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Middle East Wealth Management Forum 2020 - Exclusive Insights - Nirav Dinesh Kumar Shah

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1. With economic substance tests and CRS, are mid-shore financial centres such as Singapore and Switzerland at a competitive disadvantage with the UAE?

Video transcript

1. With economic substance tests and CRS, are mid-shore financial centres such as Singapore and Switzerland at a competitive disadvantage with the UAE?

There is no question of being (at) a competitive disadvantage, because actually the exchange of information, the CRS and the economic substance rules are all putting all the centres at par. And therefore, one has to differentiate in the level of those being administered. So I don't think that Singapore is necessarily at a competitive disadvantage, but at the same time they are at par with UAE. But you UAE will learn to then promote itself on its own advantages and not just on the ease of non-compliance. Compliance is there everywhere now, and that's a given factor. And therefore, UAE will learn to step up to meet the same level of professionalism, convenience, and ease of doing the transaction which was Switzerland or Singapore offers. And that's where I think one needs to focus, and not on the ease of compliance or not. Because compliance is there everywhere.

 

 
 
 
 

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