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Common Reporting Standard and Internet of Things may increase cyber risk to family offices

October 8, 2018

With cybersecurity breaches at well-known companies hitting the headlines, it is easy to believe that family offices which maintain a low profile would not be a prime target for digital fraud.

With cybersecurity breaches at well-known companies hitting the headlines, it is easy to believe that family offices which maintain a low profile would not be a prime target for digital fraud.

However, this ignores the attractiveness of the information that is stored by a family office, their advisers and their financial institutions—information and data which is potentially useful to criminals who wish to steal from, harm or damage the reputation of a wealthy family.

Common reporting standard: Which entity to be?

June 20, 2017

In the second of a two part commentary, global advisory firm Maitland Group, considers a family trust as a financial institution or a non-financial entity.

In the second of a two part commentary, global advisory firm Maitland Group, considers a family trust as a financial institution or a non-financial entity.

No one likes to be a square peg in a round hole. It doesn’t feel right. However, for protectors of family trusts with an eye on the new Common Reporting Standard (CRS) requirements, it can often be better for the trust to wear the incongruous name of “financial institution” than the alternative of “passive non-financial entity”.

Common reporting standard: How trust protectors can protect themselves

June 15, 2017

In the first of a two part commentary, global advisory firm Maitland Group, explains what the Common Reporting Standard means for protectors of family trusts.

In the first of a two part commentary, global advisory firm Maitland Group, explains what the Common Reporting Standard means for protectors of family trusts.

Being the protector of a family trust can seem a pretty thankless task. The role comes with a swathe of duties and obligations, albeit laudable, and will often be unremunerated. What’s more, protectors will frequently incur personal expense and inconvenience arising from their office.

Panama Papers: Tax haven can wait

October 7, 2016

Will the Panama Papers mark a tipping point for families and their advisers? And what will families need to do to fend off public criticism?

Will the Panama Papers mark a tipping point for families and their advisers? And what will families need to do to fend off public criticism? Paul Golden reports

A mere two months before Brexit brought the curtain down on David Cameron’s 11-year leadership of the UK Conservative Party, the former prime minister had only narrowly escaped an earlier end to his premiership.

Regulation special: Laws and effect

March 4, 2016

A concerted coordination between global regulators and national governments means regulation is impacting families on matters as diverse as tax information to reputation. Rose Carr and Nicholas Moody ask experts what regulatory measures family offices should watch out for

Tightening the global tax net

February 26, 2016

The OECD’s Common Reporting Standard has been described as a ‘paradigm shift for tax’ as it seeks to automate the way governments share tax information with each other. How are family offices being affected? Alison Ebbage reports

Its official name is the global standard for automatic exchange of financial account information – these nine words are a simple distillation of an ambitious project to tackle global tax evasion. Known more regularly as the Common Reporting Standard (CRS), it will see government-to-government sharing of account holder information and builds upon existing legislation, notably the US Foreign Account Tax Compliance Act (FATCA) and the EU Savings Directive.