The world of trusts, foundations and rules in IFCs are changing constantly. A country where new regulations are coming out, not always under much publicity, is Switzerland. This publication recently spoke to a prominent wealth firm about developments.
A possibly unavoidable aspect of the Brexit drama is how it has dominated the media, business and political attention, leaving important developments in the shade. One such development is the work to shape a new regulatory landscape in Switzerland. The Alpine state’s authorities are shaking up how funds and financial structures are regulated. There are also moves from some quarters to push Switzerland’s credentials as a trusts jurisdiction.
And the market for wealth structures such as trusts and foundations continues to develop, and it also faces pressures from campaigns for ever more transparency around beneficial ownership, for example. At a recent Swiss conference hosted by the Society of Trust and Estates Practitioners, this publication was struck by how concerned industry figures are about assaults on privacy, but also how they think there may be signs that the pendulum could swing the other way.
WealthBriefing recently interviewed Philippe de Salis, head of fiduciary, Switzerland, Stonehage Fleming, about these issues.