Monday, October 18, 2010

Death of a tax haven: Is this the end of Saint Marino?

The European press is reporting the end of Saint Marino as a tax haven. If this is true - though these places have a nasty habit of joining the undead - there is cause for celebration.

Italy, like its neighbour across the Adriatic, suffers big-time from widespread tax evasion. Unlike Greece, however, its Gardia Fiscal has been taking strong action to clamp down in illicit capital flight to branches of Italian banks across the border in Switzerland and in Saint Marino. According to this article the Bank of Italy has now appointed its own administrators to head the Savings Bank of Rimini, which in turn controls the Credit Industriel of Saint Marino. This is the action that has precipitated the death of the tax haven. We shall see.


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