The recent EU savings tax directive appears to have been received with differing views in offshore jurisdictions.
The directive aims to allow countries such as the UK a free-flow of information regarding what savings UK residents have offshore. Despite pressure from the UK Government, Guernsey has said no to the free flow of information and will instead impose a withholding tax on EU residents with savings in Guernsey. The withholding tax is seen as a halfway house to the free-flow of information because it means people with offshore savings will be taxed.
Both Luxembourg and Switzerland have also opted for the withholding tax, rather than the free-flow of information. Jersey has not yet decided.
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There are rumours that the UK Government will be offering an amnesty to UK investors with offshore savings they do not currently declare. The details are sketchy at the moment but it would appear that if you disclose what you have offshore to the UK Government, they will let you keep what you have earned so far with no tax. Obviously, once they know about it, they can tax it!