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S U B S C R I B E
Tuesday, 7 August, 2012
'We are living war out there' regarding tax deals
Two teenage children of a Swiss asset manager were held and questioned by the U.S. authorities at an American airport back in May about their father’s work in the USA. Earlier this year, it was revealed that Swiss banks had given data about their own employees to American authorities investigating tax evasion. So have defenders of the Swiss financial sector got a point, when they worry that in the tax row with its foreign partners Switzerland is taking most of the punches? Is this latest episode a worrying one? An association has been set up, to “defend Switzerland’s interests.” WRS’s Dave Goodman talks to Geneva based asset manager Antoine Spillmann, who is also a member of the association:
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Comments
Total comments: 1 | Add to the discussion.
Paraphrase of something said by the interviewee: [we are not good in banking, we are good in wealth management] Maybe Switzerland excels in wealth management / private banking, however:
Switzerland offers greatretailbankingservices** as well as wealth management. Service is quite good in Switzerland for bank customers of even modest means: e-banking platforms for retail customers as well as commercial customers are excellent. Customers of retail banking in Switzerland are able to reach human beings that speak their language (except perhaps in certain banks when such customers are US Persons—including suspected dual-nationals).
My personal experience with US banks, especially in the past 15 years or so, is such that I feel that they are not good corporate citizens any more. They treat their clients like doughnuts.
As to [german fiscal hell]: Well, what about the fiscal hell of US Persons, who even if they hold Swiss or other nationality and live in their countries of second (or first) nationality, are at risk of being raked over the coals by the IRS because of the US double taxation and dual-reporting policy with all of the FATCA/FBAR “excessive fines” sanctions?
I hope that many will join with Swiss Respect in defending the sovereignty of the Swiss people and the independence of our beautiful country.
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