The European Commission today announced that representatives of the European Union and Monaco signed a new tax transparency agreement, under which the signatories will automatically exchange information on the financial accounts of each other's residents from 2018.
As noted in today’s EC release, the agreement aims to prevent persons from avoiding tax on income and assets held in financial institutions abroad. Under the new agreement, EU Member States will receive the names, addresses, tax identification numbers, and dates of birth of their residents with accounts in the Principality of Monaco, as well as other financial and account balance information—treatment that is in line with the new OECD/G20 global standard for the automatic exchange of information.
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