If you open an account with HSBC Expat, you'll receive gross interest - and we'll send the Jersey tax authority information about your identity and residence, the amount of interest you've earned and the period it relates to. The Jersey tax authority will forward this information to the tax authority in the EU country where you live. (The information is submitted annually for the calendar year, 1 January to 31 December.)
Already got HSBC Expat accounts and investments?
From 1 July 2011, the rate of retention tax charged under the ESD increased from 20% to 35%. If you pay the retention tax, you may want to switch to the exchange of information option that lets you receive gross interest. To switch to this option, you need to download and complete our exchange of information form.
Are you exempt?
The ESD should only affect you if you live in the EU.
If you want to claim exemption from the ESD, you need to send us a certified copy of a formal ESD exemption certificate from your local tax authority, along with our ESD exemption form
If you've moved to a different country, this may change the information we send to your local tax authority. So it's important you let us know by completing our change of address form and posting it to us.
If you have problems downloading any of our forms, call us on +44 1534 616 055 and we'll send you the forms in the post.
Want to find out more about the ESD?
Read our guide to the European Savings Directive for EU customers with accounts in the Channel Islands and the Isle of Man.
Important: You're responsible for managing your tax affairs - from filing information and making payments to complying with tax laws and regulations. If you're in any doubt about your tax obligations, we recommend you get independent tax advice.
