We have solutions which legitimately avoid the need to complete Form 720. If you wish to engage our services please call Tel: 956 796911 or email wealth@fiduciarywealth.gi for an appointment.
