Donald Trump’s pro-business agenda may create opportunities for Guernsey in the US.
Trust Corporation International directors Michael Betley and Andréa Daley Taylor attended the 14thannual International Estate Planning Institute in New York, jointly staged by STEP New York and the New York State Bar Association.
Guernsey Finance deputy chief executive Kate Clouston was also part of the delegation and Trust Corporation International was gold sponsor of the conference, which brings together experts from around the world to discuss the latest developments in cross-border estate planning with a US component.
The US domestic market is currently more buoyant thanks to recently enacted legislation including cuts in the corporate tax rate, Mr Betley said.
“There is a better outlook in the US for domestic operators thanks to reduced corporate tax rates and President Trump’s efforts to reduce the level of bureaucratic red tape,” he said.
“Significant steps have been taken to keep wealth within the US and many of the new tax initiatives are aimed at repatriating the assets of corporations and individuals. Many in the US are therefore looking at onshore structures in order to comply with the latest legislation, which is a service that we offer in the US and have for some time.”
Trust Corporation’s US offering is well established and the firm has been working in the region for many years; experience which has enabled it to develop services to benefit US-based clients especially in times of rapid legislative change.
“One of the principal talking points at the Institute this year was Global Intangible Low Taxed Income (GILTI), a new category of income that was devised and incorporated into tax law very quickly. It affects US tax payers with foreign business interests so presents another opportunity for firms like ours,” Mr Betley said.
“Estate planning is becoming an increasingly global exercise and the US is still a popular choice because of the draws of education, investment opportunity and, especially on the West coast, innovation and technology. These are all pull factors to the US so the number of wealthy individuals, families and corporations globally with an American touchpoint is increasing.”
Guernsey’s reputation as a politically stable jurisdiction which is strong on regulation and compliance with international standards is still helping firms in the island win business from the US.
“Speaking to people at the conference has given us great confidence in the work we’re doing in the US and has reaffirmed Guernsey’s reputation for quality work and robust regulatory structures,” said Ms Daley Taylor.
