Overseas Tax Authorities have begun to clamp down on both resident and non-resident tax offenders by imposing significant fines and penalties. They have commenced joint initiatives with regard to sharing of cross border information. One such initiative, the 'Savings Tax Directive', obliges all financial institutions in the EU to supply to the relevant Tax Authorities the identity and nationality of all their clients to whom they make foreign interest payments.
Knowing the specific tax information and tax deadlines for the country in which you are investing is the first step to minimizing your tax liability both at home and abroad.
