Two leading figures from law firm Dougherty Quinn in the island recently returned from a successful trip to New York.
Annemarie Hughes (head of DQ’s trust and private client team) and managing partner Tom Maher attended the STEP International Estate Planning conference in the Big Apple.
Annemarie and Tom were the only representatives of the Isle of Man at this leading event which was attended by almost 200 trust and private client professionals from around the world.
Unsurprisingly, a major focus of the two day event was a discussion on how FATCA would impact the international trust industry.
A DQ spokesman said, interestingly, the general consensus was that those international trust companies that embrace FATCA compliance and obtain a GIIN (Global Intermediary Identification Number) will do well and will likely win new American business.
The general mood among the speakers and delegates was that the increased transparency created by FATCA will actually generate more opportunities for legitimate offshore structuring for American businesses and individuals in the future.
He said: ‘Another interesting trend being discussed was the increase in the number of international trust companies who are setting up operations within the US (not just the obvious choice like Delaware but also South Dakota!)
‘On the final day, there was a detailed discussion about what drives Latin American wealth offshore. The most common reasons cited were local political corruption, unstable economic conditions, personal security and risk of asset confiscation by governments. Delegates noted an increasing market for international trust structures for HNWIs (high net worth individuals) from Latin American countries.’
Annemarie and Tom updated delegates on the Isle of Man’s leading role in international tax co-operation and transparency and highlighted the many advantages the Isle of Man offers in a private client estate planning context.