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Asset Protection: Will the EU destroy tax havens?

Posted March 6, 2008

“German policymakers just announced they will seek European Union approval for a general “crackdown” on all tax havens in Europe.” — Bob Bauman

by Bob Bauman

Baltimore – (TFN): As I predicted, German policymakers just announced they will seek European Union approval for a general “crackdown” on all tax havens in Europe. They’re specifically targeting Liechtenstein, Monaco, Andorra and Switzerland. (Switzerland is not an EU member state.)

As I commented last week, Germany launched police raids on the private homes and offices of a thousand or more German citizens. Many of them were well-known names. The justification was alleged tax evasion by Germans with bank accounts in Liechtenstein. (Neither Liechtenstein nor Switzerland are EU member states).

The German secret police agency, the Federal Intelligence Service (BND), (the equivalent of the U.S. Central Intelligence Agency), paid a €5 million (US$7.3 million), bribe to a disgruntled employee of LGT Bank in Liechtenstein. The German government assumes that every German name on the list of potential tax evaders.

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In violation of Liechtenstein’s bank secrecy and criminal laws, the well-paid informant sold the BND a compact disk alleged to contain the names of German citizens with accounts at the bank. German Finance Minister Peer Steinbrück authorized the payment.

Asset Protection: Same complaints, different day

Germany is using this illegal bribe and questionable information as an excuse to try and shut down all so-called tax havens. Never mind that these jurisdictions are sovereign nations that have a right to make and enforce their own laws. Read on to learn if you should get your money out of Europe now or if this is another false alarm.

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Posted by Bob Bauman · Filed Under International Investing 

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