Cyprus, Malta lead EU ranking of $1.6 trillion assets held offshore

BRUSSELS (Reuters) - European Union taxpayers held assets worth at least $1.6 trillion (1.28 trillion pounds) offshore in 2016, equal to nearly 10% of the bloc's output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year.In a report, the Commission said taxpayers in the Mediterranean islands of Cyprus and Malta, which both belong to the euro currency area, held about 50% of their wealth abroad, the highest in the bloc, against 12% in France, 10% in..