In 2015 and 2016 the EU entered into protocols with Andorra, Liechtenstein, Monaco, San Marino and Switzerland to provide for the automatic exchange of information in accordance with the Common Reporting Standard (CRS).

Western governments are under severe financial pressure with budget deficits and the costs of borrowing spiralling. There are growing calls, from the political left for wealth taxes to be imposed on billionaires. Wealth taxes fail because of capital flight. With this in mind and adopting lessons learned from the OECD’s global minimum corporate tax inequality economist, Gabriel Zucman has set out a blueprint for a global wealth tax of 2%, that will put an end to capital flight.

The prospect of a global wealth tax is unlikely during the Trump administration. However, the OECD, which appears to have adopted an overtly political agenda, is likely to continue working on the mechanisms to put in place global wealth tax, albeit in a way that is aimed at not antagonising the current U.S. administration.