Swiss Clocks Ticking: Hidden US accounts soon to be revealed
Another sad loss of liberty and privacy, all for hunting down Americans who might not have paid every last cent in taxes that didn't exist prior to 1913. It also misses the point of the Swiss banking industry, wealthy individuals in the most part just parked liquid wealth there as it was seen as safe and private, not to generate returns. With interest rates so low returns are negligent in most major currencies and the Swiss tax interest income at 35%, so for most it was hardly a tax dodge. Switzerland was for wealth protection, London and New York are for wealth creation and speculation. Seems the Chinese and Arabs have the right idea of buying 1kg gold bars and stashing them in private non-bank vaults.