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THE WORLD IS WATCHING

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The Organisation for Economic Cooperation & Development (OECD) last week published a report blacklisting countries with so-called “golden passport” schemes which threatened international efforts to combat tax evasion. Saint Lucia joined 20 other nations on that list which includes Antigua & Barbuda, Bahamas, Barbados, Malta, Panama and Grenada to name a few. Under scrutiny, were the various citizenship and residency programmes of the countries listed. Passports obtained through CBI/RBI schemes can potentially be misused abuse to misrepresent an individual’s jurisdiction(s) of tax residence and to endanger the proper operation of the (Common Reporting Standard) CRS due diligence procedures. Philip J Pierre is calling on the Allen Chastanet Administration to deal with this ASAP.

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