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Approximately 4,500 British tax residents have benefitted from the Liechtenstein Disclosure Facility. Under the terms of the scheme, which was agreed by London and the Principality of Liechtenstein in August 2009, British tax evaders have been given an opportunity to disclose untaxed fortunes in Liechtenstein, where they will be subject to a penalty amounting to 10 percent of their value.
Some 2,940 adjustment procedures have been conducted, with an average net benefit to the British exchequer of “£174,000 [approximately €205,200 euros], which represents an overall figure of £523m [about €616.78m],” explains Liechtensteiner Volksblatt.
The success of the scheme “has exceeded expectations,” enthuses the daily, which adds that “most of the funds revealed were from external capital,” which has brought “fresh money” to Liechtenstein’s banks. The United Kingdom has prolonged the scheme until April 2016.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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