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From the Managing Director's desk

Preface - LAVECO Newsletter June, 2016


01/07/2016

Dear Reader,

Váradi László, Ügyvezető igazgató, LAVECO Kft.Over the last two years we have written, and are still writing, an awful lot in the columns of the LAVECO Newsletter about the changes which are so typical of the financial world today. We can say without fear of contradiction that the scandal which broke in relation to the Panama Papers in April 2016 will be a junction in the operation of the system, which will have far-reaching effects in many areas in the future. In my opinion, the consequences for the world will be a little like those following September 11th, 2001. It was after the attacks on New York’s twin towers that the security measures, which we still experience today to a certain extent, were first introduced. And these effects are felt by the man in the street, as it was at that time that airport security staff started making passengers remove shoes if they considered them exceptionally large and limiting liquids carried in hand luggage to 100 ml.

Just as the world will never be the same as it was before the attacks on the twin towers, so we can say that the financial world will never be the same as it was before the Panama Papers. The banks reacted almost immediately, and made the already difficult customer due diligence requirements even stricter. Many procedures emanate from the desire to leave only transparent structures in the system. Free Zone Companies registered in the emirate of Um-al-Quwain in the United Arab Emirates provide an excellent solution in this situation. As the entire territory of the UAE has been tax-free since its inception, they can not be accused of developing a special offshore format designed exclusively for foreigners.

In regard to the exchange of information treaties, it has become clear that the world market will be left with no choice but to adapt, and in the future single-level tax planning will no longer be able to fulfil the role that it has played for the last 30-40 years. New, more sophisticated vehicles and techniques will appear, and at the same time, tried and tested technologies, such as the 800 year old Anglo-Saxon Trust, will be reinforced.

Communication with the banks is no easy matter these days, even in the case of customers who have been known to the bank for years. This is another reason why we are always happy when we can offer our clients a new banking opportunity. One such opportunity for LAVECO clients is Piraeus Bank, which we recommend primarily for clients wishing to open current accounts.

Naturally, we will also be continuing to monitor just where the signing of automatic exchange of information agreements currently stands. But life can not stand still, and the economy has to go on working, either with or without the exchange of information. Which is exactly why LAVECO Ltd.’s Hong Kong office is very active in the Chinese market, too, and we would like to introduce our new colleague, who will be responsible for marketing in the far-eastern market.

LAVECO Newsletter June, 2016 - Panama Papers, Bahamas Papers, UK Papers, Germany Papers, USA Papers, .....?

Have a good summer, and enjoy your read.

With warm regards,

László Váradi.

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