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Luxembourg has declared its intention to sign an intergovernmental agreement (IGA) with the United States of America to establish an automatic exchange of information regarding any financial holdings of US tax payers in Luxembourg. As such, Luxembourg will be among a group of 50+ countries worldwide to participate in the so-called Foreign Account Tax Compliance Act (“FATCA”) and, more importantly, will follow the policy of the EU promoting such exchange of information on tax matters with the US as well as among the Member States of the Union.
From banking secrecy to diversification
The story so far represents a change in paradigm for Luxembourg. The financial centre has traditionally focused its business model on the confidentiality of financial...
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