Offshore Banks in the Countries of the European Union

At the time, both in the countries of refuge with a tax low pressure may be lower, and the level of privacy - higher potential account holders should be aware that an agreement between the countries - members of the European Union
(including countries which are subject to EU law) known as the EU Directive on the taxation of savings in 2005, could adversely affect the confidentiality of their deposits if they are made in the jurisdictions covered by the said contract. The EU directive on the taxation of confidentiality may limit some offshore bank account, if the bank is in a country where the Directive has the force of law.

Today, members of the European Union are: Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and the UK.

EU Directive on the taxation applies to any area of ​​the Commonwealth of Nations, which is under the control of any of the EU countries or EU adopts laws. Other countries, such as Switzerland and the U.S., may also be subject to the requirements of the voluntary basis.

Simply put, the EU Directive on the taxation of savings in 2005 - an agreement between the EU Member States to allow the exchange of information on deposits and transactions. This agreement, known as the "right to an automatic exchange of information" and is a key element of the Directive.
Offshore areas that are not regulated by laws or EU directives, are not parties to the agreement and thus offer investors in their territory increased level of confidentiality.

There are many other offshore jurisdictions that provide most of the benefits that are provided to their counterparts in the European Union, but not bound by the requirements of the EU Directive. This consideration can be very important for the investor who is looking for specific advantages in investing their money, but cannot get them in the countries where the EU directive. But we should not automatically assume that the most beneficial is the placement of monetary assets in banks located outside the jurisdiction of the EU directives.

If a potential investor is willing to make the required amount of the initial deposit, the purpose of its banking activities coincide with the bank's activities and the rules of the territory, where the bank is located, then the more effective option can developed offshore, such as Switzerland. On the other hand, there are also very competent offshore jurisdictions that are not covered by the EU Directive on taxation, and their requirements for the initial deposit is much lower than those in the "developed" areas. For example, in countries such as Panama and Belize amount of the initial deposit can be as low as $ 500 - $ 1000.