Asian Wealth Solutions Forum 2019 - Exclusive Insights - Sebastien Hayoz
Sebastien Hayoz of Asiaciti Trust
Nov 13, 2019
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1. Is the idea of midshoring gathering momentum?
Video transcript
1. Is the idea of midshoring gathering momentum?
Midshoring is definitely gathering momentum. Couple of things I believe, of course tax incentive scheme; a lot of jurisdictions and a lot of international financial centres are looking to expand this or to grow this. Look at Singapore, which we knew, the tax incentive scheme available at the end of March this year. Switzerland recently published, as well, new legislation for trust companies. That also means that the regulation and environments is different, so they want to attract clients and they want to be perceived as a mature, even onshore, proper jurisdiction. Really the other reason, again linked to the point that I made about the economic substance, is about the bureaucracy and the fees related to all these changes in the offshore jurisdiction. The clients start to realise that basically what was attractive from a fee point of view in the offshore jurisdiction is not necessarily the case anymore, because when you add up then all the costs to comply with the renewal regulation in the offshore jurisdiction, you end up almost being in the same situation that using an onshore jurisdiction.

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