Luxembourg eases bank secrecy rules

From 1 January 2015, automatic exchange of information will be introduced for all interest payments made by Luxembourg financial operations to individuals resident in another EU member state in keeping with the 2003 EU Savings Directive. Luxembourg’s Ministry of Finance confirms the following trio of arrangements. First, while the fiscal regime for individuals living in the Grand Duchy of Luxembourg remains unchanged, a 10% withholding tax will be applied to saving’s revenues paid by financial operators to those residents who “will enjoy bank secrecy as it exists today. ” Second, the ...