European Savings Tax Directive
The European Savings Tax Directive (EUSTD) is an agreement between member states of the European Union (EU) applicable to individuals who earn interest in one EU country but reside in another. Legislation in the Isle of Man, arising from the EUSTD, originally allowed customers the choice between paying a retention tax at source on interest or for the details of their interest to be exchanged with their European country of residence.
In June 2010 this legislation was revised so that from 1st July 2011 the retention tax option will be withdrawn and all interest paid to individuals resident in the EU will become subject to Exchange of Information arrangements.
The following information leaflets and forms are based on current legislation and are designed for both new and existing customers to help you understand the directive, how it may affect you, and what you may need to do.
The European Savings Tax Directive explained
Change of Residential Address form
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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 8am 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.