Tax Haven Threat

Written by Roger Munns

Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.

The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their home country’s tax authority.

But Roger Munns, Managing Director of tax haven property specialists Tribune Properties, says that some ofrepparttar reporting has been less than accurate.

‘The purpose behind this directive is primarily aimed at those who hold illicit funds, such as drug dealers, who will need to look outside ofrepparttar 151170 European banking system to place large cash deposits. The main attraction of Monaco and Andorra isrepparttar 151171 zero per cent income and inheritance taxes, and this remains intact and there are no plans whatsoever to change this’.

Monaco and Andorra have long been favoured destinations forrepparttar 151172 well to do, but with new technology allowing businessmen and women to run their offices from anywhere inrepparttar 151173 world, operating from low tax bases has seen added interest for Europe’s primary tax havens, doubling property prices inrepparttar 151174 last ten years.

Both Monaco and Andorra are outsiderepparttar 151175 EU, and their signing ofrepparttar 151176 directive voluntarily is often overlooked inrepparttar 151177 media’s analysis of any effects onrepparttar 151178 two small countries long term popularity. Property prices have risen steadily overrepparttar 151179 last decade, often topping ten per cent a year, but this year has seen a slow down of that increase.

Foundation Top Picks!

Written by Sher Matsen

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