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European Tax Savings Directive raises income tax by 2010 2011 will be the year when banking centers throughout the EU and its Economic Area (Switzerland), as well as British Crown Territories, will tax bank accounts of EU citizens at full rates. Foundations and corporations of non-EU territories like Panama may be be exempt of this taxation under certain circumstances.  How many international private bankers are aware of that?
http://mypanamalawyer.blogspot.com/2010/0... Read More

Michael Lewis' new book, " The Big Short," and last week's Goldman Sachs news have made Blog on Wealth question "the progress" that has supposedly been made in the financial services industry over the last thirty years.

Are we better off now that financial engineers have created investments that allow mortgage loans or corporate loans to be "repackaged" in such a way that magically creates numerous securities with risk/reward characteristics that appeal to more investors than would h... Read More

So how is the patient doing?

In looking at the well-being of the economy as being a key driver of the prime property market (“PPM”)
and the current political climate, it would appear (notwithstanding long term concerns over the country’s
debt) that the patient is recovering somewhat from a rather serious operation and is being supported by
some reasonably useful medication. Feel free to disagree. The consequences have proven rather positive
for the PPM. However, th... Read More

We are told that the IMF - never one to turn down a piece of conventional wisdom - is in favour of international taxes on banks. Please. The last thing the world's banking system needs right now is another set of taxes. It may not have crossed the IMF's mind but in most countries, we have corporation taxes, and unless I am missing something, banks therefore already pay a fairly hefty amount to their various national governments in tax.

This might all seem a bit remote from the wealth... Read More

I have an article due out tomorrow about a US-based firm that provides back-office administration services to financial advisers, wealth management firms and the like. (I will disclose its identity tomorrow). The firm has recently altered some service agreements with clients, and a source of ours, a large UK wealth manager, has been told that it will no longer be served by this firm next year. So I contacted the firm in question and it said, er, yes, we have made some changes but no... Read More

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