Rosemary Marr

JERSEY’S trust industry will need to become increasingly transparent and international, according to a new report compiled by the Society of Trust and Estate Practitioners.

‘Those advisers and trustees who master global and integrated tax advice will thrive in this new environment,’ it suggests.

The organisation interviewed 32 leading professionals – including several from the Channel Islands – about their predictions for the next 18 months.

Their responses highlight the growing importance of tax advice on a global basis, taking into account both offshore and onshore requirements.

The three key trends identified are increased transparancy; the role of trust and estate planning as part of wider wealth management; and a demand for new strategies and bespoke solutions to enhance revenue.

Jersey trust specialist Rosemary Marr, who also chairs STEP Worldwide, said the report confirmed views that industry practitioners had held for some time.

• See Friday’s JEP for full story.