Swiss secret bank account is under attack
Swiss Banks are closing undeclared accounts
The USA and the European Union go after undeclared and secret bank accounts held by Swiss banks.
In Switzerland, secret bank accounts are going to suffer. A simple tax evasion will be considered as a serious crime (which is not) in the future. The influence of the FATF (Financial Action Task Force) on the Swiss banking secrecy legislation is enormous.
The influence of the FATF (Financial Action Task Force) on the Swiss banking secrecy legislation is enormous.
Switzerland fears to be blacklisted on the black list of Non-Cooperative Countries and Territories issued by the FATF. The Swiss banking secrecy will not protect any more tax neutral funds or undeclared accounts of clients having committed tax evasion at home.
Swiss banks are systematically closing undeclared accounts. This job is on their priority list. Some banks have sent letters to the clients with the instruction to become tax compliant and disclose the account to the tax authorities at home or to close the account.
- The letters sent to the clients address are a breach of contract
- The account closing procedure is very tricky
- Clients with tax neutral money should not trust their banker anymore
- There is a big conflict of interest between a client with undeclared funds and his Swiss bank
Our first advice to the client with a secret account is: Do not trust your banker anymore because he is not your friend anymore. Your banker has a conflict of interest. If possible and convenient, you should legalize your assets. Let’s consider if there is a voluntary disclosure program in your county of residence. Let us find out if this is the best moment for you to disclose your assets or if you should wait for new legislation, or if there are other inheritance planning considerations. If your banker is putting you under pressure – go out of the banking system – immediately and close your account. We help you to close your account.
Even if you are out of the banking system with your assets – for example in physical gold or diamonds – you can still participate in the voluntary disclosure program.
Our second advice to the client is: We have to study your specific situation and find a tailor-made solution considering your particular situation and the situation of your family. Sometimes, you can save a lot of money with the voluntary disclosure program if you are willing to change your place of residence. In Canada, for example, doing the voluntary disclosure program in Quebec is much more expensive than doing the same program in Vancouver.
If you have a bank account with tax-neutral funds – get in touch with us.
We are happy to discuss your specific situation with you and discuss different scenarios how to legalize your assets. If your bank is stressing you, we help you to close your account. Depending on each particular situation there are different solutions to consider. We will give you a myriad of proposals, and you make the final decision regarding your assets.
For each single case, there are more viable solutions to consider. We help you to find the best solution tailor-made to your specific situation.
You need to discuss such a delicate situation with an independent lawyer who is familiar with the problems of secret bank account holders.
- We are cooperating with the law firms in your country of residence.
- We can ask for you a specific advice in your home country.
- We will protect your identity because we hire the law firm in your home country in our name but for your benefit.
Take benefit from our previous experiences collected with previous clients. We show you what other clients have done in a similar situation.
After the first consultation, you will sleep much better during the night.
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