Banking Secret until 2015 in European Union

Politics ♦ Published: May 22, 2013; 13:41 ♦ (Vindobona)

The banking secret for tax foreigners in the European Union could finally be completely aborted by 2015. There is an ambiguity about Luxembourg’s position in advance to the EU mini-summit over the extended EU Savings Directive (EUSD).

Banking Secret until 2015 in European Union / Picture: ©

About a month ago, Luxembourg has announced the transition from the banking secret for foreigners to the automatic exchange of information from the beginning of 2015 on. However, a few formal steps are necessary. Currently, only Austria and Luxembourg have such a banking secret for foreigners among the 27 EU member states. It seems unlikely that a sooner date will be set. A week ago, at…