Directive 2014/107/EU implements a single Global Standard which has been developed by the OECD, with the active contributions of the EU and its Member States, for the automatic exchange of financial account information. The standard was adopted by the OECD in July 2014 and endorsed by G20 Finance Ministers in September 2014 for worldwide application. The existing Savings taxation agreements with 5 European third countries (Andorra, Liechtenstein, Monaco, San Marino and Switzerland) have been updated to take into account the automatic exchange of financial account information based on the Global Standard. This represents a significant step forward for the European Union in its fight to combat tax fraud and evasion, and ensures a level playing field between financial institutions in these European third countries and financial institutions in the EU which are required to implement Directive 2014/107/EU. A common feature of the five revised agreements is reciprocity which was not foreseen in the original Savings taxation agreements.
The table below provides a summary of the current status of these updated agreements.
Agreement enters into force (including due diligence))
Amending Protocol and Council Decisions
Principality of Andorra
Principality of Liechtenstein
Republic of San Marino
Documents and links
At the occasion of the European Council meeting in Santa Maria de Feira (Portugal) on 19 and 20 June 2000, all Member States endorsed unanimously adopted conclusions by the ECOFIN Council according to which the Member States concerned (those with dependent or associated territories) were committed to promote the adoption “in all relevant dependent or associated territories (the Channel Islands, Isle of Man, and the dependent or associated territories in the Caribbean)” of the same measures of cooperation set to be applied in the European Union with the purpose of enabling the taxation of income from financial accounts held by taxpayers outside their Member State of residence.
As all these territories and all the Member States are parties to the multilateral instruments set at the OECD and Global Forum level for implementing the Global Standard for the Automatic Exchange of Financial Account Information, the conditions are met for ensuring a continuing cooperation in tax matters.
By virtue of a Decision taken by the European Council on 27 October 2010, the European Union acknowledged the changing institutional position of the island of Saint-Barthélemy in its relationships with the French Republic and also amended the status of this island with regard to the European Union. With effect from 1 January 2012, the island ceased to be an outermost region within the territory of the European Union and is now a dependent/associated territory of France, covered by the Treaty on the Functioning of the European Union only to the limited extent provided for the other above mentioned territories included in Annex II to the Treaty. An agreement signed on 17 February 2014 between the European Union and France acting on behalf of Saint-Barthélemy ensures the continuing application by the island of the EU current and future acquis in the field of taxation of savings and administrative cooperation between tax authorities.