Austria: Banking Secret for Foreigners to be Abolished Forever

People ♦ Published: March 11, 2014; 13:50 ♦ (Vindobona)

From 2017 on, the banking secret for non-Austrian residents will be abolished completely.

Finance Minister Spindelegger declared that “double standards” are unacceptable in case the OECD plans to establish its model on a global basis. / Picture: ©

Today Finance Minister Michael Spindelegger announced that the banking secret for foreigners will be done away with by 2017. However, Austrian citizens are not concerned by this measure. One step towards this decision is the agreement to the extending the scope of the European Saving’s Directive (EUSD) by including trusts, funds and insurances.

The bank secret will only be…