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On the coat: Luxembourg banks
Luxembourg announced on April 10, that "starting on January 1, 2015, it will introduce [...] automatic exchange of information on interest payments (...) so that beneficiaries will be able to be taxed in accordance with the laws of their countries of residence."
This means that the Grand Duchy is partially ending the secrecy that has provided much of its prosperity. Residents, however, will continue to benefit from protection.
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