You should speak to a professional adviser about the tax consequences of currency gains, currency losses and interest from deposits. It is your responsibility to disclose the extent of any interest on your accounts to your tax authorities.
Interest will be paid gross on all our deposit accounts and we will exchange information with the relevant authorities regarding the interest earned if you fall within the provisions of the European Union Savings Tax Directive (EUSTD). Further details of the EUSTD are set out below and in section 6 of the General Terms and Conditions.
What is the European Union Savings Tax Directive (EUSTD)?
The EUSTD is an agreement between the Member States of the European Union (EU) to automatically exchange information with each other about customers who earn savings income in one EU Member State but reside in another.
Why is it that banks in the Isle of Man are complying with an EU Directive, when the Isle of Man is not part of the EU?
Although the Isle of Man is not part of the EU, it has voluntarily agreed (along with Jersey, Guernsey, Switzerland and a number of other non-EU jurisdictions) to apply similar provisions.
When is the EUSTD effective from?
The EUSTD came into force on 1 July 2005.
Will it affect me?
If you are an individual resident in an EU Member State (e.g. the UK or Spain) and you earn bank interest on an account held with Zurich Bank International, then you will be affected by the EUSTD.
If you are resident outside the EU but hold a passport issued by an EU Member State then you should fall outside the scope of the EUSTD. However, you will be requested to provide proof that you are resident outside the EU.
How will it affect me?
If you are affected by these rules then information detailing the interest payments made to you by Zurich Bank International will be forwarded to the relevant authorities. Details of your identity and residence, along with details of the level of interest received and the period to which it relates will be provided to the Isle of Man Tax Authorities. The Isle of Man Tax Authorities will then in turn provide this information to the EU Member State in which you are resident.
How can I find out more?
If you have any questions about how the EUSTD may affect you, please contact our Banking Operations Team on +44 (0)1624 671666 or your financial adviser. Further guidance on the EUSTD can also be found at www.isleofmanfinance.com
Please note that Zurich Bank International is unable to provide specific individual tax advice, and you should consult your financial/tax adviser for this purpose.
EU Member States:
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
Other Territories:
Andorra, Anguilla, Aruba, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Liechtenstein, Monaco, Montserrat, Netherlands Antilles, San Marino, Switzerland, Turks & Caicos.
