Download Financial Centres in Europe: Post-Crisis Risks, Challenges by Rym Ayadi, Emrah Arbak PDF

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By Rym Ayadi, Emrah Arbak

Financial centres are continually evolving to house an more and more built-in international economic climate and an both hard surroundings publish monetary main issue. they're domestic to a variety of monetary companies and function intermediaries among more often than not non-resident consumers and overseas and native monetary associations, huge or small. monetary centres have grown over fresh many years as an immediate results of the expanding significance of monetary markets around the globe. utilizing research from a consultant pattern of monetary centres in Europe and somewhere else, face-to-face surveys pre and put up concern and systematic comparisons, Financial Centres in Europe presents a accomplished review of the level to which elevated foreign cooperation in legislation and taxation may well let monetary centres to raised reply to dangers and possibilities dealing with them sooner or later. whilst, it identifies demanding situations of a geopolitical and macroeconomic nature dealing with monetary centres within the coming years.

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Apart from allowing non-residents of onshore economies to avoid taxation by seeking investments in offshore jurisdictions, the low-tax regimes also reduce the potential of double taxation and allow the deferral of taxation until the earnings are distributed. The ability to defer taxes, furthermore, gives the funds the ability to filter short-term investors without having to resort to ‘lock-up’ rules on investor redemptions (Aragon, 2007). Globally, more than half of hedge funds are domiciled in offshore jurisdictions, with the British Virgin Islands and the Cayman Islands Evolving Nature and Scope of Activities 23 being by far the most popular domiciles (IFSL, 2010).

21 3 Compelling International Initiatives The previous chapter outlined some of the key areas of growth while highlighting the reputational risks faced by financial centres. The discussion started with the late 1990s, with first the G-7 and then the G-20 countries partly driving a change in the operating environment of financial centres. In addition to the regional roles of specific jurisdictions or supranational bodies (such as the EU), the sectorspecific initiatives have been divided up between different international organizations.

10 More broadly, jurisdictions like Hong Kong and Singapore were omitted from the list. According to some, there were only reflections of the lack of enthusiasm in the Bush administration, which came to power in 2000 (Sharman, 2006). The year 2008 can be seen as a turning point for the OECD’s efforts. The election of President Obama in the US and the mounting fiscal challenges faced by developing countries amidst the financial crisis rekindled the political will to make progress on tax matters in the global arena.

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