Cyprus, Malta lead EU ranking of $1.6 trillion assets held offshore!

14 October 2019
116 Views

European Union taxpayers held assets worth at least $1.6 trillion offshore in 2016, equal to nearly 10 per cent of the bloc’s output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year.

In a report, the Commission said taxpayers in Cyprus and Malta, which both belong to the euro currency area, held about 50 per cent of their wealth abroad, the highest in the bloc, against 12 per cent in France, 10 per cent in Germany and nearly 9 per cent in Britain, the three largest countries of the bloc.

Offshore holdings, although in many cases completely legal, could help taxpayers hide taxable money and cut their bills if they stash their savings in low-tax jurisdictions.

Wealth held abroad by EU citizens fell during the 2007-2010 global and EU financial crises, but rose again after that, EU data show, despite the bloc’s declared fight against tax avoidance and a global crackdown on international tax evasion begun in 2009.

You may be interested

The European countries with the most millionaire bankers
FINANCE
shares8 views
FINANCE
shares8 views

The European countries with the most millionaire bankers

Panos - Nov 19, 2019

Even though people and businesses are having second thoughts about moving to the United Kingdom over Brexit, it’s still arguably…

This is how much money Tsitsipas made at the Nitto ATP Finals
FINANCE
shares9 views
FINANCE
shares9 views

This is how much money Tsitsipas made at the Nitto ATP Finals

Panos - Nov 19, 2019

On Sunday night, Stefanos Tsitsipas sent a nation into raptures after lifting the prestigious ATP trophy at the O2 Arena…

Primary budget surplus over double the forecast for 10-month term
FINANCE
shares8 views
FINANCE
shares8 views

Primary budget surplus over double the forecast for 10-month term

Panos - Nov 19, 2019

According to figures released today by Deputy Minister for Financial Policy Theodoros Skylakakis, the January-October 2019 primary surplus amounted to…

Leave a Comment

Your email address will not be published.