December newsletter - High Noon, Puppet Masters and The Rolling Stones 

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High Noon, Puppet Masters and The Rolling Stones
  
Over the last year we have experienced fundamental shifts in the financial and geo-economic structure of the world. Gone is indeed the notion of "risk free" investments as governments in the West are struggling to roll over their debt and keep interest rates at sustainable levels. As a result deleveraging of governments and households is set to continue and will cause grave concern for the world's economic system for some time to come. Against this worrying backdrop Vistra has expanded significantly. In March we announced the merger with the Offshore Incorporations group of companies, the Asian market leader in company formation. In this newsletter we are proud to announce further expansion in mainland China with the acquisition of Cynosure and the launch of our fund services business in Hong Kong.

This edition of Vistra News is coming to you with a bit of a twist. In "High Noon and the Stage Coach" Walter Stresemann looks back in his usual thought provoking way on a tumultuous 2011. In the "The Blame Game" Martin Crawford investigates a recent World Bank report, called "The Puppet Masters", exposing the hypocrisy of OECD and non-governmental lobbying groups targeting offshore centres.

In our "Spotlight On" section we explain why bands such as The Rolling Stones and U2 have structured the collection of their royalties via the Netherlands. We round up with the new Apps for Apple and Blackberry devices, enabling you to stay in contact with Vistra wherever you are in the world.

I hope that you will enjoy this special last issue of 2011 and I wish you a very Merry Christmas.

Bart Deconinck
Executive Chairman