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Re: swiss abandon americans
Originally posted by audrey_girl View Post
Well, isn't this is a nice game of chicken. Will America lose more wealthy taxpayers than the Swiss lose accounts? Talk about shooting yourself in the foot. Someone needs to tell the IRS that this isn't the 50s anymore and that half of these people will just hop in their jet and move to their Dubai mansion while bribing some foreign official for citizenship. -
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Re: swiss abandon americans
yawn... predictable...Originally posted by audrey_girl View Post
Declines in net holdings in Caribbean Banking Centers and Luxembourg appears to coincide with a crack down on these nations as tax havens. Will the money the U.S. Treasury gains in tax revenue be given up in a decline in foreign borrowing?Comment
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Re: swiss abandon americans
Can someone explain to me how US laws can be made to apply in Switzerland?Originally posted by audrey_girl View Post
Or to be more specific, assuming a particular swiss bank has no business nexus on US soil, how on earth can US law be made to apply to that particular bank???Comment
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Re: swiss abandon americans
Internal UBS emails often go out stating that UBS would be violating Swiss law in order to comply with the IRS so I think they are stuck between a rock and hard place. I hope they choose privacy...Comment
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Re: swiss abandon americans
At least for now, it would be much more expensive for banks like UBS to exit US investment banking and asset management than to "fire" their US account holders (or in UBS' case, shift them back onshore - maybe your UBS account in Geneva could suddenly become a Paine Webber account in New York).
The US has quite a few options for dealing with banks that invest in US assets (i.e., most wealth managers) thanks to the Patriot act. Worst case, they could accuse the bank of money laundering and seize the bank's US-based assets, and could prevent the bank and its customers from investing in US securities. (Could be doing the customers a favor, actually...)Comment
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Re: swiss abandon americans
The Swiss have little but their melting glaciers and banking secrecy. If they give it up they are nothing. When the Germans pressured them during WWII they gave the Nazis money from Jewish accounts to avoid losing everything. They'll give up all the Americans who thought the Swiss had values greater than their ability to hide money. The side show will be fun when a few crooked American millionaires are made examples. We love reality shows in the US. This one could be big.Originally posted by audrey_girl View PostComment
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Re: swiss abandon americans
I have one word in response to Switzerland -- "Uruguay".Comment
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