Part 2: The offshore trust industry in Asia

In Part 2 of this two-part article, Christian Stewart, partner, Tax & Legal Support, PricewaterhouseCoopers, discusses some of the interesting developments within the Asian private trust industry.

Recent international initiatives have been putting pressure on the more traditional Offshore Finance Centres OFCs with a resultant interest in Asian centres such as Singapore and Hong Kong. There are, however, other interesting developments within Asia occurring at the same time.

The use of Hong Kong and Singapore holding companies

In the first part of this article we mentioned the use of Hong Kong and Singapore as jurisdictions from which to base trust administration and as banking centres. We are also seeing cases where European high net worth individuals have been advised by their European lawyers or tax advisers to use a Hong Kong or a Singapore incorporated company as a holding vehicle...

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