- “60 percent of wealth transition failures are caused by a breakdown of communications and trusts”; 25 percent are due to a failure to prepare the heirs, and the last 15 percent are attributed to “all other causes” such as tax considerations, legal issues and lack of a mission”.
- “The European Union is strengthening its savings-tax directive, which requires member states to exchange information. Last year more than 80 countries agreed on a “common reporting standard” set by the Organization for Economic Cooperation and Development (OECD)”
- “With new investment opportunities, fast-tracking of permits for large projects, a relaxation of rules to stimulate foreign direct investment, a growing maritime sector, improved residency and citizenship options…there is every reason to believe that Cyprus will emerge stronger than ever.”
“It is becoming increasingly important for wealth managers and private bankers to build trust and brand loyalty with high-net-worth clients, and also to understand their complex needs”. A lesson for CASHFI members.