Hide and seek

The European Union Savings Tax Directive (EUSTD) had a difficult birth. It was first drawn up in July 2001 but was not implemented until 1 July 2005 after it was delayed for six months from its original start date. From an Isle of Man perspective, however, the implementation by offshore banks has been smooth. This is partly because the island was well prepared for the EUSTD in terms of systems and guidelines. While the number of clients affected is not insignificant, the number of customers opting for exchange of information about their accounts suggests that many customers have been d...