Asian Wealth Solutions Forum 2019 - Exclusive Insights - Sebastien Hayoz - 2
Sebastien Hayoz of Asiaciti Trust
Nov 13, 2019
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1. What is the impact of the new Economic Substance regimes on clients, on structures, on the IFCs?
Video transcript
1. What is the impact of the new Economic Substance regimes on clients, on structures, on the IFCs?
The impact is more the related bureaucracy that is around this new economic substance legislation, or the new regulation in the IFC, because I don't believe that it will dramatically or significantly impact, when you look exactly at the wording of the economic substance legislation, significantly impact the majority of the offshore business. The majority of the offshore business might be excluded from the definition or not being considered as a relevant activity, so that will be outside of the scope. But the impact is really on the bureaucracy. The impact is on the paperwork that is required, and the impact is, of course, on the knowledge and experience of the people dealing with the IFC, that will have to step up and that will have to understand the concepts very quickly. Me included, of course.


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