From Black-List To White-List: Latest Developments

The Italian map of tax havens has changed. On 2 March 2015, the special window offered by Italian Law n. 186/2014 for the signature of exchange of information agreements was officially closed. Several countries previously considered as 'black-list' by the Italian Government have already signed such an agreement: Switzerland, Liechtenstein and Monaco.

As a consequence, for the purposes of the new Italian Voluntary Disclosure procedure, taxpayers in these jurisdictions will benefit from, amongst other things, reduced penalties. These recent agreements follow in the footsteps of San Marino and Luxembourg now being considered white-list. It is therefore likely that the geography of the new Italian Voluntary Disclosure procedure and, more generally, the use of tax havens, may change considerably.