Authorities to Have Access to Assets of Greeks in 100 Countries



money_exitAs of 2017, Greek tax authorities will allegedly have access to assets of Greek citizens in 100 countries, including tax havens such as Switzerland.

According to a report in Ta Nea newspaper, the Greek Ministry of Finance, through the Automatic Exchange of Information (AEOI) system, can have a full picture of income, equities, deposits, mutual funds, dividends and other property Greek taxpayers possess abroad.

The AEOI is a branch of the Organization for Economic Co-operation and Development (OECD) and aims at fighting tax evasion. It provides for the exchange of non-resident financial account information with the tax authorities in the account holders’ country of residence. Authorities can have access to the name of the depositor, date of birth and tax ID number.

The first batch of data that will be sent to Greek authorities will include information on foreign bank account deposits in 2016 in 60 different countries.

The first group of cooperating countries in 2017 will include all of Europe, excluding Austria, which will be integrated into the system by 2018. In the second group are, inter alia, Switzerland, United Arab Emirates, Andorra, Hong Kong, Russia and Singapore.

The information that will begin to flow starting next year is expected to be huge, however, a taxpayer who has large assets abroad is not necessarily a tax evader.