Swiss banking secrecy in the past now.

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Switzerland came into force a law on international assistance in tax matters. Henceforth, foreign tax authorities will send requests to the Swiss authorities on bank accounts of its citizens.

Now, thanks to the joint efforts of the EU, the U.S. and other countries whacked for low income and evasion of citizens opposed the tax, the famous Swiss banking secrecy does not exist. Neither banks nor nominees or agents or trustees will not be able to evade the provision of information within the request. For this only motivated request of the tax authorities.

However

tax authorities of all countries except the United States, have the right to make requests only information that relates to the period after 1 January this year.

Slava Rabinovich - the head of the company's Diamond Age Investment Advisors in Russia sees no point of tax evasion in Russia. "I do not really understand the meaning of defrauding the Russian tax system, if it is one of the best in the world in terms of income tax, - he explained. - Few countries in the world that people are imposing tax only 13%. Therefore, punishment and potential problems are so large in relation to such low taxation that hide taxes, whether you have an account in Switzerland, Monaco or Singapore, it makes no sense ».

A partner Paragon Advice Group Alexander Zakharov said: "If we talk about whether there can be serious risks in enterprises and Russian business, which uses corporate structure in Switzerland, this risk may arise. But if on the territory of Russian tax authorities will be essential information as to who of Russian taxpayers avoided and how what his account, in which Swiss banks. That is, the Russian tax authorities should have full information in order to make the appropriate request ».

However, the Swiss themselves are going to hold a referendum, demanding the authorities to abolish tax breaks for foreigners. Currently in Switzerland set a fixed tax for individuals who have received a residence permit or citizenship. Most of the cantons (the largest administrative units in Switzerland) apply the minimum rate. At the same time the size of the tax agreement reached individually during arrangements with tax department of a canton. A Swiss themselves pay all taxes on income.

So anyway, we continue to discover bank accounts in Switzerland , and for those who need higher offer anonymity our solutions trusts and foundations .