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The Germans have hidden billions in tax havens

The Germans have deposited at least 222 billion euros in bank accounts outside the European Union, many of them in tax havens. The very rich in particular are apparently using this model of tax evasion, according to a report in the Munich newspaper Sueddeutsche Zeitung.

The Germans have deposits of billions of euros abroad. This is stated in the newspaper article, which is based on the financial situation of the federal Ministry of Finance, which was given at the request of the parliamentary group of the Left (Die Linke) in the federal parliament (Bundestag).

According to this situation, in 2019 at least 222 billion euros were deposited in bank accounts outside the European Union – “many of them in tax havens”, as the Sueddeutsche Zeitung writes: Nearly twelve billion euros in accounts on Guernsey near the Channel Islands , which belongs to the British Commonwealth, the same amount is deposited in Liechtenstein and about 8.5 billion euros in the Cayman Islands of the Caribbean.

According to the ministry, especially high-income citizens have deposits in well-known tax havens. An average of almost € 2.7 million per account is deposited in Guernsey and around € 1.5 million per account on average in the Cayman Islands.

The Federal Ministry of Finance points out, however, that the statements are not complete. On the one hand they could be added or corrected and on the other hand the governments of 17 countries have expressed their opposition to the publication of their statistics. Among them are the tax havens of Switzerland, Bermuda, the Isle of Man and San Marino.

According to the Sueddeutsche Zeitung, the Left parliamentary group requested this information from the Ministry of Finance at its request a year ago. At that time, Switzerland had not yet requested the confidentiality of its banking data and so it was included in the list of the Ministry of Finance at that time: According to this information, more than 133 billion euros of German taxpayers were deposited in Swiss accounts in 2018.

The economic ombudsman of the Left parliamentary group in the federal parliament (Bundestag), Fabio de Mazi, told the Munich newspaper that “the international exchange of information increases the risk of discovering very rich tax evaders. However, some “Countries refuse to disclose these statistics. So these states hinder transparency and protect tax criminals,” he said.

Source: https://www.capital.gr/

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