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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
Guatemala CorporationGuatemala Bank AccountAnonymous Master Card and VisaHigh Limit Anonymous Offshore Visa & MasterCardAndorra Private Banking Swiss Forex and CFD Trading AccountFOREX and FUTURES Bank Account for BrokersForex Professional Broker Trading Accounts Offshore High Risk Merchant Accounts
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Executive Summary – The Swiss have agreed to go along with the OECD regulations regarding bank secrecy. The OECD is the Organization for Economic Cooperation and Development. It is largely an American run organization to eliminate privacy in banking. What the Swiss said was that they would share more information on suspected tax evaders. The Swiss President and Finance Minster Merz said that the Swiss bank secrecy does not protect tax crimes.
The Real Details – Mr. Merz stated emphatically that there would be no automatic exchange of information. Merz said that the Swiss will not drop bank secrecy altogether. They will only pass on information following detailed requests from other countries. The Swiss also said they are seeking a fair transition for the banking clients and trying to arrange a tax amnesty for existing Swiss banking clients.
The Swiss consider Tax Fraud to be illegal. Tax Fraud involves forging or altering documents regarding tax filings. Tax Evasion, which is defined as not fully declaring your income, is a civil offense in Switzerland punishable by fine. Tax avoidance is not any sort of offense in Switzerland. This is the exploitation of the tax laws to ones advantage. Switzerland in the past did share information relating to tax fraud only.
Switzerland will offer the exchange of information if the country requesting it comes forth with a detailed claim about a specific individual. The Swiss said they would not comply with any blanket requests. The Swiss further said they were retaining legal counsel in the USA to defend the country’s position in a civil case against UBS bank and the request for 52,000 bank client files.
Discussion – The Swiss know how to play the game. They know that the lion’s share of requests for information is going to come from the USA. The USA rarely if ever has a real case built with evidence. They talk about suspicions etc. This sort of request will probably wind up being denied by the Swiss. The USA cannot just show a tax return and say we need the records because we think something is fishy or we have probably cause. They will need evidence. Whether or not the Swiss will notify the client that his records were requested is another matter we know nothing about yet.
Summary - This is how the Swiss got the USA off their backs is really all that happened. When it comes to Europe there are measures ready in place for the collection of taxes due through the European Union Tax Withholding Treaty. This calls for the collection of taxes based on the client’s nationality. These taxes are then collected and turned over to the relevant country in the EU without revealing that the client is. There is no such thing with the USA. Bottom line is the Swiss are shining on Obama and I doubt he does anything other than lose money fighting with the Swiss.
Since the USA will be doing the bulk of the information requesting the Swiss banks will probably be reluctant to open new accounts for Americans, which is Obama’s secondary goal. Obama is doing a good job of trying to act like everything is normal with his bankrupt and financially devastated country with millions without healthcare, homes, jobs etc. The really funny thing is if he decided to tax the Federal Reserve Bank he would solve all the country financial problems while hurting perhaps a few hundred banker who can afford it. Sine the Federal Reserve Bank seems to run the USA you won’t see this come about readily.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
