Time to close that bank account in Jersey or Luxembourg. An unexpected agreement by European Union finance ministers in Brussels on January 21st will come as a nasty shock to the thousands, perhaps millions, of Europeans who have squirrelled away their savings in offshore accounts, avoiding tax on the interest. After ten years of haggling, EU members have struck a deal that will close tax havens all across Europe. Under the deal all EU countries will either exchange information automatically with each other on savings accounts held by non-residents, or levy a withholding tax. The EU is close to concluding similar deals with other potential tax havens outside the Union, notably Switzerland.
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