Jonathon Clifton Interviewed by Asian Private Banker on Trends Towards Mid-shore Jurisdictions

16 April 2019
Jonathon Clifton, Regional Managing Director, Asia & Middle East, talked to Asian Private Banker, a leading industry media in private banking and wealth management in Asia, about the trends of HNWIs setting up corporate structures in mid-shore financial centers such as Hong Kong and Singapore.

The shift from traditional offshore hubs to mid-shore jurisdictions has been partly contributed by the changing regulatory landscape in recent years which aims to meet the increasing demand for transparency.

He commented that it is not a zero-sum game though. “What we often see in a typical structure owned by wealthy families and HNWIs would be a combination of both: for instance, it can be a Singapore corporate structure along with other BVI structures serving different purposes. The overall trend is more mid-shore and less offshore structures, but the latter still plays an important role, especially in this part of the world [Asia].”

While both Hong Kong and Singapore welcome wealthy families to set assets in their jurisdictions, Jonathon further elaborated the unique role each plays for HNWIs. 

“A lot of our work for our private clients in Hong Kong has to do with pre-IPO trusts, employee share option plans, and corporate trustees. This is largely due to the fact that Hong Kong remains one of the world’s pre-eminent IPO markets. While in Singapore, we tend to see more private client type of trustees being formed.”

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