Principality of Monaco proceeded with the EU, with the relevant provisions activated 1 January 2017.
This agreement, which, of course, includes the Greeks who have investments and deposits in the Principality, is an important step in ongoing efforts to combat tax fraud and tax evasion and upgrade the agreement had been signed between the two sides in 2004.
Under the new agreement, the member states of the EU and Monaco will exchange automatically information about the financial accounts they maintain in their territory, the inhabitants of the other party, starting from 2018 to information collected as from 1 January 2017.
The aim is to address cases where a taxpayer seeks to hide capital that represents income or assets on which they have not paid taxes.
The agreement seeks to ensure that Monaco will apply enhanced measures which are equivalent to those of the EU legal framework and which are consistent with the procedures for the automatic exchange of information on financial accounts which are promoted in the framework of the global standard of the OECD.
In the context of this standard, the OECD, the agreement contains further provisions which seek to ensure that the information exchanged are not only in revenues such as interest and dividends, and other accounts and proceeds from sales of financial assets.
Also, the new agreement provides for the unconditional exchange of information upon request. As a result of the new agreement, the tax authorities in the member states and in Monaco you will be able to identify correctly and unequivocally the specific taxpayers, to implement and enforce their tax laws in cross-border cases, to evaluate the possibility of committing tax evasion and to avoid any unnecessary further investigation.
Source
“Open book” now the deposits of Greeks in Monaco
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