Luxembourg has agreed to the extension of the scope of the Savings Directive
Luxembourg and Austria have agreed to the extension of the scope of the Savings Directive. Luxembourg’s financial sector “is ready for these changes,” Luxembourg Prime Minister, Xavier Bettel, said.
“The Luxembourg financial centre has introduced greater transparency over the last years. Today is again a confirmation that we want to go forward with this”.
Bettel said he had received guarantees that the countries -- Switzerland, Liechtenstein, San Marino, Andorra and Monaco -- have made progress in adopting automatic data exchange. The European Directive would be adopted "in the coming weeks."
The extension of the scope of the Directive includes the automatic exchange of tax information on savings, income from trusts, funds, foundations, and certain life assurance products.
Luxembourg has a very diversified financial sector which has always relied on multiple activities. Luxembourg is the premier private banking centre in the Eurozone and the second largest fund centre in the world. Within Europe, Luxembourg has the largest volume of renminbi trade finance and the largest volumes in renminbi deposits and loans. Due to its stability as well as its innovative and international orientation, Luxembourg is a centre of excellence and expertise for private and institutional investors from all over the world.