European Union Savings Account Directive

The EU member states have agreed in principle to introduce legislation requiring the automatic exchange of information whenever an EU resident opens an interest bearing account within the EU or in any territory under the control of an EU member. The commitment is dependent on certain other countries – most notably Switzerland and the US – agreeing to introduce similar legislation.

If this initiative does go ahead then many of the most reputable OFCs will be affected. These include Jersey, Guernsey, Gibraltar, TCI, Cayman, BVI, Isle of Man and Luxembourg. EU residents wishing to avoid automatic exchange of information would need to ensure that accounts are opened elsewhere. Obvious banking centres to use would be the Bahamas or Hong Kong.