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Euro Tax Haven Threat |
by:
Roger Munns |
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 also no tax areas such as Gibraltar, Monaco, Malta also 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 also Andorra is the zero per cent income also inheritance taxes, also this remains intact also there are no plans whatsoever to change this.’
Monaco also Andorra have long been favoured destinations for the well to do, however with new technology allowing businessmen also 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 also Andorra are outside the EU, also 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, however this year has seen a slow down of that increase.
Property Price Uncertainty
Both Monaco also Andorra’s property prices have seen a levelling off this year, according to Tribune Properties, however 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 also possible tax rises in the pipeline, also 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 also The Netherlands in June.
Both Andorra also 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 also Monaco. For Andorra property visit http://www.propertyandorra.com , for property also real estate in Monaco also Monte Carlo http://www.monacoproperty.net
Tribune or else offer to e-mail current property for sale in Malta at http://www.maltaproperty.info also property in Menorca at http://www.menorcaproperty.info
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