Asset register planned: EU wants to build a comprehensive database of all citizens’ assets – what lies behind it
Tuesday, July 23, 2024, 8:05 AM
As financial transparency becomes increasingly important, significant changes seem to be on the horizon. Finance professional Sebastian Hell explains what’s behind the upcoming EU wealth register – and what it means for us.
When will the EU Asset Register be introduced?
The feasibility studies on the EU Asset Register have been completed and the EU will soon publish new information on it. Concrete plans could be presented in the coming weeks or months. A legislative process will probably follow, which will take some time. It is estimated that the register could come into operation in the next one to two years, depending on how quickly the legislation progresses and how much resistance is expected from the Member States.
About Sebastian Hell
Sebastian Hell has been a successful entrepreneur in the German financial sector since 2005. In 2019, he founded the project “Hell Investiert”, which now has over 100,000 followers on social media. The focus is on investing through tangible assets (equities, real estate and precious metals) to achieve both returns and capital protection. His free weekly report provides exciting tips and ideas.
What could the EU asset register look like?
The EU Asset Register is expected to be a comprehensive database recording the assets of different citizens. The aim is to increase transparency and better combat money laundering and terrorist financing. The precise technical and bureaucratic details will be finalised in the coming months once the EU publishes the results of the feasibility studies.
Which assets are included in the register?
The register could include a wide range of assets, including real estate, bank accounts, securities, vehicles and possibly works of art or precious metals. The exact list of assets to be covered will depend on the results of the feasibility study and subsequent legislative decisions. The aim is to create a comprehensive overview of citizens’ wealth.
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Are there ways to bypass the asset register?
The register will be designed in such a way that it will be difficult to circumvent it legally, especially within the EU. Even moving to Switzerland does not offer any certainty, as Switzerland is also planning a transparency register and is tightening its fight against money laundering. The automatic exchange of information between countries will also make it more difficult to hide assets. Anyone who still wants to circumvent the register would have to leave Europe, which does not guarantee full protection.
What reasons does the EU give for introducing the asset register?
The EU justifies the introduction of the asset register primarily with the need to combat money laundering and terrorist financing. Tracking the assets of Russian oligarchs is also cited as a reason. However, critics fear that the register could be abused in times of crisis to use citizens’ assets to pay off debts. This concern is not unfounded, as historical examples show that asset registers can be used for government intervention in times of crisis.
This text comes from an expert from the FOCUS online EXPERTS Circle. Our experts have a high level of specialist knowledge in their field and are not part of the editorial team. Find out more.