Euro Pacific Bank – HMRC Investigations
HMRC is investigating hundreds of UK individuals who have links to Euro Pacific Bank in Puerto Rico.
They will receive letters in the next few weeks urging them to check their tax affairs and then make any appropriate disclosures.
Euro Pacific Bank was previously based in St Vincent and the Grenadines but following the introduction in 2017 of the Common Reporting Standard (CRS) it moved to Puerto Rico, a country which does not report under CRS.
The bank was recently deregistered by Puerto Rican authorities following an investigation, Project Atlantis, by HMRC and its international partners, the so-called “J5”, on suspicion of tax evasion and money laundering.
HMRC says it is investigating some account holders with a view to criminal prosecution, however, it is encouraging others to come forward and settle any tax due under its Worldwide Disclosure Facility. Letters sent to unrepresented individuals will suggest that they seek advice from a suitably qualified specialist.
What should I do if I am or was a customer of Euro Pacific Bank?
Whether you have received any communication from HMRC or not, if you have links to the bank, you should seek professional advice from a suitably qualified specialist at the earliest opportunity.
How can Evelyn Partners help me?
We have a team of highly experienced and qualified tax dispute resolution specialists, supported by additional private client and business tax experts, who can review your situation and advise on the best course of action.
We will discuss the different options for making disclosures to HMRC and the most appropriate one will depend on your individual circumstances.
We can deal with HMRC on your behalf and help you to put things right quickly and efficiently.
How can I contact you?
You can speak to us in confidence by calling Dominic Arnold or Clare Halligan (contact details below), through our Tax Dispute Resolution Helpline 0203 8334 101 or by emailing us at email@example.com