edia reporting of a new inheritance taxes, and this
EU savings tax directive remains intact and there are no
has left many people plans whatsoever to change this'.
wondering whether European tax
havens could soon become
obselete. Monaco and Andorra have long been
favoured destinations for the
The July directive requires banks well to do, but with new
throughout Europe, including low technology allowing businessmen
and no tax areas such as and women to run their offices
Gibraltar, Monaco, Malta and from anywhere in the world,
Andorra, to disclose bank account operating from low tax bases has
owner information to their home seen added interest for Europe's
country's tax authority. primary tax havens, doubling
property prices in the last ten
But Roger Munns, Managing years.
Director of tax haven property
specialists Tribune Properties, Both Monaco and Andorra are
says that some of the reporting outside the EU, and their signing
has been less than accurate. of the directive voluntarily is
often overlooked in the media's
‘The purpose behind this analysis of any effects on the
directive is primarily aimed at two small countries long term
those who hold illicit funds, popularity.
such as drug dealers, who will
need to look outside of the Property prices have risen
European banking system to place steadily over the last decade,
large cash deposits. The main often topping ten per cent a
attraction of Monaco and Andorra year, but this year has seen a
is the zero per cent income and slow down of that increase.
which saw the Labour Government
Property Price Uncertainty returned for a historic third
term with Tony Blair as Prime
Both Monaco and Andorra's Minister and possible tax rises
property prices have seen a in the pipeline, and buyers
levelling off this year, holding US dollars who were hit
according to Tribune Properties, by the rise in value of the Euro
but say this can be explained by - which has now peaked following
factors other than the new EU the EU Constitution ‘No' votes
directive. in France and The Netherlands in
June.
Tribune say that in Monaco the
passing of Prince Rainier earlier Both Andorra and Monaco require
this year cast a shadow over the new residents to live there for
Principality, while in Andorra six months a year to maintain
the local market has slowed as their residency (but Andorra
Andorrans struggle to keep up doesn't police this once
with the price of property, residency is granted). Andorra
fuelled by buyers from around the property prices start from just
world seeking residency. Two over 200,000 Euros for a one
other factors have contributed to bedroom apartment, while Monaco
the slow down in the first half is more expensive with one
of the year which could be bedroom apartments from around
reversed in the second half - the 600,000 Euros.
absence of UK buyers awaiting the
outcome of their election in May
About the Author:
Tribune Properties offer details of properties for sale in both Andorra and Monaco. For Andorra property visit http://www.propertyandorra.com , for property and real estate in Monaco and Monte Carlo visit http://www.monacoproperty.net Property in Malta is also available at http://www.maltaproperty.info
Source: www.isnare.com
