Austria is the last EU country with guaranteed banking secrecy. According to the Tax Justice Network, the country is attractive to non-residents because of an absence of inheritance tax and the ability to avoid property tax through private foundations where beneficiaries can remain anonymous.
The country does however transfer a withholding tax on interest income earned in Austrian banks to account holders' governments.
The country has come under immense pressure to share bank account information with other EU members, but its banking secrecy has been defended ferociously by Chancellor Maria Fekkter, who has called on countries such as the U.S. and U.K. to improve their own tax laws before putting pressure on Austria. For now Austria has won the battle, but with criticism from the European Commission and other European governments coming in thick and fast, it might not win the war.