FTC Submission to OECD Consultation on Golden Visas (residency by investment) schemes and CRS avoidance
April 26th, 2018
Submission Date: 16 March 2018
The FTC recently entered a submission to the OECD’s consultation on misuse of residence by investment schemes to circumvent the Common Reporting Standard. So-called golden visas have seen countries offer citizenship or residency for investment in an attempt to raise revenues or attract wealthy individuals. Golden visas risk enabling the avoidance of reporting requirements under automatic exchange of information for tax purposes. Such schemes also risk misuse by those who may seek to avoid prosecution for crimes, international sanctions or engage in money laundering.
A record of all submissions, including that of the FTC which was the only submission provided by civil society organisations, has subsequently been posted by the OECD.