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Labuan compared to other Asian jurisdictions such as Hong Kong, Singapore and RAK (Dubai)?

Asked in Offshore (General) for Labuan

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I am based in Europe and trying to seek the ideal jurisdiction for an offshore trust. I have read many positive things about Labuan.

I would like the trust to be in a country which maintains security and confidentiality, and is known as reputable. I am not seeking a jurisdiction considered to be a "tax haven", as the latter are being clamped down on by the US, UK, the OECD and the like.

How does trust law in Labuan compare to other Asian jurisdictions such as Hong Kong, Singapore and RAK (Dubai)?

As it has set-up offshore trust laws relatively recently compared to other jurisdictions, would you say it is a reliable place to do business?

Thanks.
 
Law Offshore Labuan Singapore Business Hong Kong Dubai Tax Europe
 
Posted by Lowtax user on May 26, 2013 at 12:41
 

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Labuan has been going along for a while now but as a resident of Malaysia it's considered a bit of a backwater.

As far as safety goes Singapore it the top of the pile by some distance but they are changing rules so being anon might be a tad more difficult (presuming the authorities know where to look)
 
Posted by Lowtax User on Jun 07, 2013 at 05:17
 

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Lowtax User - Thanks for the feedback.

Would you consider Labuan so much of a backwater that it may be risky to set-up a trust there?

Welcome the feedback on Singapore. Could you please elucidate more on the following: "they are changing rules so being anon might be a tad more difficult (presuming the authorities know where to look)". How do you think anonymity may be compromised please?

Thank you. Commented on Jul 23, 2013 at 17:14

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With the updates made to the Labuan Trusts Act 1996 in February 2010, you may find Labuan trust law modern and suitable for present times. There are confidentiality provisions set out in the Act for asset protection but as Labuan adheres to the international standards for exchange of information, Labuan would not be regarded as a tax haven in the international scene.

Labuan foundation is another cutting edge wealth management/estate planning tool that you may want to consider.

For further discussion, you may wish to contact our business development personnel, Mr Hiu Chee Fatt at cheefatt@libfc.com or info@libfc.com.

www.libfc.com

 
Posted by Lowtax User on Sep 20, 2013 at 03:09
 

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Useful advice. Thank you.

"Labuan adheres to the international standards for exchange of information, Labuan would not be regarded as a tax haven in the international scene."

To what extent does Labuan protect owners of companies, trusts, foundations and bank accounts in practice? If somebody abroad, say in the UK, opens these up in Labuan and the UK tax authorities request details of the ultimate owners, would these be provided to the UK tax body?

Thanks.
 
Posted by Johnsmith on Dec 30, 2013 at 22:44
 

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