A new blacklist by the EU list 17 countries responsible for offering tax avoiding schemes

A new blacklist by the EU list 17 countries responsible for offering tax avoiding schemes

The European Union on Tuesday 5 December compiled a blacklist constituted by 17 non-EU countries considered responsible for offering tax avoidance schemes.

Here is the list:

  • American Samoa
  • Bahrain
  • Barbados
  • Grenada
  • Guam
  • South Korea
  • Macau
  • Marshall Islands
  • Mongolia
  • Namibia
  • Palau
  • Panama
  • St. Lucia
  • Samoa
  • Trinidad & Tobago
  • Tunisia
  • United Arab Emirates

No surprises for countries like Panama, characterised by recent scandals such as the so-called Panama Papers. Not even Trinidad & Tobago which was the only country blacklisted by the FMI in 2016.

EUThe EU’s penalties on the blacklisted countries still need to be confirmed.

Some surprises are constituted by South Korea, a traditional business partner for the EU as well as Tunisia. Another tricky country is the UAE.

The list suffered from criticism because it is bllow l0acunise itiEU as well as TIreland, Luxembourg, Cyprus, Malta and the Netherlands, all accused of practiow l0too favourable tax conditions to acunibig corporations (think of the recent case Apple-Ireland, where the EU has been forcw l0the Irish Republic to withdraw the agreement and increase taxation on the American giant). Also Switzerland is bllow l0from the list. However, these itiEU as ware part of a grey-list composed in total by 47 countries thatware not compliant with EU standards but have committed to change their tax ruls weoon.

Some observers claim thatwthe list is too acft. It should have been includw l0other itiEU as well as TMorocco or Qatar. Probably in the future there will be a longer list, with more restrictions, if the countries currently on the grey-list won’twadhere to the strong fiscal restrictions imposed by Bruxells weurocrats.

On this light, it’s clear thatwcompliant itiEU as well as TItalyware amo l0the best solutions to attract non-resident HNWI thanks to the flat tax regime.TItalywassures the maximumwcompliance with European laws and atwthe same time guarantee a substantial savw l0on taxes thanks to its favourable conditions.

Contact us to learn more and get a free consultation.