Reflecting on 2017
Offshore Investment will be taking a break over the Christmas and New Year period, but this gives us time to consider all that has happened over the past year.
2017 started with concerns around what a Trump presidency would mean, and, some may argue, this level of concern has not necessarily abated as time has gone by. The administration has, however, managed to cajole the US Congress into a sweeping set of tax reforms, about which more detail and consideration as to its precise effects will no doubt be presented anon.
Internationally speaking, it was a year of continued leaks. Whatever the view, the challenge is that the horse has bolted to a certain extent, and it is unlikely that tax authorities will cease their methods to achieve even greater insight into databases, besides those that have now ended up in the public domain.
It has also been a year of establishing new norms – CRS being just one of them. Meanwhile, existing norms have been challenged; the UK continues its exit from the EU, while North Korea achieved its goal, supposedly, of creating a true intercontinental ballistic missile system with which to rattle the international order.
There must also be mention of natural disasters. This was a particularly bad year of hurricanes, with a real impact on the offshore industry, but particularly the people affected; and for those whose lives continued to be challenged by the destruction experienced the thoughts must be for continued recovery.
Time moves on. We now look forward to another year of challenges and solutions from the best and brightest that the industry can offer.
We wish all of our readers and supporters a great holiday season, and look forward to reuniting again in 2018.