01-12-2005, 01:19 PM
The Directive has been implemented , as from 1. July 2005 ;
it targets ALL expatriates with interest-bearing bank accounts anywhere
in the EU-land , as well as in Switzerland, Liechtenstein , Monaco , Andorra , Channel Islands , Isle of Man and other cooperating jurisdictions ;
the tax ( disclosed and/or deducted ) is currently 15% , raising to 20% in 2008 and then to 35% ( THIRTY-FIVE PERCENT ) from 2011 !
In addition , the U.S. banks also deduct tax , at rates of anything between 15 and 30 percent p.a. ) if the expat has an address in the EU or any of above jurisdictions , or any others with which US has bilateral interest-taxation agreements.
There are ways and means now available , though , to legally avoid having to suffer this tax.
My firm has assisted many South Africans
( and other expatriates : Brits , Skandies , Germans etc. )
to protect and enhance their financial position and circumstances...
it targets ALL expatriates with interest-bearing bank accounts anywhere
in the EU-land , as well as in Switzerland, Liechtenstein , Monaco , Andorra , Channel Islands , Isle of Man and other cooperating jurisdictions ;
the tax ( disclosed and/or deducted ) is currently 15% , raising to 20% in 2008 and then to 35% ( THIRTY-FIVE PERCENT ) from 2011 !
In addition , the U.S. banks also deduct tax , at rates of anything between 15 and 30 percent p.a. ) if the expat has an address in the EU or any of above jurisdictions , or any others with which US has bilateral interest-taxation agreements.
There are ways and means now available , though , to legally avoid having to suffer this tax.
My firm has assisted many South Africans
( and other expatriates : Brits , Skandies , Germans etc. )
to protect and enhance their financial position and circumstances...