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Attraction InformationEuro Tax Haven Threat
by:
Roger Munns
Media reportage
of a new EU savings tax directive has left many an folk questioning whether European tax havens could presently
become obselete.
The Gregorian calendar month
directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their house country’s tax authority.
But Roger Munns, Managing Director of tax haven property specialists Apse Properties, says that several of the reportage
has been less than accurate.
‘The intention behind this directive is primarily aimed at those who hold illicit funds, such as drug dealers, who wish need to look outside of the European banking system to place large cash deposits. The main attraction of Princedom and Domain of andorra
is the zero per cent financial gain
and inheritance taxes, and this remains intact and there are no plans whatever
to change this.’
Princedom and Domain of andorra
have long been favoured destinations for the well to do, but with new technology allowing businessmen and women to run their offices from anyplace
in the world, operative
from low tax bases has seen adscititious interest for Europe’s primary tax havens, doubling property prices in the last ten years.
Some
Princedom and Domain of andorra
are outside the EU, and their linguistic communication
of the directive voluntarily is often unnoticed
in the media’s analysis of any effects on the two small countries long term popularity.
Property prices have up
steady
over the last decade, often topping ten per cent a year, but this year has seen a slow down of that increase.
Property Cost Uncertainty
Some
Princedom and Andorra’s property prices have seen a levelling off this year, according to Apse Properties, but say this can be explained by factors else than the new EU directive.
Apse say that in Princedom the passing of Patrician
Rainier earlier this year cast a shadow over the Principality, spell in Domain of andorra
the local market has slowed as Andorrans struggle to support up with the cost of property, oxyacetylene
by buyers from about the earth seeking residency.
Two else factors have contributed to the slow down in the 1st half of the year which could be reversed in the second half – the absence of UK buyers awaiting the outcome of their election in May which saw the Labour Government returned for a historic third term with Tony Solon as Prime Minister and possible tax rises in the pipeline, and buyers holding US dollars who were hit by the rise in value of the Monetary unit
– which has now peaked following the EU Constitution ‘No’ votes in France and The Holland in June.
Some
Domain of andorra
and Princedom require new residents to live there for six months a year to maintain their residency (but Domain of andorra
doesn’t police this once residency is granted). Domain of andorra
property prices start from simply over 200,000 Euros for a one chamber apartment, spell Princedom is much dear with one chamber apartments from about 600,000 Euros.
Apse Properties offer details of properties for sale in several Domain of andorra
and Monaco. For Domain of andorra
property visit http://www.propertyandorra.com , for property and real estate in Princedom and Cards Carlo http://www.monacoproperty.net
Apse likewise offer to e-mail current property for sale in Malta at http://www.maltaproperty.info and property in Menorca at http://www.menorcaproperty.info
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