Introduction
Non-tax framework and drivers
Basic principles determining the taxation of debt, equity and hybrid financial instruments
Domestic criteria applied to the classification of hybrid financial instruments
Classification of hybrid financial instruments according to tax treaties
General principles for the classification and taxation of hybrid financial instruments derived from European Union law
Cross-border tax arbitrage and hybrid financial instruments
General considerations
Equity-flavored debt instruments
Debt-flavored equity instruments
Conclusions
Tax policy considerations.