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France Updates Its Tax Haven Blacklist

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The French Government intensified pressure on tax havens by adding three countries to its blacklist for non-cooperation with the policy of transparency and the exchange of information in tax matters.

Bermuda, the British Virgin Islands and Jersey are now regarded as tax havens

The French blacklist of tax havens now includes 10 places with the addition of Bermuda, the British Virgin Islands and Jersey. This completes the list that already proscribes Botswana, Brunei, Guatemala, the Marshall Islands, Montserrat, the island of Nauru and the island of Niue. Conversely, the Philippines are no longer on the blacklist now that they have revised their tax convention with France.

Other jurisdictions that France is watching

The avowed purpose of this operation is to continue to put pressure on the places that do not fully cooperate yet with France.

Francois Holland has in fact stated that he would not hesitate to label any country that refused to cooperate completely with France as a tax haven. Holland would like to impose an automatic report on account openings and assets held abroad. In view of their recent reticence, the main target countries are Austria and Switzerland.

Will the French government go so far as to include these two places on its blacklist of tax havens? This remains unlikely. Mainly because the implications for Switzerland and Austria are less terrifying than they would be for France: the suppression of French development aid and a sharp increase in taxes on the exchanges … Stay tuned for new developments …

 

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