One thought on “OECD residency abuse crackdown is ‘madness’”

  • John Richardson says:

    The OECD is upset because it believes that the investors in “residence and citizenship by investment programs” will be able to obscure/hide another “tax residence”.

    Part of the problem is that:

    1. The “CRS Inquisition” is new. For the very first time people are being asked about where they are “tax residents”.

    2. Fine, but most people don’t even understand what the term “tax resident” means. At best, they will equate the term “tax resident” with where they are living or have the right to live.

    3. Acquisition of a new residence does not automatically end “tax residence” in other countries. People will need to take specific steps to sever that.

    In any event, the OECD has no right to impair Global Mobility by suggesting that people are not paying their “fair share” unless they are “tax residents” in a high tax jurisdiction.

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