According to a new report on Privately Held, Non-Resident Deposits in Secrecy Jurisdictions the United States is the country with the largest amount of private, non-resident, deposits. Cayman Islands takes second, upholding its commonly held reputation as a tax haven often used to avoid paying taxes own by wealthy people. Switzerland comes in 9th.
The countries with the most private, foreign deposits in billion of $US.
ZURICH (Reuters) - The Swiss government agreed on Wednesday to create a legal basis that will allow its banks to settle investigations by U.S. authorities into their role in helping wealthy Americans evade billions of dollars in tax.
Bank of America Corp (NYSE:BAC) is in the spotlight for its alleged long-term involvement in controversial trades that has helped the likes of hedge funds, among other clients, to dodge some of their taxes. The revelation came from a Wall Street Journal (WSJ) report, which cited internal documents and people with knowledge of the matter as its source.
A move this week by faculty members at the University of British Columbia to hold a vote on whether to divest the school’s $1-billion endowment fund from oil, gas and coal stocks could make it the first major Canadian institution to join a growing global movement that already includes Stanford University, the city of Seattle and the Rockefeller family fortune.
When UBS struck a $780 million deal with U.S. prosecutors this week, it agreed to hand over the names of up to 300 wealthy Americans who may have cheated on their taxes by secretly stashing money in that country.
But the case is far from closed.