No-questions repatriation of funds to start

Hoping to open the sluices for the repatriation of billions of euros in capital banked abroad, Economy and Finance Minister Giorgos Alogoskoufis is to sign a long-delayed decision setting out the practical details of the amnesty process. The ministerial decision, expected within the next few days, will also allow the repatriation, with no questions asked as to their previous tax status, of other assets held abroad, such as shares, bonds and mutual fund shares. A one-off, 3 percent tax will be levied on the assets repatriated. The government hopes to attract some 20 billion euros’ worth of assets, which will yield taxes of 600 million euros. Although the law allowing the repatriation of funds was passed at the end of July, it has remained inactive in the absence of a ministerial decision laying out the practical details. The decision will apply to all funds held abroad before August 4, 2004, when the law came into effect.