No more than a dozen International Finance Centres (IFC) will still be around in a decade's time as offshore jurisdictions come under increasing attack, according to tax experts.
Nick Verardi, partner at Dickinson Cruickshank, issued the warning at a forum organised by the Institute of Financial Services (IFS) Isle of Man centre and the Isle of Man Bankers' Association. He believes the Isle of Man's salvation lies in diversification, but adds its has a "long way to go" as it fights to survive attacks on offshore jurisdictions made by international leaders such as Obama and Sarkozy. Verardi says there will be no more than 12 IFCs in a decade's time, but the Isle of Man will be one of them. "The future's still bright, but we've a lot of work to do," he adds. Isl...
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