Following on the heels of Switzerland, Liechtenstein, San Marino and Andorra: Monaco has this month signed a Tax Transparency Agreement – under which it will automatically provide all EU countries with the names, addresses, tax identification numbers and dates of birth, and other financial and account balance information relating to EU residents with accounts in the Principality.
This is all part of the global crackdown on tax evasion. The intention is to make it practically impossible to hide income and assets in financial institutions abroad. As this follows the new OECD/G20 global standard for the automatic exchange of such information it is unlikely to be affected by Brexit.
The exchange of information will begin in 2018.
What Does This Mean For Me?
If you are a UK resident and have a bank account or other financial institution account in Monaco (or any other former so-called tax haven), and you have historic undeclared tax liabilities in the UK – then time is running out before you are caught. You should seriously consider making a voluntary disclosure while you still have time; and take advantage of the immunity from prosecution and preferential penalties available. You almost certainly need specialist help.
How can Lynam Tax Disclosure Experts Help Me?
Lynam Tax specialists have huge experience in successfully assisting clients in making voluntary disclosures relating to offshore income and assets. We can ensure that you get the best deal currently available.
*Why not have a free confidential discussion with one of our experts right now?
Paul Lynam: 0845 643 9997
Andrew Nutbrown: 07718 778710