BANK WORLDS INTERNATIONAL The World Bank has not undergone major changes over the last three years, and demonstrate the results of these events in 2011 will continue. shows responses to the economic and financial crisis, consumers have less tolerance for risk, tolerance for less government secrecy, more businesses and consumers move their money toward the shore. But these changes in 2011 in strengthening competition in the low-tax jurisdictions and more money flows between continents.
Here are some trends for 2011 clock:
* Competition: Hong Kong, Singapore see competition as areas with low tax rates.
Emerging markets are the fastest growing high net worth individuals (those with assets of $ 1,000,000) in the world, a new stream of income for consumers, protection of wealth. This will help ensure continued growth in the offshore banking sector in low-tax jurisdictions, particularly since the Asian airports.
According to a KPMG report on corporate tax rates in Hong Kong "world average evolution of competition in the last ten years that many countries now have corporate tax rates similar or lower levels." low-tax areas are struggling to remain competitive in 2011 or tax rates are not enough to be competitive in the long term.
Hong Kong estimated last month that the economy as globalized world in 2010, is facing an intense challenge to maintain its status as number one in the context of globalization, "said Agnes Chan, Regional Managing Partner Ernst & Young , Hong Kong and Macao. "Despite its success should not be in the further development of the most globalized economy in the world, Hong Kong will rest on its laurels," said Chan.
* Right: More transparency for individuals and financial institutions are required, followed by intensified efforts of criminal sanction.
A series of sanctions imposed foreign bank in 2011, probably during its offshore facilities in the home of many organizations. Requirements include reports of assets stricter and more comprehensive protection of privacy loss, and more control throughout.
The United States makes bank accounts for non-residents increased transparency. If the American member of the European Savings Directive (DUST), holders of non-US accounts information will be shared, reducing the attractiveness of investing in America. The directive will give the U.S. greater access to information about its inhabitants offshore bank accounts.
criminal enforcement efforts are also a priority for governments. The U.S. is also strengthening the enforcement and prosecution of tax evasion through offshore banks. But it could also mean more than a witch hunt, both for individuals and professionals who supported them, and most cases could set precedents and examples to do. Stricter regulation under the Bank Secrecy Act is seeing an increase in filing of returns (FBAR filings), strengthened programs against money laundering and reporting suspicious activities and transactions border. The IRS has announced plans for a new Offshore Voluntary Disclosure Program, but introduces introduce more stringent measures and the impact of a similar program two years ago.
* Asset Protection: Investors head East.
With an atmosphere of increasingly unfavorable in offshore facilities in the West and the OECD countries, more investors away from Europe and the United States can led investments for individuals and institutions, their holdings by moving into emerging economies that offer growth prospects for the recovery phases to protect the global recession, and greater intimacy, as in Asia and the Middle East. This is potentially very damaging to these countries have called for greater penalties, such as the legal use of offshore financial centers is a major part of financial revenue for the British banking system and the U.S. - technically the largest offshore jurisdiction worldwide.
* Technology: Trends, the easier it is to run the country.
A year ago, amid intense pressure from the IRS and the OECD, UBS Swiss bankers were convinced that the concessions of confidentiality would have minimal impact on the Swiss offshore financial sector. However, a recent case in which identities were sent WikiLeaks site, the ubiquity of the Internet, privacy is becoming a non-option for offshore banking services provider. The future of the industry is weak in the statutory tax hubs.
Growth in the cloud leads to more business in practice. Prepare yourself to handle more transactions on the Internet and to see more international business. The trends observed in 2011, including security threats for banks, the challenges and opportunities in atomization, Cloud Computing and key management.
Consumer Behavior *
Much of what happens will be driven this year by consumer behavior. The recession and pauses property and stock markets, investors are scared away from risk.
In a recent interview with the magazine's financial assets, ABN AMRO Private Banking Asia CEO Hans Diederen, said the rich in the post-crisis environment, customers have seen their demand for more:
• Products: simple, most liquid investment products that offer more privacy.
• Diversification: the growing diversification in asset classes not stock (and bond funds, for example).
• Proximity: The closer to home investment and the region.
• Information: For more product information
But one thing has not changed, Diederen noted, "the appetite of customers' investment is still driven by market sentiment." With these consumer trends, offshore banking in Singapore and offshore banking in Hong Kong the best places for investment must be mitigated risks.
