“Shelter of black money”: The first countries – choices of tax evaders

By Vangelis Dourakis

Tax “havens” away from the prying eyes of the domestic tax authorities are revealed by a document of Ministry of National Economy and Financewhich identifies those states in which Greek and European tax authorities do not have access to information. In essence, these are areas where “black money” can seek “refuge”, as the authorities of the specific countries do not provide information on deposits or other income and assets.

This “immunity” has been officially recognized by the Greek state, which, through Decision A.1198/2024, classified 44 countries as non-cooperative in the tax sector for 2023.

What about tax havens

These countries do not participate in the automatic exchange of information established within the framework of the Multilateral Agreement of Competent Authorities (MPAA), which aims to combat tax evasion, maintaining the right not to communicate to the authorities of other countries, the data on the activity of their residents . And of course those Greek citizens who maintain transactions with the regions of the planet included in this list do not have to face some serious consequences.

For example:

They cannot deduct expenses paid to a natural or legal person who is a tax resident of that state, unless the taxpayer proves that these expenses relate to real and ordinary transactions and do not result in the transfer of profits or income or funds for the purpose of tax avoidance, or tax evasion.

Exemptions from the Special Property Tax do not apply to properties in Greece that belong to foreign companies.

The list of tax havens

Non-cooperative states in the tax sector within the meaning of par. 1 of article 65 of n. 4172/2013, i.e. states or jurisdictions or overseas countries or territories under any special association or dependency regime, for the tax year 2023, are as follows:

1. Angola
2. Haiti
3. Ivory Coast (Cote d’Ivoire)
4. Algeria
5. Anguilla
6. Antigua and Barbuda
7. Vanuatu
8. Kingdom of Lesotho
9. British Virgin Islands
10. Gabon
11. Ghana
12. Guyana
13. Guinea
14. Guatemala
15. Zambia
16. Zimbabwe
17. Kazakhstan
18. Cambodia
19. Congo (Rep. of) Congo (Rep. of)
20. Belarus
21. Liberia
22. Madagascar
23. Mali
24. Belize
25. Botswana
26. Niger
27. Nicaragua
28. Dominica
29. Honduras
30. Palau
31. Panama
32. Seychelles
33. Sierra Leone
34. Tanzania
35. Togo
36. Trinidad and Tobago
37. Djibouti
38. Chad
39. Philippines
40. Fiji

Also, from the combination of the provisions of par. 1, 2, 3, 4 and 5 of article 65 of n. 4172/2013 and of n. 4153/2013, as well as the deposit with the Depositary of the Convention, non-cooperative states (states or jurisdictions or overseas countries or territories under any special association or dependency regime) are, with respect to the period of the fiscal year 2023 included in the following table, the following:

1. Vietnam
2. Benin
3. Burkina Faso
4. Papua New Guinea