In two surveys conducted, a majority of Austrians are in favor of relaxing its current bank secrecy rules for foreigners. Its strict adherence to its banking secrecy rules has made the Alpine country a pariah amongst its European peers.
According to the Gallup poll for the daily paper Oesterreich, only 18% wanted to keep its banking secrecy rules in its current state. A second poll conducted by news weekly profil found that 14% would oppose sharing the account details of a foreigner.
Austria is at loggerheads with its European Union partners for the accounts of foreigners in the country. This comes after Luxembourg had decided to join the bandwagon as to relaxation of bank secrecy rules, leaving only Austria as the last country standing on the issue.
In its current form, Austrian banks deduct interest income at source from accounts of foreigners in the country. It then sends the amounts back to the depositor's home country without revealing the names of the depositors.
Join the Conversation