Home
>
Tax
>
Euro Tax Haven Threat

Euro Tax Haven Threat

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 of the 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 of the European banking system to place large cash deposits. The main attraction of Monaco and Andorra is the 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 for the well to do, but with new technology allowing businessmen and women to run their offices from anywhere in the world, operating from low tax bases has seen added interest for Europe's primary tax havens, doubling property prices in the last ten years.

Both Monaco and Andorra are outside the EU, and their signing of the directive voluntarily is often overlooked in the media's analysis of any effects on the two small countries long term popularity.

Property prices have risen steadily over the last decade, often topping ten per cent a year, but this year has seen a slow down of that increase.

Property Price Uncertainty

Both Monaco and Andorra's property prices have seen a levelling off this year, according to Tribune Properties, but say this can be explained by factors other than the new EU directive. Tribune say that in Monaco the passing of Prince Rainier earlier this year cast a shadow over the Principality, while in Andorra the local market has slowed as Andorrans struggle to keep up with the price of property, fuelled by buyers from around the world seeking residency.

Two other factors have contributed to the slow down in the first half of the year which could be reversed in the second half ? the absence of UK buyers awaiting the outcome of their election in May which saw the Labour Government returned for a historic third term with Tony Blair as Prime Minister and possible tax rises in the pipeline, and buyers holding US dollars who were hit by the rise in value of the Euro ? which has now peaked following the EU Constitution 'No' votes in France and The Netherlands in June.

Both Andorra and Monaco require new residents to live there for six months a year to maintain their residency (but Andorra doesn't police this once residency is granted). Andorra property prices start from just over 200,000 Euros for a one bedroom apartment, while Monaco is more expensive with one bedroom apartments from around 600,000 Euros.

Tribune Properties offer details of properties for sale in both Andorra and Monaco. For Andorra property visit http://www.propertyandorra.com, for property and real estate in Monaco and Monte Carlo visit http://www.propertyandorra.com. Property in Malta is also available at http://www.propertyandorra.com

Oswego limo rental .. Lockport Chicago limo O’Hare

In The News:

I'm a tech expert, and I know how online stalkers operate. Here's what you can do to prevent creeps from seeing personal info that they shouldn't.

Tech expert Kurt “CyberGuy" Knutsson discusses these effective tips to reduce spam after refinancing your home.

Tech expert Kurt “CyberGuy" Knutsson talks about easily recording voice notes on iPhone via Notes or Android via Voice Recorder.

Beware of change-of-address scams. Bad actors are impersonating others to request a change of address with the postal service to steal information.

An artificial intelligence company designed an almost human-like robot assistant, like Rosie from "The Jetsons," to help around the house.

Elon Musk says SpaceX will go to Mars at the end of 2026 with Tesla's Optimus, a humanoid robot. If all goes well, humans could be headed to the red planet in 2029, Musk says.

Hackers have set up over 10,000 fake websites to keep smishing scams going and target both iPhone and Android users with texts. Kurt the CyberGuy shares how to defend yourself.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Dashcams that use artificial intelligence improve trucking safety and efficiency, but they also raise privacy concerns for drivers and pedestrians.

A newly discovered security flaw with your iPhone or iPad could leave your personal information vulnerable to hackers. Kurt the CyberGuy explains.

Modeled after a traditional bell-shaped skirt worn by women in Kosovo, a theater's roof is draped entirely by solar panels to generate renewable energy on-site.

Kurt the CyberGuy explains how to protect yourself from malicious Chrome extensions that can steal sensitive information like password managers, crypto wallets and banking apps.

Stellantis' innovative STLA AutoDrive 1.0 system allows drivers to safely take their eyes off the road and their hands off the steering wheel.

Here are some travel hacks to save money on your next vacation including setting up price alerts, remaining flexible and checking for 24-hour price drops.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

One report claims at least 25 million people were targeted by infostealer malware between the beginning of 2023 and the end of 2024, capturing bank card details and passwords.

The LaserWeeder G2 uses lasers, artificial intelligence and advanced robotics to offer an alternative to chemicals traditionally used in farming.

Tech expert Kurt “CyberGuy" Knutsson says a malware app called SpyLend is posing as a financial tool, hitting 100,000-plus downloads.

Tech expert Kurt “CyberGuy" Knutsson says Clone Robotics’ Protoclone mimics humans with 1,000 muscles – too human for comfort.

Tech expert Kurt “CyberGuy" Knutsson urges you to use Apple’s App Privacy Report to see what your apps are really up to.

Tech expert Kurt “CyberGuy" Knutsson talks about how to smoothly transfer your data from an old laptop to a new one using cloud storage or external drives.

Kurt the CyberGuy offers tips to safeguard your personal information as scammers become more sophisticated with scam texts and other methods.

WeRide's unmanned electric delivery van, the Robovan W5, has 194 cubic feet of cargo space and can carry payloads up to about 2,205 pounds

Kurt the CyberGuy recommends deleting 16 browser extensions immediately in response to a report saying more than 3.2 million web users were affected by a security breach.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.