Wealth management firm Kaiser Partner has
highlighted the relevance of the Liechtenstein Disclosure Facility
(LDF) for UK individuals in Singapore.
The LDF was introduced in 2009 to help UK
taxpayers with undeclared investments in Liechtenstein to come
forward and get their past and future tax affairs settled.
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Over 100 private client professionals gathered
in Singapore earlier this week to hear Kaiser Partner board‐member
Philip Marcovici discuss the benefits of this scheme for UK
individuals.
Marcovici said: “The Liechtenstein Disclosure
Facility is, in most cases, a UK taxpayer’s “best deal”, with low
tax and interest costs combined with protection against criminal
proceedings.”
Marcovici explained that not all funds or
structures need to be moved to Liechtenstein to take advantage
of the facility in relation to global assets and income, which
makes the arrangement attractive to Singapore banks and trust
companies as well as their clients.
He added: “We are experiencing a global sea
change in enforcement and attitudes associated with undeclared
funds. Singapore’s move to “all‐crimes” anti‐money laundering
legislation is but one of many global developments that are forcing
the wealth management industry and its clients to come to grips
with tax compliance.”
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By GlobalDataAccording to Kaiser Partner, unlike other tax
compliance vehicles, the LDF both significantly reduces financial
penalties and provides assurances against criminal
investigation.
It adds that LDF is effective even in complex
situations where assets are held in trusts or foundations, where
assets or family members are located in multiple jurisdictions,
where wealth is inherited or when tax obligations have changed over
time.
Private Banker International recently
reported that the LDF will be extended until 5 April 2016 as the
number of disclosures has exceeded the UK’s government
expectations.
