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EU Savings Tax Directive: the market's responsePublished by: Datamonitor Published: Oct. 6, 2004 - 34 Pages Table of ContentsTABLE OF CONTENTS Introduction 7 Scope of the EU Savings Tax Directive 8 Its objectives and key terms 8 “Savings income in the form of interest payments” 8 “Beneficial owners who are individuals” 9 “Resident for tax purposes in another Member State” 10 Timing of implementation 12 Attitude of offshore providers 14 What effect are offshore providers anticipating from the Directive? 14 How does it compare to other competitive pressures? 15 Should customers be told of its implications? 17 Approaches to mitigating its effects 19 Augmenting the existing product portfolio 19 Developing trust and company structures 22 Managing assets from other jurisdictions 24 Appendix 29 Data tables 29 Offshore Market Leaders Survey 31 Further reading 32 SPP Team 34 LIST OF TABLES Table 1: Geographical scope of the EU Savings Tax Directive 11 Table 2: What will be the biggest threat to offshore revenues in your jurisdiction in the next two years? 29 Table 3: What will make it hardest for competitors in your jurisdiction to gain more offshore clients in the next two years? 30 Table 4: What impact do you think the EU Savings Tax Directive will have on your jurisdiction? 30 Table 5: Have you formally communicated the EU Savings Tax Directive and its implications to your clients? 31 Table 6: If you have not yet communicated the EU Savings Tax Directive and its implications to your clients, do you plan to do this formally? 31 LIST OF FIGURES Figure 1: Aim of the EU Savings Tax Directive 8 Figure 2: Offshore providers overwhelmingly expect the EU Savings Tax Directive to have a negative impact on their jurisdictions 15 Figure 3: The EU Savings Tax Directive is widely recognised as the biggest threat to offshore business in the next two years among those jurisdictions directly affected 16 Figure 4: Very few competitors in jurisdictions directly affected by the EU Savings Tax Directive intend not to formally communicate its implications to their clients 17 Figure 5: Timeline of recent major competitor news within Singapore private banking, Sept 2004 26 AbstractIntroductionDrawing on the results of Datamonitor's Offshore Market Leaders Survey of 95 offshore financial services companies about the impact of the impending EU Savings Tax Directive, this report analyzes what companies are doing to inform customers and to develop products and services to mitigate the Directive's effects. Scope Analyzes the definition of the EU Savings Tax Directive to understand the extent of its coverage Presents the results of Datamonitor's Offshore Market Leaders Survey 2004 to provide insight into how providers view the Directive Summarizes the ways in which financial services companies can mitigate its effects Analyzes the extent to which wealth managers have pursued various mitigation strategies and suggests how others should react Highlights The opening paragraph of the European Savings Tax Directive makes reference to a number of key terms. Taken in turn, these are 'interest payments', 'individuals' and 'another member state'. Upon closer inspection, each offers wealth managers scope to mitigate the Directive's effects on their clients. The Directive is clearly seen as a negative event for jurisdictions within its remit. Results from Datamonitor's Offshore Market Leaders Survey 2004 show the Directive to be considered the single biggest threat to offshore revenues over the next two years. Over half of the industry harbors serious concerns that it will drive assets onshore. The market has responded to the Directive along three broad themes. These are: by augmenting their existing product portfolio; by developing their ability to offer trust and company structures; and by putting in place an ability to manage assets from other jurisdictions. Reasons to Purchase Aids understanding by providing a comprehensive point of reference on what the Directive is and what it aims to achieve Offers competitor intelligence on the different ways in which wealth managers are reacting to the Directive Supports strategic planning by outlining the ways in which the Directive's effects may be mitigated and how different players should react Get Full Details About This Report >> |
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