Amidst a global crackdown against alleged black money in secret Swiss bank accounts, their bankers are selling a new safe haven idea to their rich clients from India and other countries - the high-value 1,000 franc notes to be stored in safe deposit boxes.
These boxes, kept inside the premises of Swiss banks, are also reportedly being used to stash gold, diamond, paintings and art works among other valuables - apparently because of limited risk of being caught by the preying eyes of countries having banking information exchange treaties with Switzerland.
According to industry sources, bankers are telling their rich clients that Switzerland's tax and information exchange pacts with India and other countries are mostly limited to funds in customers' savings, deposit and investment accounts, and do not apply to the safe deposit boxes. Full story...
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These boxes, kept inside the premises of Swiss banks, are also reportedly being used to stash gold, diamond, paintings and art works among other valuables - apparently because of limited risk of being caught by the preying eyes of countries having banking information exchange treaties with Switzerland.
According to industry sources, bankers are telling their rich clients that Switzerland's tax and information exchange pacts with India and other countries are mostly limited to funds in customers' savings, deposit and investment accounts, and do not apply to the safe deposit boxes. Full story...
Related posts:
- Massive amounts of India's dirty money hding in Swiss banks?
- More and more Swiss-Americans ditch US passports...
- Why American tax evaders can no longer count on Swiss bank secrecy...
- Switzerland tops list of tax haven nations...
- Foreigners deposit less money in Swiss banks...
- Foreigners account for more than 2000 billion francs in Swiss banks...
- India to get info on 'black money' in Swiss banks...
- The end of Swiss bank secrecy...
- The Swiss franc: worth its weight in gold?
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