Liechtenstein for disclosure of bank secret

06.09.2012

The Premier Minister of the Liechtenstein principality Klaus Tschuetscher in interview from 5^th September 2012 claimed to the newspaper Tages-Anzeiger of the possibility of introducing of automatic system of data exchange on bank accounts of clients with EU members.

Thus, Liechtenstein intends to move away from the more loyal scheme of Rubik (Bern scheme) effective in Switzerland according to which in situation of placing of undeclared funds on the Swiss bank account by foreign investor his anonymity is secured, but the funds are taxed (40% rate of tax) and are sent to the country of investor (secret contribution). Today such bilateral relations are attained by Switzerland with Great Britain, Austria and Germany.

Liechtenstein in its turn plans to reject anonymity due to the automatic system because of economic expediency: the system of Rubik requires recruitment of high qualified personnel – specialists in taxation in different jurisdictions.

Furthermore, banks don’t benefit from payment 40% rate of tax on income received as a result of placing of foreign capital.

Expert’s opinion

Naturally, Liechtenstein in order to prevent the massive outflow of capital needs to follow the Bern scheme that will let investors, on the one hand, count on confidentiality of deposits, on the other hand, not to conflict with financial authorities of the European countries which strive to disclosure of bank secret.

Thus, the choice of Liechtenstein will be determined by pressure from the EU and desire to maintain the current capital turnover in national banks.

In case of introducing of the automatic system of data exchange in Liechtenstein the majority of clients will probably choose Singapore as the alternate jurisdiction with secured deposits and 100% anonymity.

On the basis: http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Vielleicht-waere-der-automatische-Datenaustausch-doch-attraktiver/story/31244587?track

Julia Akhmetova ( Paralegal of Moscow office Company Honest & Bright )