EU tax lists expected to expand in February
The European Union is expected to add a larger number of countries to its tax grey list in February.
According to Benjamin Angel, the director for direct taxation in the European Commission, jurisdictions that have not implemented country-by-country reporting will be placed on the EU tax list.
Jurisdictions on the grey list have committed to greater cooperation with the EU and are making changes to their tax regimes, but have not yet implemented the necessary actions.
The Cayman Islands has reported country-by-country data since the 2016 financial year and has been successfully peer-reviewed by the Organisation for Economic Co-operation and Development on the issue.
Following its October 2021 revision, the EU grey list includes 15 jurisdictions: Anguilla, Barbados, Botswana, Costa Rica, Dominica, Hong Kong (SAR), Jamaica, Jordan, Malaysia, North Macedonia, Qatar, Seychelles, Thailand, Turkey and Uruguay.
The EU list of non-cooperative jurisdictions in tax matters, or blacklist, counts nine jurisdictions at this stage: American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu.
SWP Capital offers lending against precious metals
Local precious metal dealer and storage provider Strategic Wealth Preservation is offering a new lending service to clients through its sister company SWP Capital.
The company, launched in October 2021, allows SWP clients to borrow up to 75% of the value of their metals holding, without having to sell any of their current metals assets.
The minimum loan amount is US$250,000, with loan terms up to 60 months.
Bruce John, managing director of SWP Capital said in a press release, “I am excited about this new venture and confident that it will provide a great number of opportunities for our clients.”
In addition, SWP Capital offers the option to invest in precious metals backed securitised notes.
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