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Posted: 31 Mar 2009 | 9:47 am
Continued pressure by both the US and EU on the exchange of tax information by OECD
(Organization for Economic Co-operation and Development) standards looks to make a dent in the use of offshore companies formed in tax havens. Recent jurisdictions looking to see implementation over the short term include Hong Kong, Singapore, Isle of Man, Caymen Islands and Lichtenstein. The former had been included on the list of uncooperative tax havens with Andorra and Monaco.
Leaders of the G20 late last year agreed this to be a priority issue in addressing international cross border tax evasion. In the past many offshore purchasers of luxury residential and resort properties had used SPV's (specific project vehicles) or companies set up for the purpose of holding single assets. Must of the recent pressure on the offshore havens initially came with the rise in terrorism and money laundering.
In Thailand which has many dual taxation treaties there remain many beneficial advantages to a well structured and planned set-up, but professional tax advice should always be sought when making these types of decisions.
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Bill Barnett responds:
Trust and offshore companies are two distinct yet intermingled ownership vehicles. It's doubtful these changes will dramatically alter real estate demand as these are mainly used by high networth individuals who have access to sophisticated legal and tax advice and as one door closes often others open. Thailand continues to over good access to tax treaty countries such as Singapore and Hong Kong which offer favorable tax benefits in HK's case no tax on capital gains or offshore profits so its just a matter of tax planning.