OECD: A REINFORCED CONTROL ABOUT THE RESIDENCES EASILY OBTAINED

OECD has formulated an important warning regarding the automatic exchange of financial information, in order to identify all Countries providing “aggresive systems”of tax planning and guarntee to obtain citizenship and residence easily.  They are called “systems of residence and citizenship by investment” (CBI/RBI) because they allow to obtain the citizenship or residence throught investments into the Country or payment of a specific tax. In this context it is possible by pass the informations exchange rules (CRS).

The OECD recommendation has the aim to clarify the procedures and due diligence tools, necessary to realize a   reinforced check on the clients.

The countries listed by OECD are currently 17 (including Panama, United Arab Emirates, etc.) and it will be the financial intermediary's responsibility not accept the party's declarations but to carry out an in-depth verification of the client's actual residence, making the related communications.

The staff is available for any clarification.