Individuals and companies across the world have been caught up in the investigation into suspected tax evasion and money laundering involving Euro Pacific Bank, Puerto Rico. After the conclusion of an investigation by Joint Chiefs of Global Tax Enforcements, the bank was deregistered by the Puerto Rican authorities in June 2022.
For those individuals based in the UK, HMRC has initiated their own investigation into how the bank was operating and will focus in of UK taxpayers with connections to Euro Pacific Bank. While the bank has chosen not to co-operate and supply its customers details, there is a strong understanding that HRMC is highly likely to already have these details and is encouraging clients of the bank to come forward and disclose any tax irregularities.
However, disclosure isn’t a simple process and careful consideration should be given on a case-by-case basis as to which disclosure method is appropriate. For this, expert advice should be sought.
While the above is only relevant for UK-based taxpayers, there is still the issue that for individuals across the globe, their money is now effectively ‘locked’ in their Euro Pacific Bank accounts following the suspensions of operations.
As a company, we have extensive experience of operating in countries across the world and are specialists in offshore banking. Our team are aware of the challenges individuals are currently facing in relation to Euro Pacific Bank and have the expertise to help, advise and resolve the issues. As we operate globally, we’re able to help people based both in the UK and overseas.
For more information about our offshore banking service, please visit our dedicated offshore banking page.