Belgian Bank Accounts?
Discussion
I would say 'no'.
Belgian banks have secrecy Laws, as do those in Luxembourg and other EU countries, but banks in the EU have to abide by the EU Savings Directive. Tax is payable on interest earned, but paid to the authorities without showing who the tax money came from. That, of course, doesn't apply to Switzerland.
That said, don't overlook that a certain Swiss bank recently coughed up some serious $$ to the IRS in the U.S. for not providing details of U.S nationals that held accounts with them in order to as a matter of "tax avoidance" (evasion) rather than, as you put it, "efficiency".
Belgian banks have secrecy Laws, as do those in Luxembourg and other EU countries, but banks in the EU have to abide by the EU Savings Directive. Tax is payable on interest earned, but paid to the authorities without showing who the tax money came from. That, of course, doesn't apply to Switzerland.
That said, don't overlook that a certain Swiss bank recently coughed up some serious $$ to the IRS in the U.S. for not providing details of U.S nationals that held accounts with them in order to as a matter of "tax avoidance" (evasion) rather than, as you put it, "efficiency".
5potTurbo said:
I would say 'no'.
Belgian banks have secrecy Laws, as do those in Luxembourg and other EU countries, but banks in the EU have to abide by the EU Savings Directive. Tax is payable on interest earned, but paid to the authorities without showing who the tax money came from. That, of course, doesn't apply to Switzerland.
That said, don't overlook that a certain Swiss bank recently coughed up some serious $$ to the IRS in the U.S. for not providing details of U.S nationals that held accounts with them in order to as a matter of "tax avoidance" (evasion) rather than, as you put it, "efficiency".
All change!Belgian banks have secrecy Laws, as do those in Luxembourg and other EU countries, but banks in the EU have to abide by the EU Savings Directive. Tax is payable on interest earned, but paid to the authorities without showing who the tax money came from. That, of course, doesn't apply to Switzerland.
That said, don't overlook that a certain Swiss bank recently coughed up some serious $$ to the IRS in the U.S. for not providing details of U.S nationals that held accounts with them in order to as a matter of "tax avoidance" (evasion) rather than, as you put it, "efficiency".
Luxembourg, Belgium and Austria have effectively given this up.
Signed information sharing deals this week.
There are no tax breaks to having a Belgian account other than opting for paying witholding tax as against to the European Savings Directive - however there is an existing framework in place to erode and finally cancel out this advantage.
Luxembourg has recently had to give up its 'X' accounts and as mentions the Swiss are going this way as well.
Singapore, as mentioned, and Mauritius are options.
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