On the 16th October 2018 the OECD published a list of 21 countries which offer nationality or residence to applicants who make in necessary investments in the jurisdiction. Such programmes are often referred to as ‘Golden Passport’ schemes. Included in the list of countries that offer schemes are three European nations including Monaco.
On the following day the OECD, after being contacted by the government of Monaco, confirmed that the earlier list required rectification to correct the inaccurate information published concerning Monaco.
An announcement published by the Monaco government stated that ‘(Monaco’s) laws and regulations do not provide for any procedure for the acquisition of residence or nationality in return for financial investment or payment.’ This has been accepted by the OECD which has published anew list that no longer includes Monaco.
For more information, please contact Simon Huxford: s.huxford@rosemont-mc.com
Update: In a separate development the OECD has published a further revision to the list in which Mauritius and other countries were removed from the original black list of 16th October, following agreement that the details of applicants will be shared with the relevant tax jurisdictions.