Financial advisors in Denmark have come under pressure after a documentary series has unveiled how the Danish industry has been illegally advising clients to hide their money in offshore accounts.

Financial advisors in Denmark have come under pressure after a television documentary series has unveiled how the Danish industry has been illegally advising clients to hide their money in offshore accounts.

The three journalists uncovering large-scale tax evasion in Denmark won the highest journalist award in the country, the Cavling Prize, last week for their documentary series, called Inside Tax Havens, on financial advisors trying to circumvent the Danish tax authorities. In Denmark, individuals are allowed to create offshore accounts, provided they register the account’s details with the tax authorities. Financial advisors are not lawfully permitted to market or suggest such solutions.

The series, produced and aired by the Danish Broadcasting Corporation, revealed how financial advisors across the Danish industry have been advising firms and wealthy individuals to place their money in offshore tax havens. The series also uncovered how several Danish high profile individuals and firms based in the UK, have sought out methods to avoid Danish taxation - a fee that on an individual basis can reach a maximum tax level of 67 per cent.

The Danish-UK Chamber of Commerce told WealthBriefing that the series has revealed “some disparities between UK and Danish tax laws and how there might be several grey areas in tax jurisdiction across EU member countries”.