The criteria for determining Swedish residence are fairly stringent and comprehensive, and obtaining non-residence requires a very complete sundering of ties with the country. An individual is assumed to be resident if he has his ‘home and dwelling’ there, if it is his habitual abode (i.e. more than half the year is spent there), or if he has an essential connection with Sweden (for example property, family, or business established in the country).

If the individual has been resident for more than 10 years, he will be taxed as such for 5 years after his departure, unless this ‘essential connection’ can be disputed/disproved. A resident of Sweden is taxable on worldwide income and capital gains, whereas a non-resident is taxable only on Swedish sourced income and capital gains. Sweden has in place sophisticated anti-avoidance tax laws, which apply to individuals as well as corporations.

There were 26 banks in Gibraltar in 1996, but in early 2010 this had falled to 18. The banking sector is well established in both the offshore and local market, with assets in the vicinity of G£8.4 billion.

Most of the banks established in Gibraltar are branches of major UK, European or US banks. Much of the banking activity in Gibraltar is directed to asset management for high-net-worth individuals, not least because Gibraltar has tried hard to attract such people with special tax regimes. See Personal Taxation for details of these schemes.

Financial services in Gibraltar are regulated by the Financial Services Commission. The Commission introduced important changes to the way it supervises locally incorporated banks and non-EEA branches in 2002.

The FSC has rolled out a risk based approach to supervision, where the supervisory team evaluates an institution in terms of the risks posed by the way it does business or the type of business it is in. This approach to supervision aims to focus supervisory resources on the areas deemed to be high risk for an institution, in order to ensure that the right controls and procedures are in place to mitigate the risks or where corrective action is required by an institution.

As regards financial services regulations, Gibraltar aims to match UK standards. An example of this is the local money laundering legislation which implemented the EU Directive and was extended as in the UK to encompass all crimes. Accordingly, all banking supervision regulations are the same as those in the UK and procedures for opening an account are much the same.

The identity of bank account holders in Gibraltar is confidential and is only disclosed by the bank if they are ordered to do so by the Courts when investigating serious criminal activity.

Some Gibraltar banks offer a range of current and deposit accounts designed especially for non-residents and expatriates. Accounts are available in a number of currencies, and interest rates are comparable with those offered onshore.

By concession, deposit interest from Gibraltar banks payable to non-residents (of Gibraltar) is exempt from income tax. Gibraltar residents would pay income tax, however. An individual is considered resident in Gibraltar if he has accommodation there and sets foot on the territory during the tax year.

A Swedish national would be able to receive untaxed bank interest from Gibraltar, but would need to have become resident outside the EU in order to avoid paying tax on it back at home. A Swedish national having achieved Category 2 (HINWI) status in Gibraltar and being non-resident in Sweden would be locally untaxed on bank interest (or any other income) as long as his income already exceeded an amount designated by the authorities.

The provisions of the EU Savings Tax Directive have applied in Gibraltar from mid-2005.

Although Cyprus has stated that it does not wish to be considered ‘offshore’ as such, the island certainly offers a number of favourable taxation regimes for those interested in offshore banking. The island is divided into Turkish and Greek Cypriot sectors, with the offshore activity principally taking place in the latter. This situation does not seem to have affected normal commercial or offshore activities, although as a possible source of future political instability, it is something which must certainly be monitored.

The banking industry is regulated by the Central Bank. The Cypriot banking system consists of 4 banks listed on the Cyprus Stock Exchange, 8 subsidiaries of foreign banks, 2 banks licenced to conduct limited banking operations, 8 branches of banks from EU countries, 17 branches of non-EU banks, 2 Representative Offices and 4 other banks. Commercial banking arrangements and practices follow the British model.

Of the foreign banks established in Cyprus at present, the majority are branches of foreign banks rather than subsidiaries, representative offices or Administrative Banking Units.

Services offered by the foreign banks (or branches thereof) include deposit and multi-currency account facilities, investment services, share dealing, international fund transfers, foreign exchange services, custody facilities, and a range of other personal banking facilities, generally available in all major currencies.

Residence in Cyprus is assumed if an individual spends more than 183 days in any one year in the country, and residents are liable for income tax at progressive rates to 30%, with the first EUR19,500 tax-free. Non-residents are liable for withholding tax on income arising in Cyprus (i.e. from a Cypus based trade or business, a profession or vocation the duties of which are performed in Cyprus, or on salary paid by the government, or a Cyprus resident). They are also liable for capital gains tax (with the exception of capital gains on property outside Cyprus), real estate tax, and customs duties.

Foreign investment income is charged at 5% on amounts over EUR3,417 pa, provided the individual is neither resident nor Cypriot. Special regimes also exist for non-resident sportspeople, entertainers, and experts.

There is no withholding tax on interest paid by banks to non-residents; therefore a Swedish national would not be taxed in Cyprus on bank interest, but would have to have achieved residence outside the EU before escaping taxation back at home.

Cyprus has a double tax treaty with Sweden under which the rate of withholding tax on interest is 0%.

As from July, 2005, Cyprus supplies information about the returns on savings paid to citizens of EU Member States, to their home States, under the EU Savings Tax Directive.

After independence from the UK in 1964, Malta suffered a period of political instability, which helped in part to ensure that the Maltese banking sector remained primarily a domestic affair, with few foreign banks established there. However, given Malta's EU membership, the arrival of HSBC and the growth of mutual fund listings on the Stock Exchange, it would not be surprising to see more international banking activity in Malta in the near future.

Banking is conducted according to the Banking Act of 1994 (for Credit Institutions/Commercial Banks), and under the Financial Institutions Act (for non-lending financial institutions such as Foreign Exchange Bureaux). The gradual abolition of exchange controls has meant that there is now little distinction between international and local banks, or between onshore and offshore banks.

The Maltese banking sector offers a range of banking services, including deposit taking and investment services, portfolio management, fiduciary services, funds transfer facilities, foreign exchange and trade related services, and a variety of personal banking and custody services. Transactions can generally be conducted in any of the major International currencies.

The criteria for determining an individual’s tax status in Malta are more complicated than some, and the concepts of residence, ordinary residence, and domicile (usually considered to be the country of birth unless all ties have been severed, and a new domicile has been established) come into play in the calculation of tax liablity.

Residence is assumed if the individual has his habitual residence in Malta (i.e. spends more than 6 months of the year there), and ordinary residence is the case if he is present in Malta in the ordinary or regular course of his life. Thus an individual who is domiciled and resident on the islands is taxable on world-wide income, but an individual who is domiciled elsewhere, and resident in Malta but not ordinarily resident there is liable for taxation only on income arising in, or remitted to, the Maltese islands (with the exception of capital gains). The usual income tax ranges on a progressive scale from between 15% to 35%.

Non-residents are also only liable for tax on Malta source income (also at progressive rates). However, local interest and royalties are exempt from tax, as are capital gains on holdings in collective investment schemes and securities, as long as the underlying asset is not Maltese immovable property. Malta has entered into a great many double taxation treaties, including one with Sweden.

A non-resident Swedish national would therefore not pay tax on bank interest paid in Malta, but would have to have achieved residence outside the EU also if taxation back at home is to be avoided.

As from July, 2005, Malta supplies information about the returns on savings paid to citizens of EU Member States, to their home States, under the EU Savings Tax Directive.