Freedom in Austria?


A reader asks about bank privacy and capital freedom in Austria. Read my reply below.

I Understand that Austria had a constitutional provision on banking privacysome time in the past. Have they capitulated to the US on this matter also?Anglo Irish Bank of Austria seems to be hard to contact via the internet. Doyou know why or their current website address?

Austria' made a deal with the EC that enabled their banking laws to allow Austrian residents to maintain totally private, numbered bank accounts called Sparbuchs. But this is only for Austrian residents and this is strictly monitored, plus if this account has any large activity (over $10,000) it is reported to the Austrian police. Otherwise bank privacy (see more about this at http://www.garyascott.com/privacy/50/) is equally threatened in Austria as elsewhere. Austrian bank privacy is as good as most others and better than some, but American depositors still have to fill out W9s and agree to let Austrian banks report US source income to the IRS.

I have banked with Anglo Irish Bank in Vienna for over twenty years and they are eClub advisors. You can get their latest market updates at their website.

Until next message, good investing!

Gary


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