Outside the EU, Latvia has double-tax treaties with very few countries. This seems to impose a 20% penalty on investors from those non-treaty countries.
1) For the many countries with which Latvia does NOT have a double tax treaty, Mintos will deduct 20% of the profit generated by Notes?
2) Mintos will forward these 20% to the Latvian government?
3) Because there is no double-tax treaty, there will be no way for investors from non-treaty countries to claim these 20% back, either from Mintos or from the Latvian government? That's like a 20% penalty on risk-return calculations for any investor from a non-treaty country.
Unlike Latvia, other EU and EAA countries such as Germany and Switzerland have tax treaties with more than 100 other countries to prevent double taxation. It seems a serious competitive disadvantage for Latvian fintechs, unless Mintos does not want pesky investors from non-treaty countries.
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