Following the introduction of the FATCA and the OECD’s Common Reporting Standards Singapore Licensed Trust companies are now faced with the difficult task of re-training their teams and documenting the tax positions of The trusts that they manage to ensure they understand the tax residency status of relevant beneficiaries. In Singapore, where tax evasion is considered to be a money laundering predicated offence, it is vital for Trust Companies (as Financial Institutions) to ensure they obtain sound international tax advice in giving effect to their role as trustees.
CST Tax Advisors has dedicated advisors who can assist Singapore Trust companies ensure they are not caught unaware by complex international tax laws during the course of the administration of a client trust. This is major benefit for Trustees who have potential beneficiaries in countries with complex foreign trust rules such as Australia, the United States or the United Kingdom.
CST Tax Advisors understands trust business and has been a finalist as the STEP Private Client Awards for Boutique Firm of the Year in 2014 and Accountancy Team of the Year in 2015 run by the Society of Trust and Estate Practitioners (STEP).