The countries of the European Union are legislating to face the problem of the flight of capital to tax havens.
As a result, the same tax havens are also organized, as it appears in a research report by Wealth Insight, a British company that conducts market research, to the point that Singapore is expected to overtake Switzerland, by 2020.
The volume of financial transactions and capital, which have as protagonists Asian economic giants.
On the other hand
Switzerland is still a safe country because it protects almost 2,800 billion dollars in its banks; but Singapore has gone from 50 billion in 2000 to 550, of which 450 came from abroad, ranking fourth in the world ranking of tax havens.
The second place is occupied by the United Kingdom, with 1,800 billion, followed by the Caribbean and Panama.
European and American savers and investors are increasingly losing confidence in the European banking system, especially banking secrecy, because new legislation that are increasingly restrictive are considered a risk.
This uncertainty pushes capital into Singapore, a country that has invested heavily in caring for the image of banking privacy, and has a strong political system, laws and a history that credits it as one of the best financial centers in the world, and with the advantage that English is spoken there.
Frequently asked questions about offshore banks
But the savers also look at the evolution of the currency markets and have observed that the Swiss franc has increased in the last year by 20%, in comparison with the US dollar.
On the other hand, the crisis has led all European countries to the desperate search for hidden capital, which makes Switzerland a more insecure place, with a fall of 33% and affects, at the same time, that Singapore manages, until 2017, capitals that are four times higher.
While it is true that tax havens and offshore financial centers are under siege, tax planning professionals, such as Caporaso & Partners of Panama, study new solutions and manage to create bridges between offshore jurisdictions, in order to stop the war against tax havens.
Opening an offshore bank account is now a long and tedious business, but without the help of professionals, it can be impossible.
Offshore tax planning is now available to everyone, but it is always advisable to contact professionals, in order to avoid unpleasant surprises.