Governments Throughout the World have Agreed on the Automatic Exchange of Information
Whilst Governments have every right to collect taxes that are due and need information to enable them to do this, the move toward public knowledge is at the expense of personal Privacy. Transparency does not come Without Risks!
There is an increasing requirement to account for and report all your financial transactions as well as declare your assets for Governmental scrutiny. Your privacy is compromised as Tax inspectors gather information to audit your accounts.
Financial institutions to report on asset Ownership.
Information exchange regarding savings income
Foreign Bank Account Reporting
Property ownership is receiving more attention than it ever did as tax Inspectors look for the source of funds that allowed the purchase and examine the cost of upkeep or income generated
Tax Avoidance Schemes previously considered legal are now moving to be classed as Tax Evasion, and Tax Evasion is now classed as a Criminal Offense.
Privacy is not a criminal activity, it provides a level of protection that is essential in some parts of the world!
It is normal practice to use Companies and Trusts to provide Privacy and Protection, however, not only are Trusts becoming transparent for tax purposes, they are losing an essential layer of Privacy.
The rules are rapidly changing
Trustees of express trusts must maintain adequate, accurate and current beneficial ownership information, including information of settlors, the protector (if any) trustees and beneficiaries
Law enforcement and prosecutorial authorities, supervisory authorities, tax authorities and financial intelligence units must have timely access to adequate, accurate and current information regarding the beneficial ownership of legal persons
More than 50 nations signed a new international standard for the automatic exchange of information with the aim of reducing the global facilitation of tax evasion.
The Multilateral Competent Authority Agreement commits its 51 members to the exchange of non-resident financial account information with tax authorities in an account holder's country of residence.
Participating countries must automatically send and receive pre-agreed information each year, with the hope of “enabling the discovery of formerly undetected tax evasion”.
· No Reporting requirements
· No ownership disclosure
· No disclosure of beneficiaries
· No Public Register
Full Capital Guarantee
· Full Bank Bail In Protection
· Creditor Protection
· Immune to Wealth Tax
· Tax free growth
· Tax Free Withdrawals
· Avoids Probate
· Compliant Worldwide
· Control retained by Settlor
· Change beneficiaries
· Access to Capital
· Multi Jurisdictional
The Asset Protection Bond is not something new, it has been used in the USA for well over a decade and is now available in Europe through FTA. The Contract is issued By Swiss Life, a company with over 150 years of history in protecting clients money.
There is no requirement to make a change to your existing advisers as FTA are happy to work Alongside other Professionals to provide you with continuity of Advice and a custom built structure that meets your needs
See what some Tax Experts have to say:
the automatic agreement marks a “significant acceleration” in the international cooperation against tax evasion