Increasing compliance costs are keeping Asian wealth managers up at night, according to a PwC survey. Wealthy women are also an important demographic to keep an eye on.
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The move is set to lighten the compliance burden for asset managers domiciling funds in the Cayman Islands, an offshore jurisdiction popular among Asian firms.
The six-month postponement of the US's Foreign Account Tax Compliance Act allows Asian companies more time to negotiate, but they shouldn't be complacent, PwC cautions.
Asset managers appear resigned to the drive by governments globally to collaborate on information exchange and withholding requirements for combating tax evasion, says JP Morgan.
Punitive taxes for non-compliance, and other areas of leverage, could mean Beijing comes to an intergovernmental agreement with the US.
