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0% income tax. Too good to be true?
Monaco’s status as a tax haven may soon be a thing of the past, at least for UK based yacht owners. The British Chancellor of the exchequer, Alistair Darling is suggesting a number of reforms to be looked over by European finance ministers in the next week.
Mr Darling suggests that money transferred to Monaco from any European bank account should be subject to a levy using a similar technique to German financial leaders who managed to successfully reduce the number of alleged tax evaders who held accounts in Andorra and Liechtenstein.
Monaco residents pay no income tax at all, and the country has consistently refused to comply with international tax regulations. Famous Brits with large alleged accounts in Monaco include Roger Moore, and conservative peer Lord Laidlaw.
The office of H.S.H. Prince Albert of Monaco seems understandably riled by tax haven allegations, assuring global news agencies that it complies fully with customs regulations, VAT requirements and 'regrets the comparison' made between it and Liechtenstein.
This article was written for TravelSavvy Europe by Dabs Banner. If you know of an interesting European travel related news story, please get in contact.
