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Tax and Jurisdictions

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.

June 23, 2011

In the days before air travel and telecommunications shrank the planet, members of wealthy families used to live within close range both of each other and the source of their wealth. It was therefore the residence of the patriarch or other key family members that determined the location of the family office. Today, the opposite holds true. 

In the days before air travel and telecommunications shrank the planet, members of wealthy families used to live within close range both of each other and the source of their wealth. It was therefore the residence of the patriarch or other key family members that determined the location of the family office.

June 17, 2011

The family behind Spain’s banking group Banco Santander has denied wrongdoing after being accused of alleged tax fraud by the country’s national court. 

The family behind Spain’s banking group Banco Santander has denied wrongdoing after being accused of alleged tax fraud by the country’s national court. 

According to reports, Santander chairman Emilio Botin and his daughter Ana Patricia Botin are under investigation, along with 11 other family members, for potential unpaid taxes. The Spanish court said that the alleged tax fraud, to the tune of around €120,000, occurred at the Botin family’s deposits at HSBC’s Swiss private bank.

June 1, 2011

Law firm Speechly Bircham is opening new offices in Luxembourg and Zurich, in a move to take advantage of the growing number of family office and ultra-high net worth clients on the Continent.

Law firm Speechly Bircham is opening new offices in Luxembourg and Zurich, in a move to take advantage of the growing number of family office and ultra-high net worth clients on the Continent.

March 24, 2011

Chancellor George Osborne introduced several measures to streamline charitable giving in the latest UK budget. Katie Barker looks at what those measures are and their impact for philanthropy

The latest budget provided many talking points for both personal and business finance, from the cut in corporation tax to the 1p reduction in petrol duty and the introduction of enterprise zones – all intended to stimulate growth. But in the area of charitable giving, UK chancellor George Osborne’s budget took steps to “encourage wealthy people in our society to give more.”

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