Keeping the channels open

The impending implementation of the EU Savings Tax Directive (EUSTD) may have a major impact upon the offshore finance industry. It looks increasingly certain that the implementation date will not be postponed further and that 1 July will see either the application of automatic disclosure about interest payments or retention/withholding tax at source for individuals resident in the EU member states. As with all change, the degree of upheaval associated with the EUSTD is uncertain. One aspect of uncertainty is that it triggers a relative explosion of innovation, and the offshore deposit t...