Macedonia Plans to Set up Tax Haven

Balkan Insight

Financial experts have broadly welcomed plans by Prime Minister Nikola Gruevski to set up tax havens on the ground that they will boost employment in the financial and legal sectors.
 
“We aim to open an international financial zone on an area of 10 to 20 hectares where we will copy the financial laws from countries such as the United States, Britain or Germany, which will additionally boost its credibility," he said.
 
"The regulations will be taken from these top economies and companies that decide to move their HQs here will be offered additional tax and other benefits,” he explained.
 
The government plans to give more details about the draft law soon after the constitutional changes are adopted by parliament, which should happen by mid-October.
 
Note from an IM contributor: Banking in Macedonia pretty lackluster. Most banks are German or banks from Eastern Europe, which tends to mean lacking in functionality and highly bureaucratic. Short of investing in the local economy, banking in Macedonia doesn't really seem to offer any advantages.
 

Tags: macedonia,