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It is estimated that Swiss banks currently manage 27% of offshore wealth that is privately held. London still remains in a strong position,  but has been damaged by insecurity over proposed changes in government legislation, according to the London-based wealth management adviser

While London retains "an inherently strong position," it ranks second after damage resulting from "recent regulatory and fiscal changes," Scorpio said.

The U.K. government's changes have "engendered a sense of mistrust and uncertainty among the mobile wealthy and their advisers," said Scorpio Managing Partner Sebastian Dovey.

Here's the ranking of  the world's top "mobile wealthy residency" centers:

1. Switzerland
2. London
3. Singapore
4. New York
5. Hong Kong
6. Jersey
7. Cayman
8. Isle of Man
9. Monaco
10. Dubai
11. Guernsey

Source: Bloomberg

Britain's crown dependencies and overseas territories are scrambling to defend themselves against the latest rhetoric issued by high-tax countries.

Supposedly 'leading' offshore centres are pleading for a more discriminate approach to distinguish themselves from the 'dirtier' unregulated tax havens.

Geoff Cook of Jersey Finance, which represents the island's financial industry, says: "The thing we worry about is we are being tarred with the same brush as everyone else."

Of international leaders: "They are desperate to find any way they can of increasing their tax collection and they are desperate to deflect attention away from the domestic situation."

The Cayman Islands took a similar stance:"We fear a very indiscriminate position will be
taken which owes more to protectionism and prejudice than judgement and intellectual application,"  said Deborah Drummond, deputy financial secretary of the Islands.

Last week the US administration offered encouragement for new anti-tax haven legislation that builds on the 'stop tax haven abuse act' introduced by then Senator Obama. If passed, numerous tax havens, among them many British colonies and territories may find themselves on the receiving end of sanctions which force them to be more transparent. The UK, Germany and France have also called for a crackdown on tax havens, hoping to make it a top issue at April's G20 summit.

Tax evasion scandals linked to swiss offshore banking and Liechtenstein have increased pressure, as has the banking crisis, when it was revealed that banks were some of the heaviest users of offshore jurisdictions.

Although it is widely opined by experts that offshore banking is not a major factor in the global financial crisis, many governments may find it easy to target offshore tax havens, leveraging on their close links to the banking sector.

The Isle of Man Government and the private sector have worked very hard to ensure that the island has a world class infrastructure and full range of Support Services in place for the e-gaming industry. Recently a new survey of leading e-Gaming companies in the Isle of Man has estimated its online gaming sector grew by 30% in 2008, and has forecast growth to accelerate to 40% in 2009.

There are 14 license holders at the moment. Eight new licenses were issued in 2008 with two more to go live shortly and this past week Asian bookmaker SBOBet's subsidiary Celton Manx has become the first Isle of Man-licensed operator to be granted approval to launch a live dealer casino from the island.

Today the Guardian published an article by William Brittain-Catlin, he's the author of Offshore: The Dark Side of the Global Economy, and an investigator with the risk consultancy Kroll. The insightful report was titled:

How offshore capitalism ate our economies - and itself

Convoluted networks of tax havens became a model for the abstract financial wizardry that led to the current crisis

In many ways it's an excerpt from his brilliant book but it does shed some light on what we could see in the future. Here's an excerpt:

The new offshore wizardry soon had an impact on the wider world. Up until this time, nation-states had complete control over their economies and finances. That changed. Offshore tax havens put enormous pressure on domestic banking systems to deregulate and liberalise. In turn, onshore banks and monetary authorities tried desperately to control and regulate the new international capital markets that were based offshore. But it was an unequal struggle; governments across the industrialised west eventually repealed their own regulations and let offshore finance wash up and make a home onshore.

Buy the Book Here: Offshore: The Dark Side of the Global Economy

The business section of the Isle of Man Today newspaper reported this week that Internet gambling is the fastest growing sector of the Manx economy, bucking the economic slowdown trend with the prospect of new businesses and new jobs being created on the island over the next few years.

More than 360 jobs have been created in the past three years, the newspaper reports, with some of the biggest names in the online gambling industry including Microgaming, PokerStars and Playtech setting up head offices.

At a hearing held on 3rd May entitled 'Offshore Tax Evasion; Stashing Cash Overseas' the United States Senate Finance Committee considered how it could overcome the problem of US taxpayers evading local tax by placing their assets 'offshore'. Information exchange was seen as one of the solutions suggested that could help the US treasury close that 'tax gap'.

In the course of the hearing, testimony submitted made particular reference to the use of 'tax havens'. As Guernsey has been included in a list of 'offshore secrecy jurisdictions' and as a 'tax haven country' in bills currently being promoted before the US Senate, it was considered important that the Committee should be made fully aware of Guernsey's status as a well-regulated, well-respected financial centre, and of the considerable steps it has taken, and continues to take, in cooperating in the fight against international financial crime.

Tax Efficient Hosting With Netcetera at Internet World 2007

Netcetera, Europe's leading web host, is attending Internet World 2007, the UK's largest B2B Internet event taking place at Earls Court from 01 to 03 May 2007. The company, the only offshore web host taking part, will showcase the tax efficiencies of hosting any E-Business venture in the Isle of Man, with a casino theme, on stand No. W502.

A partial amnesty is to be offered to people who have evaded tax by moving their funds into an offshore account. People that own up to tax evasion will pay back taxes with interest and be fined 10% of the tax owed. However, if they do not come forward they face a full Revenue & Customs investigation and fine equivalent to 100% of any tax owed. The Revenue has details on thousands of accounts held with the offshore branches of major EU and UK banks.

Continue reading "Offshore Tax Evaders Amnesty Bid"

Recent changes to the law mean the island is a step ahead of other offshore competitors, such as the Isle of Man and Jersey, which have not updated their IP legislation.

Continue reading "Guernsey Centre for Intellectual Property Registration"

Alderney, part of the UK's Channel Islands, has appointed a prominent e-commerce executive to head up the jurisdiction's already successful e-gambling sector.

The Alderney Government (known as the States of Alderney and regarded as being globally at the forefront of eGambling regulation), announced yesterday that they had appointed Robin Le Prevost to drive their burgeoning eGambling Industry forward.