Dodgers and retirees from all over Italy, for some years things have begun to get rather problematic! Well yes, if even cornerstones of "living well" like the Cayman or Switzerland they have closed the doors to the "savers" of the Bel Paese, there is very little to rest assured!
All the fault (or merit, depending on the prospects) of the Common Reporting Standard, a 2014 agreement that eliminates "banking secrecy" and promotes the exchange of financial information between the governments of 52 countries (which became 92 in 2018).
The spontaneous collaboration of these countries has encouraged tax evaders to join the "voluntary disclosure"; that by exploiting this rule they can "reveal" undeclared capital to the Italian tax authorities without incurring heavy penalties.
But for those who are not willing to join the "voluntary disclosure", what are the reliable tax havens in 2020? Let's find out together ...
- What is a tax haven and how does it work?
- How the map of tax havens 2020 changes
- The new geography of tax evasion: the tax havens that resist in 2020
- Official list of the 14 black list countries updated in March 2019 by Ecofin
- List of the 25 black list countries that are part of the list not updated by the Revenue Agency
- List of 14 tax havens with activity limitations or with similar tax regimes
- List of 23 former tax paraphyses who joined the Common Reporting Standard
- User questions and comments
What is a tax haven and how does it work?
It is a sort of "free zone" of taxation, countries where there are no tax regimes, no taxes or in any case the tax burden is very low. And above all, bank deposit rates are reduced to a minimum.
And so, whoever wants to enjoy a happy retirement without the "blows" of the Italian tax regime or who wants to create a nest egg in the bank without having to "divide the spoils" with the state, gets a ticket to Heaven. Tax, of course.
How the map of tax havens 2020 changes
The Common Reporting Standard has claimed illustrious victims between 2016 and 2017. In addition to the aforementioned Switzerland and Cayman, Ecuador, Bermuda, the Islands of Man and Jersey, Gibraltar, Mauritius, the Philippines, and Barbados, Chile, Dominica, India, Niue, Seychelles, Uruguay, Trinidad and Tobago also joined.
To remain in European orbit instead, Lichtenstein, Vatican City, San Marino and Monte Carlo have "redeemed" themselves, losing a good slice of Italian "tourism" devoted to "savings".
But it doesn't stop there! There have been so many states that have expressed an interest in joining, between these:
Andorra, Saudi Arabia, Australia, Bahamas, Belize, Brazil, Brunei, Canada, China, Costa Rica, Dar es Salaam, Grenada, United Arab Emirates, Hong Kong, Indonesia, Israel, Japan, Marshall Islands, Macao, Malaysia, Monaco, New Zealand, Qatar, Russia, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Singapore, Sint Maarten, Turkey.
However, many did not submit the regularities in time, and therefore remain on the list of black listed countries.
The new geography of tax evasion: the tax havens that resist in 2020
There is one classification of the countries included in the black list, based on the type of taxation or regime adopted:
- Pure Tax Haven: there are no taxes and guarantees absolute banking secrecy even with other states;
- No taxation on foreign income: external income is excluded from all taxation, and only internal income is taxed;
- Low taxation: modest taxation on any income;
- Special Taxation: countries with tax regimes similar to that of countries considered normal but which allow the establishment of flexible companies.
Based on this classification ofOECD, below you will find thelist of tax havens which still resist in 2020, many of which are defined by the European Commission as "non-cooperative entities as regards fiscal policies".
NB: The list of tax havens has not been updated by the Revenue Agency and today in order to identify the Black List countries reference must be made to the list approved by Ecofin and last updated on 12 March 2019.
Official list of the 14 black list countries updated in March 2019 by Ecofin
- Aruba - Caribbean
- Barbados - Lesser Antilles (Caribbean)
- Belize - Central America
- Bermuda - Atlantic Ocean
- United Arab Emirates - Middle East
- Fiji - Oceania
- Guam - Mariana Island (Pacific Ocean)
- Marshall Islands - Oceania
- US Virgin Islands - Caribbean
- Oman - Middle East
- Samoa - Polynesia
- American Samoa - Polynesia
- Trinidad & Tobago - Central America
- Vanuatu - Oceania
List of the 25 black list countries that are part of the list not updated by the Revenue Agency
- Andorra - Europe
- Bahamas - Central America
- Barbuda - Caribbean
- Brunei - Southeast Asia
- Djibouti - East Africa
- Grenada - Caribbean
- Guatemala - Central America
- Cook Islands - New Zealand
- Kiribati - Oceania
- Lebanon - Middle East
- Liberia - West Africa
- Macau - China
- Maldives - Indian Ocean
- Nauru - Oceania
- Niue - Oceania
- New Caledonia - Oceania
- French Polynesia - Oceania
- Saint Kitts & Nevis - Oceania
- Solomon - Oceania
- Saint Lucia - Caribbean
- Saint Vincent and the Grenadines - Caribbean
- Saint Helena - Africa
- Sark - Guernsey (United Kingdom)
- Seychelles - Indian Ocean
- Tonga and Tuvalu - Polynesia
List of 14 tax havens with activity limitations or with similar tax regimes
- Bahrain - Middle East (excluding companies engaged in oil exploration, extraction and refining)
- Principality of Monaco - Europe (excluding companies which generate at least 25% of turnover outside the Principality)
- Angola - Africa (for oil companies that have obtained the exemption from the Oil Income Tax, those that enjoy tax exemptions or reductions in key sectors of the Angolan economy and for investments provided for by the Foreign Investment Code)
- Antigua - Caribbean (only for international companies operating outside the country)
- Costa Rica - Central America (for companies whose income comes from foreign sources and companies carrying out high-tech activities)
- Dominica - Caribbean (only for international companies operating outside the country)
- Ecuador - South America (for companies operating in Free Trade Zones that benefit from the exemption from income tax)
- Jamaica - Caribbean (for export manufacturing companies benefiting from the tax benefits of the Export Industry Encourage Act and companies located in the territories identified by the Jamaica Export Free Zone Act)
- Kenya - Africa (for companies located in the Export Processing Zones)
- Mauritius - Indian Ocean (for "certified" companies dealing with export services, industrial expansion, tourism management, industrial and clinical construction and which are subject to a reduced Corporate Tax, Off-shore Companies and International Companies )
- Panama - Central America (only for companies whose funds come from abroad, or located in the Colon Free Zone or operating in the Export Processing Zone)
- Puerto Rico - Caribbean (for banking companies and companies under the Puerto Rico Tax Incentives Act of 1988 or the Puerto Rico Tourist Development Act of 1993 only)
- Switzerland - Europe (exit from the black list on January 1, 2017. It remains with privileged taxation only for companies not subject to cantonal and municipal taxes, such as holding, auxiliary and "domiciliary" companies)
- Uruguay - South America (only for banking companies and holding companies that exclusively carry out off-shore activities)
List of 23 former tax paraphyses who joined the Common Reporting Standard
- Cayman Islands - Caribbean
- Turks and Caicos Islands - Caribbean
- Montserrat - Caribbean
- Netherlands Antilles - Caribbean
- Chile - South America
- Micronesia - Oceania
- Hong Kong - China
- Taiwan - China
- Philippines - Southeast Asia
- Malaysia - Southeast Asia
- India - Asia
- Singapore - Indian Ocean
- Vatican City - Europe
- Liechtenstein - Europe
- Luxembourg - Europe
- Montecarlo - Europe
- San Marino - Europe
- Cyprus - Mediterranean Sea
- Alderney - United Kingdom
- Herm - United Kingdom
- Isle of Man - United Kingdom
- Jersey - United Kingdom
- Gibraltar - United Kingdom (overseas territory)
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