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Old 01.09.2014, 17:01
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Swiss Banks pull out of deal regarding tax evasion settlements

Yahoo News is reporting that 10 banks or are pulling out of a tax evasion settlement scheme with the IRS.. not sure what the ramifications are, but this should make for some interesting news in the days ahead..

Edit: If the banks think they've done no wrong, and IRS lets them go, will they finally open back up to US customers? This would essentially gut FATCA, according to a cursory inspection; clearly this can't be that simple.
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Old 01.09.2014, 17:12
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Re: Swiss Banks pull out of deal regarding tax evasion settlements

I don't think there is anything in it. I bet it's small banks with low footprints and no relevant clients creating an exposure.
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Old 02.09.2014, 11:11
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Re: Swiss Banks pull out of deal regarding tax evasion settlements

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I don't think there is anything in it. I bet it's small banks with low footprints and no relevant clients creating an exposure.
If they're small, do you think that would open the door to them accepting more US clients or not?
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Old 02.09.2014, 11:32
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Re: Swiss Banks pull out of deal regarding tax evasion settlements

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If they're small, do you think that would open the door to them accepting more US clients or not?
the latter.
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Old 02.09.2014, 19:16
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Re: Swiss Banks pull out of deal regarding tax evasion settlements

Swissinfo has an article on banks exiting the US Swiss Tax Program:

http://www.swissinfo.ch/eng/banks-ag...uilt-/40585648

The journalist acknowledges what many of us know:
"Caught in the crossfire of these strategies, however, are thousands of bank clients who are either innocent of tax evasion offences or were unaware of their reporting responsibilities.
These include US citizens living and working in Switzerland who cannot open bank accounts or take out mortgage loans. In some cases they have been expelled by their banks as involving too much unwanted paperwork and risk.
A number of dual Swiss/US citizens have also complained at being unnecessarily dragged into the row and have been saddled with competing a time-consuming and expensive paper trail proving that they have never worked – or indeed in some cases never lived – in the US."
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Old 03.09.2014, 15:46
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Re: Swiss Banks pull out of deal regarding tax evasion settlements

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Swissinfo has an article on banks exiting the US Swiss Tax Program:

http://www.swissinfo.ch/eng/banks-ag...uilt-/40585648

The journalist acknowledges what many of us know:
"Caught in the crossfire of these strategies, however, are thousands of bank clients who are either innocent of tax evasion offences or were unaware of their reporting responsibilities.
These include US citizens living and working in Switzerland who cannot open bank accounts or take out mortgage loans. In some cases they have been expelled by their banks as involving too much unwanted paperwork and risk.
A number of dual Swiss/US citizens have also complained at being unnecessarily dragged into the row and have been saddled with competing a time-consuming and expensive paper trail proving that they have never worked – or indeed in some cases never lived – in the US."
Thanks, Menno.. One can only hope that this will eventually put the required pressure on the US to drop said program, but I'm not holding my breath..

The nearest thing to eternal life we will ever see on this Earth is a government program.
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Old 28.10.2015, 12:45
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Re: Swiss Banks pull out of deal regarding tax evasion settlements

More and more Swiss banks have settled the tax evasion probe with the US, the latest being Reichmuth & Co, BCJ and Banca Intermobiliare di Investimenti e Gestione.

WSJ and Fortune.com have published the tricks used to hide money.
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Old 28.10.2015, 12:50
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Re: Swiss Banks pull out of deal regarding tax evasion settlements

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More and more Swiss banks have settled the tax evasion probe with the US, the latest being Reichmuth & Co, BCJ and Banca Intermobiliare di Investimenti e Gestione.

WSJ and Fortune.com have published the tricks used to hide money.
Very clever indeed, who would have though up such a clever trick such as buying gold. What a non story.

'” One bank allowed a client to convert Swiss francs into gold, which was then stored in a relative’s safe-deposit box.'
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