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The EU is fighting against offshores while being alleged for improper issuance of Golden Visas

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The EU intends to liberate from the blacklist status Bahrain, Saint Lucia and the Marshall Islands while adding the US Virgin Islands, St. Kitts and Nevis as well as the Bahamas to the notorious club. While politicians argue about the removal of the above-mentioned jurisdictions, 6 other countries will still remain banned. It is hard to predict the impact of such shuffle. No parties involved have made an official comment yet.

Moreover, the EU is meticulously elaborating TAXE 3 initiative, which was set to investigate financial crimes. So far, the committees have been working under the tax haven blacklist and the distinction of terms “tax avoidance” and “tax fraud”. It looks like officials are focused solely on outer tax threats. No EU country has become a target for investigation as all member countries are supposed to adhere to the highest standards relating to the tackling of tax crimes.

Nevertheless, the investigation by the OCCRP revealed that EU members do manipulate residence-by-investment schemes. Some countries allegedly grant Golden Visas without scrutinizing candidates and using proper due diligence procedures. Among the perpetrators turned out to be 7 member states and 2 candidates to the EU.

Transparency International called for rigorous check-ups and transparency concerning the holders of the Golden Visas after the publication. Attracting high net-worth investors to a country may threaten the security values, lead to a transition of illicit funds to the EU states and corruption.

Source: caribbeannewsnow.com

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