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Am I guaranteed absolute privacy and confidentiality from an offshore bank?
 

 


When it comes to the declaration of assets held and ‘savings income’ generated, the EU Savings Tax Directive 2005 may limit the amount of privacy you are afforded if you bank or reside in one of the countries affected by the directive. These countries are: - Andorra, Anguilla, Aruba, Austria, Belgium, British Virgin Islands, Cayman Islands, Channel Islands, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Isle of Man, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Monaco, Montserrat, Netherlands, Netherlands Antilles, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turks & Caicos and UK. Simply put, the EU Savings Tax Directive 2005 is an agreement between the EU Member States to automatically exchange information about any customers who earn savings income in one EU State but who reside in another EU State. This is known as the ‘automatic exchange of information option’ and it is the ultimate objective of the Directive. If you are not affected by this directive then your assets and any income you derive from them will be afforded a certain level of privacy. But while most offshore jurisdictions offer very high levels of confidentiality, they cannot guarantee you absolute secrecy as all financial institutions worldwide have a legal obligation to report suspicions of serious criminal conduct - e.g., terrorism. If you are not a terrorist or serious criminal then you are pretty safe! All your personal data is subject to modern data protection legislation, and there are civil and criminal penalties for breach of confidentiality and unauthorised disclosure and it would never be in an offshore bank’s interests to breach this legislation. If you wish to avoid implications of EU Saving Tax Directive desire further guaranteed levels of anonymity and confidentiality you may be able to benefit from various other offshore vehicles such as International Business Companies (IBCs) and/or offshore trusts.

 

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