At EBC Trust we believe tax compliance and planning forms an integral part of any individual’s wealth planning. Even though all clients are different they all need to plan and know as far as is possible their potential tax liabilities. Such liabilities arise from actions they have taken or intend to take and may impact on their overall wealth.
As part of our tax compliance review, clients are made aware of their local and overseas tax obligations. This review will include how to limit the risks of non-compliance.
Common Reporting Standards (CRS)
In 2017, the implementation of CRS and automatic exchange of financial information (AEOI) commenced. An individual’s financial data was collected from 1st January, 2015 and released automatically to the first 49 participating countries. Monaco’s AEOI disclosure release starts in September 2018 as it does now for a total of 101 other countries. Its implications would form part of our overall compliance review to see what, if any, impact it will have on an individual’s overall wealth.
Tax compliance review
Typical matters that are discussed during a review of an individual’s tax affairs include:
- Where are they resident?
- Where are they domiciled?
- What assets do they own, how they are held and where are they located?
- What records they keep to document their residency?
- Any outstanding tax issues.
- The impact of CRS disclosures.
At EBC Trust, we keep pace with the changes and ever more sophisticated tax issues to support the needs of our clients. We have a dedicated team of tax professionals who stay abreast of tax developments. This enables us to react effectively and efficiently to the implications of tax changes for the client structures we manage.
The areas that individuals should consider as part of their overall tax compliance include tax residency, record keeping, regulatory and trust issues.
Our services include:
Review of your current tax affairs and potential liabilities.
Residency and CRS review.
Trust tax planning.
Review of asset holding structures.
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