Fireside Chat | Advantages and Pitfalls of Commonwealth Offshore Funding Vehicles with Peter Vas

Over 50% of global investments and assets are held in offshore jurisdictions. Commonwealth member states and associated territories including the UK, Singapore, Canada, Cayman Islands and the British Virgin Islands are amongst the best and most well-known finance jurisdictions for offshore funding vehicles. One of the overarching reasons behind the success of Commonwealth member states as financial institutions is due to their shared culture, history, and most importantly, their legal systems which are predominantly based on common law. They provide many benefits including tax advantages, asset protection and confidentiality. At the same time however, several cases of the misuse of these jurisdictions has brought about negative exposure on media platforms which have cast doubt on the legitimacy and security of these jurisdictions. Additionally, greater legal regulations and growing costs have compounded such drawbacks that have begun to dissuade investors.

To discuss the advantages and pitfalls of offshore funding vehicles, and what can be expected of their future relevance and performance, we invited Peter Vas to share with us his experience working with Commonwealth offshore financial centers and offshore corporate law firms. As a Partner at Loeb Smith, Peter is in charge of the firm’s Banking and Finance and Corporate Groups in Hong Kong. He specializes in finance, corporate and non-contentious restructuring transactions and provides British Virgin Islands and Cayman Islands law advice to financial institutions, private clients and corporate entities for complex legal issues and his model performance has led to his recognition in the Asia Business Law Journal’s A-list of Top 50 offshore lawyers in 2022.

#Offshorejurisdictions #CaymanIslands #Offshorevehicles

Timecodes:
00:00 Julia Charlton's welcome speech
02:41 Peter Vas about Offshore funding vehicles - pitfalls and advantages
25:44 Q&A session - When did offshore funding vehicles begin?
31:11 Q&A session - What is the most common use for the offshore companies?
32:55 Q&A session - Why Commonwealth offshore jurisdictions have been so successful?
43:25 Q&A session - Will these jurisdictions continue to perform well in future?
49:05 Q&A session - Why the media has such a negative view about offshore funding vehicles?
53:41 Q&A session - How difficult it's become to open bank accounts for offshore companies?
55:44 Q&A session - How do you feel the increased international, mainly US regulatory pressures on the future of offshore jurisdictions?
58:27 Q&A session - What are the competative advantages of the three big Carribean offshore jurisdictions?
1:01:46 Julia Charlton's closing remarks

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