Asian Wealth Management Forum 2019 SG - Exclusive Insights - Lee Woon Shiu

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1. Where are we now with CRS and AEOI?

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1. Where are we now with CRS and AEOI?

CRS and AEOI are here to stay. We are in the full implementation phase. Most countries, with notable exemptions like Taiwan, Thailand and the Philippines, have gotten on board. For clients these days I think they have shifted from the point of view of "I want to just try to just see what I can around" to now saying that "I can't avoid it. And I want to do the right thing. What can I do?" The clients are then saying "I want to do the right thing," to us. We say to them that the only way to really address CRS is to have a fundamental change in tax residency and domicile. This conversation is being accepted by clients and they are taking baby steps towards achieving it. By moving their family members to Singapore, or moving them from a high tax country to a lower tax country, these are things they are prepared to do. It is a very fundamental way to really get to the bottom and heart of the CRS issue. So no more hiding, no more circumventing, but just getting right to the heart of the issue.

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