European Savings Tax Directive
On 1 July 2005 new legislation arising from the European Savings Tax Directive (EUSTD) came into force. If you are resident in a European Union member state* and currently hold funds with Nationwide International or are looking to open a new account you are highly likely to be affected.
The EUSTD is an agreement between the member states of the EU to exchange information or impose a retention tax on individuals who earn interest in one country but reside in another. Anyone whose current permanent residential address is in an EU member state and has savings or investments in the EU or its members' dependent or associated territories** is likely to be affected by the EUSTD.
The following information is designed for both new and existing customers to help you understand the directive, how it will affect you, and what you need to do.
The European Savings Tax Directive explained
Change of Residential Address form
Isle of Man Finance - Guide to the European Savings Tax Directive
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We're here to help
We understand that you may wish to discuss implications of the directive in more detail. If you are registered for Internet Banking, you can Sign-on and send a secure message to our Customer Service team. If you would like to speak to a member of staff, you can contact us on +44 (0) 1624 696000 between 9am and 5pm Monday - Friday.
*EU member states: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, 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, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein, Monaco, Montserrat, Netherlands Antilles, San Marino, Switzerland, Turks & Caicos
All interest rates are quoted gross. Interest paid or credited in respect of accounts held by certain individuals may be subject to a retention tax in accordance with the arrangements under Isle of Man law for the implementation of equivalent measures to the EU Savings Tax Directive.