Similar to what previously Switzerland, Liechtenstein, San Marino and Andorra did, the EU and Monaco have concluded an agreement that will improve tax compliance by private savers. To help prevent tax evasion, EU member states and Monaco will exchange information automatically. Tax administrators will also get better cross-border access to information.

This is one more effort from the EU countries to fight tax evasion adding to other global innitiatives that are also taking place, like Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act (“FATCA”).

Rodolfo José Santos