TAX & REAL ESTATE PLANNING
CRS (Common Reporting System) & AEOI (Automatic Exchange of Information) has and will continue to have significant and wide reaching implications (more than 152 countries have committed to it already) in relation to tax and banking transparency by implementing an automatic disclosure of the identity of the ultimate beneficial owners and beneficiaries of offshore companies / bank accounts / Trusts / Foundations to your local taxing authority, without them having to demand the information to the tax authorities of the countries where the offshore company / Trust / Foundation/ Bank account ’s financial assets are held.
The local tax authorities are receiving and shall receive information about their residents who are holding, directly or indirectly, assets abroad without having to identify these residents, their assets, the holding financial institutions nor the countries where the assets are held.
Finally, the application of newly amended European Union Directives (EU Saving Directive and Mutual assistance in administrative matters) will consolidate in one register and make available the information about the owners of real estate held in the territory of the European Union. This information will be made available to non-European countries (e.g. African countries) through the recourse to the European Commission directly ( e.g. to avoid the tax authority of one African Country to question every single European country whether one of its residents holds the immovable property in any of these countries).
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