Switzerland

Wary Swiss Banks Shun Americans

"The new law, expected to be phased in over several years, requires foreign banks to identify Americans among their clients and to provide their financial information to the Internal Revenue Service. Just one person overlooked could mean a penalty equivalent to 30% of a bank's U.S. income. Most banks in Switzerland have little appetite to deal with such risk and are quietly—or openly—ushering American clients out or limiting the range of products offered to them, tax experts and bankers say." Continue reading →

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More Greek firms eye low-tax Switzerland

"The Swiss fiscal policy has infuriated Brussels, as the European Union sees businesses fleeing EU countries to the tax haven of Switzerland. According to Swiss laws, foreign firms which set up in the country pay €51 billions ($66 billion) less in taxes per year than Swiss companies, said a Swiss television report. Setting an ultimatum, Brussels has given Switzerland until December 13th, when a European summit is held, to present a programme aimed at dismantling such privileges which are judged discriminatory and anti-competitive." Continue reading →

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Switzerland: the world’s gold hub

"Most of the gold produced in the world transits physically through Switzerland. Four of the world’s major refineries of gold are located on Swiss soil. In 2011, over 2,600 metric tons of raw gold were imported into the country, to a total value of SFr96 billion ($103 billion). This was a record, the quantity having more than doubled over the last ten years, not including the gold that transits through Swiss free ports. What keeps the Swiss refineries going at full pace right now is not so much the demand for semi-finished products for jewellery and watchmaking, but the demand for gold bars." Continue reading →

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Greece’s biggest company Coca-Cola Hellenic moves abroad

"Greece's largest company is to move its headquarters to Switzerland and list its shares in London, in a further blow to the struggling eurozone country. Shareholders, most of whom are abroad, will exchange their stock for shares in Coca Cola HBC AG, based in Switzerland. Most investors have already accepted the plan after long complaining about Greek taxes, according to Reuters. The company, in which The Coca-Cola Co of the US has a 23pc stake, bottles drinks in 28 countries from Russia to Nigeria." Continue reading →

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