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European Savings Tax Directive
Under the Savings Tax Directive banks in offshore tax havens will be required either to tell tax authorities about interest they pay to individual EU residents, or to withhold an agreed amount of tax from interest paid. Whilst in principle a tax payer could choose to opt for communication rather than withholding, in practice it seems that institutions or countries are making the decision.
The Directive came into force on 1 July 2005.
Most EU members, including new joiners, have agreed to exchange information but Austria, Belgium, Luxembourg will instead apply a withholding tax starting at 15%, increasing to 20% on 1 July 2008 and 35% from 1 July 2011.
As well as EU members, the regime will apparently also apply to savings held in Switzerland, Monaco, Liechenstein, San Marino, Monaco and Andorra as well as dependant territories such as the Channel Islands (including Jersey, Guernsey and Alderney), Isle of Man, and those in the Caribbean, but not other tax havens in Asia etc until bilateral arrangements are made.
Here are some resources that may prove helpful:
Find me the highest interest rates for my savings offshore. Reputable banks and building societies only.
Find me the best return for my savings. I am an expat investor looking for the highest rates of interest for my savings from an offshore bank or building society account
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