SWITZERLAND

Subtropical beaches and offshore financial services comprise Bermuda's value proposition to the world, and the tiny set of islands, just 54 square kilometers overall, has done well with it. According to America's CIA Factbook, in 2004 Bermuda - officially a self-governing overseas territory of the United Kingdom - had the third highest per capita income and fourth highest per capita GDP at PPP in the world (Both close to $70,000 USD). The islands' ability to offer offshore financial services grew from its status,size and location. As a British territory its defense is the responsibility of the United Kingdom; military expenditures...

FUNDS & FUNDS SERVICES JURISDICTION 2020

Swiss judges find that former compliance officer breached anti-money laundering rules over $700m transfer. A former Coutts banker has been found guilty of breaching anti-money laundering laws by allowing Jho Low, the alleged mastermind of the 1MDB investment scandal, to transfer hundreds of millions into Swiss accounts without warning regulators.    In a judgment on Friday, Switzerland’s top criminal court handed down a fine of SFr50,000 ($55,000) to the banker — a former compliance officer — who it found was guilty of repeatedly ignoring internal warning signs. As is common in many Swiss legal proceedings, the court withheld the identity...

PRIVATE & INTERNATIONAL BANKING NEWS 2020

For many people, Switzerland is both miraculous and mysterious. In films, we frequently see scenes like this: one of the richest people in the world walks quietly into a private bank in a street corner in Switzerland, where he has deposited a hefty chunk of cash. Switzerland has a national territorial area of more than 40,000 km2. It is a little larger than Hainan Province, a little smaller than the Ningxia Hui Autonomous Region, and about half the size of Chongqing, China. Switzerland has a population of over eight million, which is equivalent to the population of Shandong Province’s Jining...

PRIVATE & INTERNATIONAL BANKING SPONSORED CONTENT 2019

Switzerland's top court has ruled that Swiss authorities can share data with France on some 40,000 USB bank accounts. France wants the data after a German probe indicated there could have been tax evasion. The Swiss Supreme Federal Court allowed tax authorities to hand over to French tax authorities data on some 40,000 accounts at UBS. The bank said it would "carefully review the written verdict." French tax officials have been seeking the data since German investigators found evidence that thousands of French nationals might have put money in UBS accounts to avoid paying taxes. With its ruling, the court overturned...

PRIVATE & INTERNATIONAL BANKING NEWS 2019

Switzerland likes to call itself 'the most European country', yet it has stayed outside the European Union since Charlemagne. However two sets of 'bilateral agreements' are gradually bringing Switzerland within the EU in all but name. Switzerland is said to be the world's biggest centre of private banking, with more than a third of all private wealth based there. Swiss banking assets exceed three trillion Swiss francs. Although Switzerland, an OECD member, agreed in 2000 with an OECD declaration aimed at securing information exchange, it has fought a rearguard action ever since to preserve banking secrecy. Most recently, it has...

2015

1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region? Yes, the pitches for Chinese investors that we do have steadily increased in the last years. Nevertheless, mandates from Chinese clients are – compared with mandates from foreign clients from western jurisdictions – still rather insignificant in number and volume. The reason is that Chinese with little or no experience with investments in western jurisdictions are often unwilling to pay for quality legal and tax advice. This is because they...

2015

The Swiss bank account has long been symbolic of the banking habits of the international mobile wealthy. With top notch confidentiality regulations, and an economic climate that is among the best in the world, Switzerland aura of Fort Knox-like impregnability has more to it than just its high mountains. However since the financial crisis that image has been shaken. The US government started the trouble, suing Swiss banking giant UBS to gain access to the information of potential tax dodgers, and prompting a massive withdrawal of American clients. The EU followed on America heels pressuring the country to implement new...

ARTICLE OVERVIEW - EXECUTIVE SUMMARY 2014

Subtropical beaches and offshore financial services comprise Bermuda's value proposition to the world, and the tiny set of islands, just 54 square kilometers overall, has done well with it. According to America's CIA Factbook, in 2004 Bermuda - officially a self-governing overseas territory of the United Kingdom - had the third highest per capita income and fourth highest per capita GDP at PPP in the world (Both close to $70,000 USD). The islands' ability to offer offshore financial services grew from its status,size and location. As a British territory its defense is the responsibility of the United Kingdom; military expenditures...

FUNDS & FUNDS SERVICES OVERVIEW - EXECUTIVE SUMMARY 2014