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thedarknorth

Free movement of capital

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So there is much talk about movement of people and goods post brexit. When is the media getting around to the free movement of capital? 

Will a eu citizen be able to transfer profits abroad or money in to buy houses here no questions asked as they can now? It seems ridiculous that dodgy money in dodgy money out isn't being stopped as that may sort some house price issues in London.

 

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Yeah. Meanwhile, average Joe has to jump through AML/KYC hoops every time he moves his money from one UK bank account (THAT HAS ALREADY BEEN SUBJECT TO AML/KYC) to another. It's a joke.

 

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10 hours ago, thedarknorth said:

So there is much talk about movement of people and goods post brexit. When is the media getting around to the free movement of capital? 

Will a eu citizen be able to transfer profits abroad or money in to buy houses here no questions asked as they can now? It seems ridiculous that dodgy money in dodgy money out isn't being stopped as that may sort some house price issues in London.

 

"Will a eu citizen be able to transfer profits abroad or money in to buy houses here no questions asked"

Yes but only as a capital investment not to live in. It wont give them residency

 

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The more pertinent question for me is whether British companies will still be able to offshore profits.

George Osborne made a half hearted attempt to close this down by taxing intellectual property export at a higher rate than corporation tax, but the companies simply get around this by registering in the EU.

The Netherlands have 0% tax on paying intellectual property overseas and around 10% of the world's GDP flows through Amsterdam as a result.

I would like to see this closed down as I suspect most Brits would - if they knew about it. 

The anti-EU papers have less than transparent tax affairs so they won't do much to cover it. The BBC did an excellent expose on it a few years ago but I suspect they will stay quiet now as they are pro-EU and pro-single market 

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