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Tax authorities worldwide have been cracking down on tax evaders, investors have reinvested their assets in their home countries. According to GlobalData’s Global Offshore Investments Analytics, the top 10 deposit booking centers have seen their non-resident deposit holdings decline, albeit only marginally, over the past five years.
2015 was a weak year for the global offshore market. However, there have been clear winners and losers as the dynamics of the offshore markets continue to shift. The recent focus of most Western governments on tackling offshore tax evasion has affected certain traditional offshore centers more heavily, while the so-called mid-shores that combine on- and offshore traits have experienced strong fund inflows in recent years. The key centers for HNW individuals are the US, Singapore, Switzerland, the UK, India, Luxembourg, and Hong Kong, followed by more ""traditional"" centers such as the Isle of Man and Malta.
Critical success factors
• Know your customer – The propensity to hold assets offshore varies greatly by country. HNW individuals in the UAE, Russia, and Hong Kong hold more of their portfolios offshore than their counterparts in the US and Germany, for example. Understanding where these offshore investor pockets lie is a good starting point for customer targeting.
• Not all offshore centers are equal – Understanding the USPs of each offshore center is key in determining their performance, future prospects, and the reasons why HNW investors will want to invest there. Centers such as the Bahamas and the Cayman Islands for example have traditionally promoted their low tax environments, whereas the success of the UK and the US has been due to their safe haven status.
• Transparency is critical – Since the 2008 global financial crisis the scrutiny of offshore holdings and tax avoidance has intensified. As such the need for transparency and co-operation is critical as investors are turning away from traditional offshore hubs to avoid being tainted by association.
The report “HNW Offshore Investment: Booking Center Preferences 2016” insights to how to best promote your offshore proposition, helps to understand HNW investors’ booking center preferences and how this is expected to change and Learn how different offshore centers have performed in recent years and adjust your offshore proposition accordingly.