Sunday, September 01, 2013

It's the end of Swiss tax haven for wealthy Americans...

A tax deal reached between Switzerland and the United States on Thursday effectively puts an end to the status of the small Alpine country as a tax haven for wealthy Americans.

The agreement, which came after more than three years of intense discussions between the two countries, is expected to punish Swiss banks that helped wealthy Americans hide money from United States tax authorities in offshore accounts and require them to disclose information about United States account holders.

Even before the agreement, many banks in Switzerland had started to turn away American clients, fearing at least additional administrative burdens from the United States authorities. The deal is expected to accelerate that trend and make it even harder for American expatriates in Switzerland to find banking services.

“It’s pretty close to the end for Swiss banking for wealthy Americans,” Ben Jones, principal associate at law firm Eversheds in London, said. “But then again you had to be a pretty na├»ve U.S. taxpayer if you were thinking you could still hide funds in Swiss banks.” Full story...

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