The FT notes this morning that:
The Cayman Islands, Luxembourg and Jersey are among 42 countries that have agreed to pioneer a tax transparency regime in another milestone in the global crackdown on evasion.
The Paris-based OECD described the plan for automatic exchange of information on bank accounts holding more than $250,000 as a “real game changer” that would deter evasion and help tax authorities identify citizens hiding money offshore.
First they ignore you.
Then they ridicule you.
Then they get really angry.
And suddenly what you had to say was a great idea all along.
Just saying.
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So if I have say, five accounts of $200k then no one will know. However if I have one account of $1000k then all will know what I have?
The limit only relates to past accounts – when what you say will be true
There is no limit for new accounts
Thanks for clarifying, I didn’t read the full FT report earlier.
So in other words: every kid can easily avoid the fact that his/her account will be part of the new “automatic exchange” procedure ?
For existing accounts, yes
In future, no
There is no lower limit for new accounts