27.04.2016. EU and Monaco initial new tax transparency agreement

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22 February 2016, the European Union initialed an agreement with Monaco for the automatic exchange of information on their residents’ financial accounts from 2018. Formal signature of the agreement will take place when authorized by the European Council.

Under the agreement, Monaco and EU member states will begin collecting, from 1 January 2017, the names, addresses, tax identification numbers and date of birth of residents with accounts in the other jurisdiction, along with other financial information such as account balances. This information will then be exchanged automatically from 2018.

The European Commission said the procedure set out in the agreement complies with the new standard on the automatic exchange of information developed by the OECD and G20.

The EU signed similar agreements with Switzerland on 27 May 2015, Liechtenstein on 28 October 2015, San Marino on 8 December 2015 and Andorra on 12 February 2016.