Half of the wealth in Cyprus and Malta kept offshore: EU report

European Union taxpayers had at least $1.6trn offshore in 2016, with citizens in Cyprus and Malta keeping about 50% of their wealth abroad, according to the European Commission. According to the report, The offshore holdings of Maltese taxpayers are valued at €5.2bn, estimated at 48% of GDP. Member States with the largest offshore wealth in GDP terms are Cyprus, Malta, Portugal and Greece, which are consistently above the EU-28 average. In each year the ratio of offshore wealth in these countries is above 20%. This is against 12% in France, 10% in Germany and nearly 9% in Britain, ...