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European Savings Directive (ESD)
Last updated: 29th April 2008
An attraction of offshore banking could be the opportunity to receive gross interest, which may be tax efficient, depending upon the tax rules in the country where you are resident.
However, if you live in an EU member state then you are likely to be affected by the European Savings Directive (ESD) which came into effect on the 01 July 2005, and any interest you receive from that date is likely to have tax withheld at source. Alternatively, you may continue to receive gross interest, but we will have to report details about you and the interest you have received to the tax authority in the EU member state where you are resident.
It is important to note that the ESD should only affect you if you are resident in an EU member state.
Should you decide you would like your details reported, please print and complete this and return it to us by post.
Request for Exemption from ESD
Alternatively, if you are exempt from the ESD, please print and complete this form and return it to us by post, with supporting documents, if applicable.
HSBC Bank International Limited reserves the right to request further documentary evidence in support of any proposed exemption from the European Savings Directive.
If your residential address differs from the details that we hold and you are no longer an EU resident, please advise us by printing and completing this form and return it to us by post.
Please note that the above forms are for ESD related matters only and all other instructions should be sent to your usual contact.
For customers of HSBC Bank plc branches in Jersey, Guernsey and the Isle of Man, this ESD page is for information only.
FURTHER INFORMATION
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ESD Booklet
