In September 2018 the Automatic Exchange of Information (AEOI) has begun between Lebanon and other current reportable jurisdiction, among which Italy, France, and Belgium.
All Lebanese financial institutions have been collected information since 2017 about their clients’ accounts according to the OECD standards.
The Lebanese laws have been adapted to the international rules. The question is if and under what conditions the banking secrecy will be lifted for non tax-residents at the moment of the exchange.
On a general basis, in case of activities carried out in multiple countries, individuals and companies need to be aware of their status, the structure of their business, financial situation, and the double tax treaties in force, in order to avoid possible sanctions or double payments.
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