OECD warns of potential to mis-use citizenship-by-investment to avoid CRS

clock • 2 min read

Citizenship-by-investment schemes, which are becoming increasingly popular in many parts of the world as a means of encouraging inward investment by high-net-worth foreigners, "can offer a backdoor to money-launderers and tax evaders", according to the Organisation for Economic Cooperation and Development.  The Paris-based OECD, which is overseeing the global move towards automatic disclosure of information known as the Common Reporting Standard, whereby some 98 countries have agreed to disclose tax-relevant information among themselves,  yesterday published a consultation document on th...

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