Oct/090
Will Private Offshore Banks Keep Your Account Confidential?
Everyone knows that private banks are supposed to be more ”hush hush” than your average bank. Private banking outfits in countries with strong bank secrecy like the Cayman Islands, Switzerland and Panama are expected to keep a low profile. But is the private bank really as secretive as it appears?
Various factors come into play here.
- Where the bank is located.
- Does the bank have operations in foreign countries (and outside the jurisidiction of its home secrecy laws)?
- The size of the bank
Continue reading this informative article on private offshore banks.
Oct/090
Are You Worred About The Future? Swiss Banks Share Your Pain!
Ever worried about what 2010 holds in store for you?
Swiss private banks are feeling the same..according to a survey conducted by Geneve Place Financiere, a body representing Swiss financial firms.
Solitary Swiss banks feel the pain
Relaxation of bank secrecy, less enthusiastic European and US investors, and OECD bullying have contributed to a gloomier than usual outlook for next year.
“The dominant sentiment coming from this survey on the present and future of the financial centre is mitigated, even pessimistic,” said Ivan Pictet, the group’s president.
The Swiss also have reason to feel sorry for themselves - they say the financial crisis was not their doing, but the fault of larger European neighbours and the US.
”The Swiss financial centre has been the victim”, said Pictet, who is also senior partner of a large swiss private bank.
Survey participants indicated that short-term prospects would not improve in any private banking sector, but drew hope from increasing numbers of Middle-Eastern and Russian depositors.
Oct/090
Mexico Asks US for Offshore Bank Account Data
When the US achieved a degree of success in targeting their own tax evaders with accounts at Swiss private banks, Mexico hoped to do something along the same lines. It may come as a shock to many that the vast majority of foreign deposits by wealthy Mexicans are not stored in Switzerland, Panama or the Cayman Islands, but the US.
In a letter to US treasury secretary Timothy Geithner in Febuary, Mexican Finance secretary Agustin Carstens sought help for his fight against tax cheats. Some wealthy Mexicans had deposited in American banks he said, knowing that it would not be reported.
The US does not tax interest paid to non-resident aliens, and Mexico currently has no way of identifying its citizens with US deposits.
More on this story - usa today article.
Sep/090
UK and Switzerland Amend Double Taxation Treaty
Swiss Bank Secrecy Threatened Again - What Are the Alternatives?
Swiss and UK authorities added to an existing double taxation treaty on Thursday by agreeing to OECD standards for transparency and information exchange. It is expected that the new treaty, if and when it comes into force, will be used to help combat tax evasion.
The agreement is part of a worrying relaxation of bank secrecy in Switzerland, coming after the release of confidential account details to both France and the US. This latest agreement has the capacity to affect even those who have no relation with the UK, if the UK manages to pass on information which it has discovered about the citizens of other countries.
Since March, Switzerland has operated a new policy concerning international cooperation in tax matters, and agreed to adopt article 26 of the OECD Model Double Tax Convention.
Despite the worrying signs, there is still hope. Although the Swiss government has agreed this treaty, it must still ratified by the Swiss internally. Furthermore, laws in Switzerland are subject to a referendum and repeal with a petition of 50,000 signatures. For Swiss citizens, it must seem the benefits of keeping bank secrecy surely outweigh the disadvantages.
Even so, privacy-seekers are constantly on the lookout for alternatives which might still keep their identity confidential where a Swiss bank account fails. At the forefront of developing viable financial alternatives are offshore financial companies such as Capital Conservator - which manage to keep customer identities confidential irrespective of changes in bank secrecy.
Find out more about about confidential private banking and private bank accounts.
Aug/090
Opening a Private Bank Account Online
Capital Conservator Private Banking have launched a cutting-edge priority banking service, following increasing inquiries from very large depositors. Features include extreme privacy, close personal attention and the ability to open private bank accounts remotely. The service expects to attract entrepreneurs and business owners along with selected wealth managers….
More about online private banking
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