EU removes Bahamas, Seychelles and Turks from tax haven blacklist

[Martin Everson]

https://www.consilium.europa.eu/en/press/press-releases/2024/02/20/taxation-bahamas-belize-seychelles-and-turks-and-caicos-islands-removed-from-the-eu-list-of-non-cooperative-jurisdictions-for-tax-purposes/

It's party time for me now..lol

 

[jafo]

https://www.consilium.europa.eu/en/press/press-releases/2024/02/20/taxation-bahamas-belize-seychelles-and-turks-and-caicos-islands-removed-from-the-eu-list-of-non-cooperative-jurisdictions-for-tax-purposes/

It's party time for me now..lol

I wonder what will happen ~10 years from now when most well-to-do EU citizens decide to abandon the sinking ship and move to these tax-free (or low-tax) countries...

How will the EUSSR deal with so many refugees unwilling and unable to work?

 

[wellington]

I wonder what will happen ~10 years from now when most well-to-do EU citizens decide to abandon the sinking ship and move to these tax-free (or low-tax) countries...

How will the EUSSR deal with so many refugees unwilling and unable to work?

Most of these countries thrive of wealth being moved through them....

If there's no wealth (there won't be) in the Eurozone (it won't exist) then.... they will collapse (most are of no use to US citizens anyway).

 

[CaymanCruiser]

I wonder what will happen ~10 years from now when most well-to-do EU citizens decide to abandon the sinking ship and move to these tax-free (or low-tax) countries...

How will the EUSSR deal with so many refugees unwilling and unable to work?

Emigration controls. Anyone with a brain can see that this is on the way, and it has already started with exit taxation.

 

[DomOCT]

I wonder what will happen ~10 years from now when most well-to-do EU citizens decide to abandon the sinking ship and move to these tax-free (or low-tax) countries...

Citizenship taxation as part of a new EU directive

 

[JackAlabama]

Citizenship taxation as part of a new EU directive

Nah this is too hard to enforce and control for some lazy bureauc rats.

We have an excellent case study of socialism gone wild about 80y ago (it follows more or less the same playbook since its not a sustainable governance model and has self destruction inbuilt) at the last 4th turning which was about this:

First make business very cumbersome with all sorts of rules and regs, then make people register their wealth, prevent them from taking their wealth elsewhere and finally prevent them from leaving before just outright exterminating them.

Emigration controls. Anyone with a brain can see that this is on the way, and it has already started with exit taxation.

Yes, history suggest this. What we can observe in real time is just a repetition of past cycles.

My beloved Panama is still on the list of ursulandia. They must dream non stop about Panama at night.

 

[EliasIT]

Most of these countries thrive of wealth being moved through them....

If there's no wealth (there won't be) in the Eurozone (it won't exist) then.... they will collapse (most are of no use to US citizens anyway).

Please elaborate I don't understand what the point is but it sounds ineteresting?

 

[TheCryptoAnt]

Citizenship taxation as part of a new EU directive

Link pls

 

[Martin Everson]

I wonder what will happen ~10 years from now when most well-to-do EU citizens decide to abandon the sinking ship and move to these tax-free (or low-tax) countries...

Your not wrong. Independent EU based groups such as EU Tax Observatory have made their thoughts clear on page 35 (section 5.2) of their research paper the direction the EU should move in .

https://www.taxobservatory.eu//www-site/uploads/2021/11/EU-Tax-Observatory-Report-3-Tax-Competition-November-2021-3.pdf

It is not a joke when I say get out of the EU while you still can

These EU countries very well know that rats leave a sinking ship. Ask France who lost 10,000 millionaires in 1 year back in 2015. With EU decline, slow growth, potential instability/cold war with Russia the elites and their families can easily exit.

The rich know the debt mountain that is the EU will have to be paid by those with the fattest pockets in years to come. Unless the EU changes course the entire EU will look like Spain at some point.

P.S EU Blacklist made no difference to me as I pivoted my active banking away from EU for daily needs.

 

[marioIT]

Your not wrong. Independent EU based groups such as EU Tax Observatory have made their thoughts clear on page 35 (section 5.2) of their research paper the direction the EU should move in .

https://www.taxobservatory.eu//www-site/uploads/2021/11/EU-Tax-Observatory-Report-3-Tax-Competition-November-2021-3.pdf

page 35 of that PDF is hell
I think I already read it since it's from 2021... but hey everyone should read it so I'm posting it below!
I mean they are basically proposing being locked in your home country so you can't go where you treated best... aka prison for life.
You look at the authors and you see they fiery talk of themselves as "with a passion for public economics and regulation" FFS go get a real job

5.2. Explore expatriate taxation options
If EU institutions are indeed unable or unwilling to put an end to harmful specifc regimes, an alternative
way to eliminate tax competition for individuals would be to establish a unilateral mechanism for the
temporary taxation of expatriates who decide to move their tax residency outside of a given country. A
former tax resident who has been resident for tax purposes for a substantial period of time in one of
the member states would continue to be subject to a tax obligation towards the original country of tax
residence for a specifed number of years, even after a change of tax residence.
Unilateral national measures facilitating the taxation of expatriates following their departure from a
given country are not new in European legislation. Some general schemes are currently in place to force
taxpayers to remain liable for taxation in their home country. These include e.g. a “tax quarantine” in
place in Spain, the Gesetz über die Besteuerung bei Auslandsbeziehungen (Foreign Tax Act) applied in
Germany or similar regimes in Italy and France, all of which in one way or another prolong the tax liability
of ex-residents for a period of time after expatriation (see Appendix A.3.1 for a more detailed overview).
If implemented, a reform would stipulate that this post-departure tax should be calculated according
to a differential taxation principle. The country of departure would tax the expatriate for a number of
years as if he/she were taxable on worldwide income while providing tax credits corresponding exactly
to amounts already paid abroad, especially to those paid in the new tax domicile. Since most schemes
are anti-progressive, aiming to reduce the tax burden of the wealthiest individuals, a minimum taxable
income above which this reform applies (e.g. EUR 100,000 taxable per year) might be considered, so as
not to burden involuntary business moves or mobility that does not give rise to particular tax benefts.
If introduced, such unilateral measures would immediately remove some of the tax incentive to change
one’s country of tax residence, leaving the decision to expatriate to other motivations for departure that
are assumed to be completely legitimate. National tax exile would be strongly limited thanks to the
disincentive effects of the proposed mechanism. Thus, the argument that is raised against wealth taxes,
assuming that this type of measure encourages migration, cannot be applied here given that this reform
offsets part of the incentives to migrate for tax matters.
The main goal of this proposition is to put an end to EU tax competition to attract European taxpayers
by making preferential schemes inefficient. Indeed, implementing the measures outlined above may
be justified simply by pointing out that a taxpayer who has made a fortune in their home country while
also benefiting from its educational system, its public infrastructure, and its services, as well as from
the prevailing economic, political and legal climate, has a duty to continue to contribute temporarily to
the tax revenues of this country, even after moving to a country with a more advantageous tax regime.
The implementation of such measures would immediately raise many obstacles, especially in view
of existing community law and tax treaties governing the bilateral taxation rules of many member
states. The proposed reform may be incompatible with the freedom of establishment by contributing to
signifcant differences in tax treatment between two taxpayers. It also implies a review of the bilateral
tax treaties between different jurisdictions. However, these obstacles are not prohibitive in the light of
the current state of European case law (see Appendix A.3.2 for a more detailed discussion).
It is clear that this reform might face legal and political obstacles whose resolution goes far beyond
the scope of this report. However, EU institutions are reassessing permanently the prerogative of the
member states in matters of taxation. If EU cannot regulate aggressive personal income tax competition
on the grounds that it is overreaching, it may induce individual countries to take unilateral measures
against the tax departure of their taxpayers.

also the FT asking how rich does anyone need to be? and then goes on by proposing a 100% tax on all elon musk's net worth over 2bln and "redistribute it", but then forgot about doing the math (the average citizen would receive peanuts) lol
I would post the entire article to have a good laugh... as it's paywalled and under copyright...
but if you can read it, it get interestingly as dystopian as the above lol

Time to tax billionaires

How rich does anyone need to be?

www.ft.com

 

[jafo]

Your not wrong. Independent EU based groups such as EU Tax Observatory have made their thoughts clear on page 35 (section 5.2) of their research paper the direction the EU should move in .

https://www.taxobservatory.eu//www-site/uploads/2021/11/EU-Tax-Observatory-Report-3-Tax-Competition-November-2021-3.pdf

It is not a joke when I say get out of the EU while you still can

These EU countries very well know that rats leave a sinking ship. Ask France who lost 10,000 millionaires in 1 year back in 2015. With EU decline, slow growth, potential instability/cold war with Russia the elites and their families can easily exit.

The rich know the debt mountain that is the EU will have to be paid by those with the fattest pockets in years to come. Unless the EU changes course the entire EU will look like Spain at some point.

P.S EU Blacklist made no difference to me as I pivoted my active banking away from EU for daily needs.

F*cking H3LL!!!

You all need to look up the 3 "researchers" (I guess tax pimps was too harsh of a word, their pictures (physiognomy is real), and their "background".

I'm so glad I NEVER EVER bought that apartment on Calle Serano in Madrid in 2007.

also the FT asking how rich does anyone need to be? and then goes on by proposing a 100% tax on all elon musk's net worth over 2bln and "redistribute it"

There you go... You had to post something that would ruin my whole day and make me angry beyond belief.
I use the "ladder" to go over the paywall. Thank you for posting this. It reminded me why I stopped subscribing to the FT.

No, seriously though...the unmitigated gall of these parasites! Like WTF???!!!

 

[Konstanz]

F*cking H3LL!!!
View attachment 6271

You all need to look up the 3 "researchers" (I guess tax pimps was too harsh of a word, their pictures (physiognomy is real), and their "background".

I'm so glad I NEVER EVER bought that apartment on Calle Serano in Madrid in 2007.


There you go... You had to post something that would ruin my whole day and make me angry beyond belief.
I use the "ladder" to go over the paywall. Thank you for posting this. It reminded me why I stopped subscribing to the FT.

No, seriously though...the unmitigated gall of these parasites! Like WTF???!!!

Even if countries implement such regimes it would work only for new emigrants
So if someone wants to change tax residence is better to do it now not wait

 

[marioIT]

You all need to look up the 3 "researchers" (I guess tax pimps was too harsh of a word, their pictures (physiognomy is real), and their "background".

Sir I agree with you and would shake your hand. I agree with you on every single word.
Just dig down their accounts on twitter on very old posts and have a laugh...
one of them was a supporter/consultant of elizabeth warren in the usa... proposed a wealth tax there too and ended badly, and now trying it in europe

I've found an old clip, it gets crazier the more the guy talks...
at a point he stated the IRS should directly seize company shares as a payment in kind, and call it as "a service that IRS could provide", and that tax for the rich should be 60% ...
then was asked about bill gates foundation and stuttered a bit :

 

[jafo]

then was asked about bill gates foundation and stuttered a bit :

He must have seen this interview:

 

[JohnnyDoe]

BG looks like BSoD these days

 

[GrumpyMess]

It is not a joke when I say get out of the EU while you still can

There is nowhere to run if you don't want to live with latam thugs or you don't like SEA.