EUROPE BLACKLIST MARCH 2019
When you have to pick up your jurisdiction of choice, the first step to move cleverly forward, is to analyze the country under 2 different but relevant lights, before moving to the fundamentals and tactics regarding the specific country :
Understanding the trend of a country with updated data analysis and information surrounding the future is a factor to weight carefully; an example might be Montenegro, a quite monitored country in the Mediterranean area.
This Balkan territory has a growing debt/GDP ratio now at 80%, with a huge part of it denominated in USD in favour of China, representing 1 billion USD debt equal to 20% of Montenegro GDP. The size, the currency and the trend are showing a few indicators to define this debt as a risky point to be assessed.
Similarly, international regulations applied to a country you are considering, have a more touchy impact for the choice; UAE might be an example, being a country very considered in the media, and nowadays for the decision of the EU to add UAE in its updated blacklist of 12 March 2019
The 23 jurisdictions are:
(2) American Samoa,
(3) The Bahamas,
(5) Democratic People’s Republic of Korea,
(15) Puerto Rico,
(17) Saudi Arabia,
(18) Sri Lanka,
(20) Trinidad and Tobago,
(22) US Virgin Islands,
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There are Process and Methodology to be applied professionally:
- Macro Analysis
- International Regulations
- Fundamental Analysis
- Tactical Analysis
We do it for you, benchmarking and arbitraging the best countries in the world,
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What countries are on the updated EU list of non-cooperative tax jurisdictions, and why?
BLACKLIST updating of 12 March 2019
Based on the Commission’s screening, ministers blacklisted today 15 countries. Of those, 5 have taken no commitments since the first blacklist adopted in 2017: American Samoa, Guam, Samoa, Trinidad and Tobago, and US Virgin Islands. 3 others were on the 2017 list but were moved to the grey list following commitments they had taken but had to be blacklisted again for not having followed up: Barbados, United Arab Emirates and the Marshall Islands. A further 7 countries were moved from the grey list to the blacklist for the same reason: Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica.
GREYLIST with homework to do for 2019
Another 34 jurisdictions have already taken many positive steps to comply with the requirements under the EU listing process, but should complete this work by the end of 2019, to avoid being blacklisted next year. The Commission will continue to monitor their progress closely. These countries are: Albania, Anguilla, Antigua and Barbuda, Armenia, Australia, Bahamas, Bosnia and Herzegovina, Botswana, British Virgin Islands, Cabo Verde, Costa Rica, Curacao, Cayman Islands, Cook Islands, Eswatini, Jordan, Maldives, Mauritius, Morocco, Mongolia, Montenegro, Namibia, North Macedonia, Nauru, Niue, Palau, Saint Kitts and Nevis, Saint Lucia, Serbia, Seychelles, Switzerland, Thailand, Turkey, and Vietnam.
Today, the Commission has adopted its new blacklist of 23 third countries, 15 jurisdictions added included UAE and few American territories
American Samoa, Guam, Samoa, Trinidad and Tobago, Vergin Islands USA, Aruba, Barbados, Belize, Bermuda, Fiji Islands, Marshall Islands, Oman, UAE Emirates, Vanuatu and Dominica … handle with care with Governments and Banks
Companies in countries on the list face restrictions in access to EU funding programmes, while EU companies doing business in jurisdictions on the list have to take additional compliance and anti-abuse measures.
What sanctions will apply to the blacklisted countries?
At EU level, the Commission has put in place and proposed new measures which will ensure that the EU list has a real impact.
First, the EU list is now linked to EU funding under new provisions in the Financial Regulation and in the European Fund for Sustainable Development (EFSD), the European Fund for Strategic Investment (EFSI) and the External Lending Mandate (ELM). Funds from these instruments cannot be channeled through entities in listed countries.
Second, there is a direct link to the EU list in other relevant legislative proposals. For example, under the new EU transparency requirements for intermediaries, a tax scheme routed through an EU listed country will be automatically reportable to tax authorities. The public Country-by-Country reporting proposal also includes stricter reporting requirements for multinationals with activities in listed jurisdictions. The Commission is examining legislation in other policy areas, to see where further consequences for listed countries can be introduced.
In addition to the EU provisions, Member States agreed on sanctions to apply at the national level against the listed jurisdictions. These include measures such as increased monitoring and audits, withholding taxes, special documentation requirements and anti-abuse provisions. The Commission is urging Member States to step up their efforts to agree on strong, binding and coordinated defensive measures, as soon as possible, to give the EU list an even greater impact.
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