of the offshore industry as it was due
to the introduction of:
The year 2020 has seen the true end
of the offshore industry as it was due
Global automatic information exchange.
AEOI – Nearly 100 countries carried out automatic exchange of financial information in 2019. These exchanges covered information sent on 84 million accounts, amounting to EUR 10 trillion of total assets.
The cost of doing cross border business investment and wealth management will increase by more than three % annually.
Which means increased review of cross boarder payments by tax and regulatory authorities
The advent of a new worldwide minimum corporate tax, which appears to be 13%
Difficulty opening bank accounts for non residents.
A new approach is required…
The Barbados jurisdiction.
Barbados is the only jurisdiction in the Caribbean with a double tax treaty network and an established international financial centre.
This makes Barbados the ideal jurisdiction to base your international business and wealth management platform in the long run.
The Barbados international financial centre can help reduce the costs of international business and wealth management structures because it has double tax treaties with the US and Canada, and is home to a number of international banks and financial services providers
The cost of doing international business and investment and wealth management looks like it is going to increase by 15-20% of net profits. Hardest hit will be; International HNWI’s and Entrepreneurs who are managing a net worth of around $100million USD or less.
Problems that HNWIs and Entrepreneurs doing international business and wealth management will face from 2020 onwards:
- Global Automatic Information Exchange – Due to common reporting system and beneficial owner public registries, legitimate privacy and confidentiality is becoming increasingly very difficult to achieve.
- The implementation of BEPS and the introduction of the global minimum corporate tax in 2020, will make international business, investment and wealth management platforms more expensive to operate compliantly.
- Global automatic exchange of information means international tax transparency from 2020. Cross border arrangements will increasingly review arrangements which will increase compliance and advisory costs.
International owner managers and entrepreneurs who base their businesses in Barbados can save time and reduce costs by locating their business, investment and wealth management platforms in one place. Tax treaties will become even more important in protecting long term wealth management.
Jonathan is an international tax lawyer who has been self-employed for over 15 years in the UK and Barbados and has worked with many jurisdictions including Barbados, Canada, Mexico, Brazil, USA, and Switzerland. Jonathan specializes in providing compliant, commercially workable cross-border tax structures for owner managed international businesses, investment funds and private clients utilizing a wide range of cross-border corporate, trust and business solutions. As well as a deep international tax law understanding, Jonathan has managed service teams to deliver the results of advice given.
Jonathan is also a member of the Barbados Branch of the IFA. He is also working on assisting a local school for teenagers and introducing them to the opportunities of international business.
- University of Florida
Doctor of Juridical Science (S.J.D) – In Progress, International Taxation
2016 – 2020
- University of Florida – Fredric G. Levin College of Law
Master of Laws – LLM, International tax law, July 2019
- BSc Business & Computing;
Brunel University, London
- MSc Mathematical Finance;
Imperial College, University of London
- Bachelor of Laws – LLB;
University of Wolverhampton
- Attorney at law, Barbados
Called to the Bar in England and Wales
Juanna is an Attorney at Law focused on International Tax Advisory. Her areas of interest include the Administration of Trusts and Estates, Revenue Law, International Trade law and Legislative Drafting.
Juanna is qualified to work in the Republic of Trinidad and Tobago, Saint Vincent and the Grenadines and will be called to the Bar in Barbados shortly. She aims to become a fully qualified Legislative Drafter specializing in International Tax Law.
Juanna uses her knowledge of Legislative Drafting and Interpretation to analyze and break down the Tax Requirements of all the jurisdictions she encounters to discover what Tax Compliance truly means for each territory.
Juanna has previously served as an Intern at the Chief Parliamentary Counsel of Barbados and the Office of the Director of Public Prosecutions as an Intern.
- Bachelor of Laws – LLB
The University of the West Indies, Cave Hill Campus
- Legal Education Certificate – LEC;
The Hugh Wooding Law School
- Attorney at law, Trinidad and Tobago
Called to the Bar in The Republic of Trinidad and Tobago
- Attorney at law, Saint Vincent and The Grenadines
Called to the Bar in Saint Vincent and The Grenadines