Sunday, 22nd November 2009

 
  • From To

30 October 2009 - Press Briefing

European clients abandon Swiss private banks

European clients are increasingly abandoning their offshore accounts held at Swiss private banks, amid the US clampdown on tax evasion and Bern’s cooperation over the issue, according to a report in The Wall Street Journal.

Signs of pressure for the $1.8 trillion (€1.2 trillion) Swiss offshore-banking industry are emerging, with Italian tax authorities raiding local offices of Swiss banks last week. Moreover, new treaties struck by Switzerland with France and the UK have made it easier for those nations to seek information on alleged tax dodgers.

Apart from the factor of tax crackdown, many European baby boomers are also concerned about repatriating money back home to recapitalise struggling businesses or pass the money on to their children.

Tags: Tax

Read the original

Most Read

  1. Colonel Gaddafi's son buys £10m London property
  2. Lombard Odier hires from Coutts
  3. Comment: Prince William seals the ascent of hedge funds
  4. More US wealthy opt to surrender their citizenship
  5. Stanhope Capital grows staff by 50%

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Diary: Utopia for Yacht Lovers

Looking to get more from your yacht? Why not share it with others?

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347