Switzerland in the age of automatic exchange of banking information
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Re: Switzerland in the age of automatic exchange of banking information
#2This is not something that Switzerland was happy to do; it took a lot of pressure to get them to stop being an asset haven for international tax avoiders.
Re: Switzerland in the age of automatic exchange of banking information
#3This is not something that Switzerland was happy to do; it took a lot of pressure to get them to stop being an asset haven for international tax avoiders.
To be precise: pressure from the US. Now the US is Switzerland.
Re: Switzerland in the age of automatic exchange of banking information
#4This is not something that Switzerland was happy to do; it took a lot of pressure to get them to stop being an asset haven for international tax avoiders.
To be precise: pressure from the US. Now the US is Switzerland.
Re: Switzerland in the age of automatic exchange of banking information
#5I am no expert, it would be great to read it from someone with knowledge in this field.
What if a shell corp is created in a country that is not included in the list of the ownership info automatic exchange? Instead of option A, someone could go with option B and would be fully protected:
Option A: Owner in the UK -> Swiss Bank account
Option B: Owner in the UK -> Shell corp & legal entity in a country not included in that list -> Swiss Bank account not on the name of the owner, but held by the shell corp/legal entity
Re: Switzerland in the age of automatic exchange of banking information
#6Swiss banks doesn't actually disclose to swiss authorities, even though the have a wealth tax based partially on the money in your bank account.
Re: Switzerland in the age of automatic exchange of banking information
#7I am no expert, it would be great to read it from someone with knowledge in this field. What if a shell corp is created in a country that is not included in the list of the ownership info automatic exchange? Instead of option A, someone could go with option B and would be fully protected: Option A: Owner in the UK -> Swiss Bank account Option B: Owner in the UK -> Shell corp & legal entity in a country not included i…
From following the Vancouver/BC/Canada real estate market, this is very common and normal. (related : Vancouver BC reaching third most expensive city in the world status a couple of years back, for reasons that have little or nothing to do with local populations)
The closest I can get to sources though: https://www.cbc.ca/news/canada/british-columbia/laundered-mo... https://www.cbc.ca/radio/podcasts/current-affairs-informatio...
Re: Switzerland in the age of automatic exchange of banking information
#8I am no expert, it would be great to read it from someone with knowledge in this field. What if a shell corp is created in a country that is not included in the list of the ownership info automatic exchange? Instead of option A, someone could go with option B and would be fully protected: Option A: Owner in the UK -> Swiss Bank account Option B: Owner in the UK -> Shell corp & legal entity in a country not included i…
You would have to deal with UK CFC reporting.
Re: Switzerland in the age of automatic exchange of banking information
#9To me as a Swiss citizen, born in Switzerland, living in Switzerland, it's an impertinence that every time I open a bank account with a Swiss bank I have to fill out at least 1 form with information about my relation to the US, about my travels in the US and whether I might have to pay taxes there.
As a side note, the only other country besides the US that collects taxes based on citizenship and not based on residence is Eritrea. The tax policy of Eritrea is described as extortion by a lot of western governments and media.
Re: Switzerland in the age of automatic exchange of banking information
#10I am no expert, it would be great to read it from someone with knowledge in this field. What if a shell corp is created in a country that is not included in the list of the ownership info automatic exchange? Instead of option A, someone could go with option B and would be fully protected: Option A: Owner in the UK -> Swiss Bank account Option B: Owner in the UK -> Shell corp & legal entity in a country not included i…
Wouldn't a logical next step to extend this to all countries that USA + EU trades with? Banking moves slowly, so it will take many years, but I don't think Panama will be able to hide stuff in 50 years from now.
If they can strongarm the Swiss, why shouldn't they be able to do it to a lot of other countries who want to trade with USA+EU ?