Tax haven economies collapse under OECD pressure

Companies and rich individuals formerly operating behind a veil of secrecy need to take action to regularise their wealth strategy as every former tax haven has agreed to open their doors to the world’s tax authorities.

Every tax haven has folded under pressure from the world’s leading financial countries led by the UK and USA by signing agreements with one or more OECD countries.

Even ultra-secret Switzerland, Monaco and Liechtenstein have signed up to hand over sensitive financial information about bank holders and assets they had squirreled away where they thought was beyond the reach of the tax man.

Not only are thousands of bank accounts and investment now open to view, but also the financial world is seeing a shift towards transparency in financial transactions.

This shift is knocking the fat cat economies of former tax havens:

• The Cayman Islands, reportedly home to the largest number of hedge funds in the world and the fifth biggest global banking community is going broke.

  The government has come to the UK with a begging bowl for loans to pay civil servants and has been rebuffed because of doubts that the country has the ability to repay what it would owe.

  Venezuela has already handed a US$50 million lifeline and the government wanted £280 million from the UK.

• Offshore investments to Mauritius have dropped 50% as the country diversified away from sugar and textiles to banking and finance.
• Antigua and Barbuda is in serious financial troubles.
• The British Virgin Islands is in turmoil over a corruption inquiry relating

In reality, the days of exploiting grey areas and tax loopholes have gone - especially with so many governments worldwide taking controlling stakes in banks during the recession.

Sensible investors should now consider reviewing their options with a regulated and whole-of-the-market advisor who can offer a range of wealth management strategies that won’t exploit grey areas and attract the attention of tax investigators.

Whatever your financial goals or aims, seeking professional highly regulated advice as early as possible from Qrops Adviser, is the first step in securing the best possible life in retirement. Contact us via the contact Qrops Adviser page, call us direct on 0032 (0)2 400 0087 or email us at info@qropsadviser.com.