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No More Cloak of Secrecy For Your Swiss Accounts Freeman Tax Law (855)935-5945
United States Investigates Switzerland The United States started the investigation in Switzerland accusing banks of aiding their clients in avoiding their tax responsibilities. Several years later this is more than just an investigation. Billions of dollars in fines, new legislation, reporting requirements for financial institutions, and intergovernmental agreements are proof that this problem was widespread in Switzerland and other countries. Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
Organization for Economic Cooperation and Development (OECD) On a global scale the Organization for Economic Cooperation and Development (OECD) developed the Global Forum on Transparency and Exchange of Information for Tax Purposes back in 2000. Increased momentum and involvement from member jurisdictions has improved along with the speed of the FATCA development. In July a Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters was released asking governments to secure detailed account information from their financial institutions for exchange with the appropriate jurisdiction of the residence of the account holders on an annual basis. Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
Now the tables have turned and Swiss banks are requesting that the government create agreements with neighboring countries. The head of Switzerland's banking association is requesting this so that they can flush out all untaxed money held within Switzerland, thus making it easier for Swiss banks to do business abroad. From a business standpoint Swiss banks are no longer positioning themselves to protect their clients behind secrecy laws. They now want to be able to compete on a global scale after much bad press and are willing to commit to sharing tax information. Swiss Request Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
Switzerland Entering Into Negotiations The Swiss government has entered into negotiations with several European countries and is working to determine how to deal with the remaining undeclared client assets held within Swiss Bank accounts. To date, withholding tax deals have been reached with Britain and Austria. In the last year alone, nearly 30,000 account holders from Britain and Austria paid taxes on accounts they had kept secret in Switzerland. Neighboring countries have yet to enter into agreements with Switzerland. As the desire for Swiss banks to have these agreements completed is urgent so they can do business with these countries; France, Spain, and Italy do not have the same urgency. Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
Switzerland Now Tackling Challenges Switzerland is now tackling the same challenge that the United States faced setting up IGAs, but their sell is not as great as the United States. The United States was willing to "scratch your back, if you scratch mine" whereas Switzerland is asking for agreements with the motive to improve their financial plight. Time will tell if they will be successful in swaying France, Spain, and Italy to join the tax transparency concern. Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com
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Freeman Tax Law About Freeman Tax Law Freeman Tax Law is a boutique tax law firm with national exposure equipped to handle all domestic and international tax law matters. At Freeman Tax Law, the attorneys and professional staff have vast experience with foreign tax compliance, international tax planning, and resolving tax controversies involving offshore banking matters. Freeman Tax Law helps taxpayers and foreign entities become in compliance with laws such as Foreign Account Tax Compliance Act (FATCA) and Offshore Voluntary Disclosure Program (OVDP). In addition to handling complex tax controversies, the Freeman Tax Law team has extensive expertise in assisting clients with wealth management and estate planning. Freeman Tax Law (855) 935-5945 info@freemantaxlaw.com www.freemantaxlaw.com