A number of high net worth individuals are moving out of Switzerland and to Singapore. A number of these individuals have left Switzerland following leaks in respect of their holdings in Swiss banks. Without secrecy and, allegedly tax evasion schemes, the private banking sector in Switzerland, roughly a 1/3 of the economy, will come under pressure;
Wednesday, August 15, 2012
Is Singapore the New Switzerland?
Barry Ritholz reports:
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Dear Robert and other readers of EPJ,
ReplyDeletehere is a related article from a German publication which I found rather interesting:
http://www.spiegel.de/international/germany/german-authorities-investigate-ubs-in-relation-to-tax-evasion-a-849366.html
A friend of mine told me the other night that he recently tried to open a bank account at a private bank in Geneva.
ReplyDeleteHe presented his passport (Lebanese), but the bank balked since his birthplace was Atlanta.
So not even a foreign passport will help you now if you have the misfortune of having been born in the land of the free. Cue Bruce Springsteen.
So waddya say, Simon Black?