In response to a recent Organisation for Economic Co-operation and Development (OECD) report on Citizenship by Investment (CBI) Programs, several countries are reviewing their CBI program policies.
The Prime Minister of Antigua and Barbuda, Gaston Browne, announced that he is willing to change the laws regarding banking and information sharing if that’s what’s needed to satisfy the OECD’s recommendations. The OECD report questioned the tax tracking and policies related to CBI programs in 21 jurisdictions. These were countries that had both CBI programs and low tax rates. The OECD is concerned that this could encourage wealthy individuals to migrate to these countries in order to avoid paying taxes on their assets in their home country or region.
Prime Minster Browne stated that even though the OECD didn’t formally request changes, “We will, on our own volition at the next sitting of Parliament, amend the relevant laws that will force these individuals to report all their baking dealings under the current reporting standards.” He noted that a few months ago Antigua and Barbuda passed the Beneficial Ownership Law to force the disclosure of all beneficial owners of companies. This prevents individuals from hiding their assets behind directors and shareholders.
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