E.U. Directive 2014/107/EU

As of 1 January 2016, the scope of the new European directive, replacing the « Savings Directive », requiring the automatic exchange of information between countries will be expanded.

Any account open on 1 January 2016 with a financial institution and held by an account holder not domiciled in the country in which the financial institution is located, must be declared by the financial institution to the tax authority. The information transmitted about the account includes financial income (such as capital gains or dividends) and account information such as information related to the account holder(s), the account balance as at 31 December or as at the date of the closing of the account and the account number. This information will be transmitted starting in 2017 for 2016 (or later depending on the agreement between the country in which the financial institution is domiciled and the country in which the client is domiciled). The information exchange concerns E.U. countries as well as non-E.U. countries which have decided to participate.

More information on the automatic exchange of information can be found in this pdf on the OECD website.