People who are resident in Sweden, but have money in bank accounts in other European Union countries, must pay tax on that money in Sweden. This follows EU agreements which have clarified the situation for citizens of one member state residing in another.
The Swedish state has demanded income details from a number of EU countries, and has so far received information on some 70,000 people from foreign tax authorities, according to Swedish Radio.
Of these 16,000 were from Britain, 12,000 from Germany and 8,000 from Spain. Information from Denmark, Finland, France, Hungary, Holland, Poland and Italy has also been requested. The tax authorities will use the information to decide whether people resident in Sweden have declared all their incomes.
Austria and Luxembourg, as well as non-EU country Switzerland, have refused to reveal names of account holders, but have promised to tax them and send the money to Sweden.
As well as looking at he Swedish tax authorities will also look at the total amount on the accounts, to decide whether the people who own them are liable for Sweden’s wealth tax.