Albania to Create Register on Tax Haven Company Ownership

TIRANA, June 18

Albanian authorities will take action for the first time on tax haven companies, also known as beneficial ownership. A draft law on the creation of a registry of company beneficial ownership has been completed, Monitor magazine reported. According to the new bill, the names of those who own at least 25 percent shares of companies registered in tax havens and operate activities in Albania will become publicly accessible.

The legal initiative aims at making the business activity of companies registered in tax havens more transparent for the public. Such companies have caused debates during the recent years. Monitor says that many enterprises registered in tax havens won concessions and administrate oil sources in Albania.
Beneficial ownership is a term used for anyone that has property rights or control a legal entity such as a company, a trust, or a foundation. In general, the creation of accessible registries of company beneficial ownership is used in other countries as a measure against money laundering. The register also helps to stop tax avoidance, to stop the use of money for illegal activities and terrorism financing, and to alleviate poverty.

Based on the new draft-law, the register will be managed by the National Business Center. Moreover, anyone who has an allowed interest can access the information provided by the register. The bill is still in the consultation stage, but it is expected to become functional by January 2021.
According to CORPNET, an Amsterdam-based corporate research group that uses a data-driven method to identify offshore financial centers, the list of top-tax haven also known as sinks, a jurisdiction in which a disproportional amount of value disappears from the economic system, includes:

The British Virgin Islands
Taiwan
Jersey
Bermuda
Cayman Islands
Samoa
Liechtenstein
Curacao
Marshall Islands
Malta
Mauritius
Luxembourg
Bauru
Cyprus
Seychelles
Bahamas

Source: Monitor