Automatic Exchange of Information
On 28, 29 October 2014, more than 300 delegates form 101 jurisdiction and 14 international organizations and regional groups came together in Berlin for the 7th "Global Forum", during which on 29 October 2014, 51 jurisdictions signed the first ever multilateral competent authority agreement (MCAA) to automatically exchange information, committing to implement the new standard on Automatic Exchange of Information (AEOI) by 2017 or 2018.
Several loopholes have been identified, which can, at the moment, be used in your favour, two of the most apparent solutions are:
Pre-existing bank account or accounts which are established before December 2015 and Discretionary Foundations
To understand more how this standard AEOI impacts you or others please go here
Fidelity Group Team