Lawmakers vote to relax Swiss secrecy for Holocaust funds

Thursday 15 March 2012

Lawmakers vote to relax Swiss secrecy for Holocaust funds

ZURICH (Reuters)

- Swiss lawmakers on Wednesday voted to relax strict secrecy laws to make it easier to liquidate unclaimed accounts held in Swiss banks, a major step forward in efforts to deal with wealth hidden by Jews from the Nazis during the Second World War. Though Switzerland's UBS and Credit Suisse reached a $1.25 billion deal with Holocaust survivors and their descendants in 1998, the Swiss government has spent years attempting to amend banking secrecy laws to try to deal with unclaimed accounts.

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Wealth Protection Tips

Q: Should I use Secret Bank Accounts to hide money from Tax Authorities?
Ans: NO, in the case of an individual, any funds in a off-shore bank account not declared to your Tax Authority is a criminal offense and "NO" Bank can protect you.

Q: Can my Bank in a Tax Haven Country really protect my position?
Ans: NO, they have an obligation to disclose illegal dealings, if your Bank withhold such information, this remains a criminal offense and they will be party to the criminal action and be prosecuted with you.

Q; How do I protect my wealth generating assets and profits?
Ans: By using the correct global international structures and ensure your global international structures are done properly. There is no need to hide from Tax Authorities

Q: Do I need Tax Haven Countries?
Ans: You do need the correct global international structures placed in the correct Jurisdiction within certain protected Tax Haven Countries which structures ensure maximum protection of private information and assets held.

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Important Wealth Protection Information

The big question always remains, “How do I protect myself and my wealth generating assets against changing times and circumstances in the world?

The very first thing you should understand is as an individual owning all your wealth “personally”, you are extremely vulnerable and exposed to certain obligations by law. As a citizen of your country you are an income generating asset to your country. This is the position your country would like to protect and the very reason why law makers implement laws to protect their income (Taxes). If your assets are owned by you personally or in an off-shore trust as a beneficiary you are one with your assets and you will have no doubt “big problems” if failing to disclose as obligated. If your country controls you they control your assets and their own income (Taxes).

This is the very reason why you should consider proper international structures to clearly define the line of ownership between you and your assets. Remember your country is entitled to their income (Taxes) and they will do anything to protect that position. If you have proper international structures and the ownership of your assets is properly defined your country can legally receive what they entitled to which in no way could put you in a position where you break the law to protect wealth.