Wealth Under The Spotlight

In 2013, the International Consortium of Investigative Journalists (ICIJ), a nonprofit group of reporters, shattered the long-held view that offshore bank secrecy was impenetrable. The group had received massive leaks detailing individual offshore bank accounts, which they shared with the public on their website. This was the first of hundreds of stories about the financial affairs of high-net-worth individuals overseas.

The sheer volume of taxpayer information now available to revenue authorities from other countries is unprecedented.  One of the key risks for high-net-worth individuals is failing to stay on top of the numerous and varied changes to international tax laws.  

This paper provides principles and guidelines for managing tax affairs overseas that aligns with the major global changes that have happened in the last five years and the subsequent impact being felt by high-net-worth individuals. The paper explores the current tax policy direction and the notable rise in collaboration and taxpayer information sharing among tax administrations.