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Tax and Jurisdictions

June 26, 2012

Austerity? What austerity? In the wake of the 2008 credit crisis, the weathy have rarely had it so good. According to surveys by Royal Bank of Canada/Capgemini and Boston Consulting Group, global net worth has recovered over the last four years.

Austerity? What austerity? In the wake of the 2008 credit crisis, the weathy have rarely had it so good.

According to surveys by Royal Bank of Canada/Capgemini and Boston Consulting Group, global net worth has recovered over the last four years. Their assets suffered a slight fall in Europe to $10 trillion (€8 trillion) in 2011, said RBC, but the actual number of millionaires rose to 3.2 million, thanks to growth in Russia, Switzerland and the Netherlands.

March 7, 2012

The Liechtenstein Disclosure Facility may have been in the news a lot recently, but many accountants in the UK are still unaware of the benefits it may offer wealthy families and individuals.

The Liechtenstein Disclosure Facility may have been in the news a lot recently, but many accountants in the UK are still unaware of the benefits it may offer wealthy families and individuals.

That’s according to a recent survey by UK-based accountancy firm Crowe Clark Whitehill, which found that a fifth of accountants do not understand the tax amnesty facility.

Sean Wakeman, a partner in the firm’s tax investigations group, reckons this would deprive wealthy individuals in the UK of a chance to clear up their tax arrears.

February 9, 2012

Giving ultra-high net worth families and individuals in the UK more time to come clean about their assets in Liechtenstein is an “important development”, according to a top legal expert.

Giving ultra-high net worth families and individuals in the UK more time to come clean about their assets in Liechtenstein is an “important development”, according to a top legal expert.

But Philip Marcovici, a former partner at Baker & McKenzie, told CampdenFB that waiting until the end of the deadline to disclose tax arrears could be “dangerous”.

December 2, 2011

Family offices should already be taking steps to prepare for the introduction of the new US Foreign Account Tax Compliance Act, a leading tax lawyer has warned.

Family offices should already be taking steps to prepare for the introduction of the new US Foreign Account Tax Compliance Act, a leading tax lawyer has warned.

Tom Humphreys, from law firm Morrison & Forester, said family offices need to get in contact with their financial institutions and find out what they are required to provide and when.

November 30, 2011

A new study by consulting firm Booz & Co says that wealth managers in Switzerland could lose as much as €41 billion as a result of a tax crackdowns by the UK and German governments.

A new study by consulting firm Booz & Co says that wealth managers in Switzerland could lose as much as €41 billion as a result of a tax crackdowns by the UK and German governments.

Based on interviews with senior wealth management experts in Switzerland, the report also said that private banks will also lose around €1 billion in revenues as clients with offshore assets start withdrawing their money.

But some reckon that the tax treaties signed with the UK and Germany will benefit the Swiss financial sector in the long run.

September 19, 2011

Following last week’s arrest of rogue trader Kweku Adoboli, Swiss bank UBS has probably had as much fun in investment banking as its wealthy clients can stand.

Following last week’s arrest of rogue trader Kweku Adoboli, Swiss bank UBS has probably had as much fun in investment banking as its wealthy clients can stand.

Adoboli was accused of fraud after incurring a potential $2.3 billion loss for the bank. A UBS spokesman won’t say how it happened, but the problem appears to relate to unhedged dealing losses, disguised by fake trades.

September 8, 2011

The US government needs to avoid overstepping the limitations of the tax treaty signed with Swiss authorities or risk causing disturbances to the financial markets, according to a top investment expert.

The US government needs to avoid overstepping the limitations of the tax treaty signed with Swiss authorities or risk causing disturbances to the financial markets, according to a top investment expert.

Steffen Binder, research director at Switzerland’s MyPrivateBanking, told CampdenFB: “If the US tax authorities threaten criminal charges again to get access to information on tax evaders with Swiss accounts, it will heavily unsettle the financial markets. The event with UBS was a special case and one that should not be repeated.”

August 25, 2011

Most ultra-high net worth individuals and members of family businesses and offices are unlikely to be affected by the new tax agreement between the UK and Switzerland, which aims to tackle offshore tax evasion, despite reports to the contrary, according to a top London lawyer. 

Most ultra-high net worth individuals and members of family businesses and offices are unlikely to be affected by the new tax agreement between the UK and Switzerland, which aims to tackle offshore tax evasion, despite reports to the contrary, according to a top London lawyer.

August 16, 2011

Switzerland may have renewed its reputation as a safe haven for investors in the last few years, but rich Asians are increasingly keeping their money in local financial institutions as the Alpine nation’s appeal as an offshore centre diminishes for these investors.

Switzerland may have renewed its reputation as a safe haven for investors in the last few years, but rich Asians are increasingly keeping their money in local financial institutions as the Alpine nation’s appeal as an offshore centre diminishes for these investors.

At a time when wealthy Europeans are pulling offshore accounts from Switzerland, the news that Asians are keeping more of their money at home looks set to further undermine Switzerland as an offshore financial centre.

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