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Author Topic: Wegelin, oldest Swiss bank, to pull out of US  (Read 1996 times)

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Offline Chris

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Wegelin, oldest Swiss bank, to pull out of US
« on: September 02, 2009, 07:29:19 PM »
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Swiss private bank Wegelin announced on Tuesday that it is to stop doing business in the United States.

The St Gallen-based bank, Switzerland's oldest, said the decision had been taken in response to stricter measures introduced in the US against tax dodgers and planned changes to estate tax, which would make some non-US citizens liable to tax if they inherited US securities.

In a letter to investors it said Swiss banks were likely to find themselves in an untenable position, as they would be expected to know which clients were liable to pay US tax – "an impossible undertaking", given the lack of clear definitions in the matter.

(more...)

Way to go, Obama... you're doing a bang-up job.  If he wants to go after tax cheats, he should start with Charlie Rangel.
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Offline rich_t

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Re: Wegelin, oldest Swiss bank, to pull out of US
« Reply #1 on: September 02, 2009, 07:37:52 PM »
Hey...

The guy did promise change.

He never said we would like the changes he had in mind.
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Offline RightCoast

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Re: Wegelin, oldest Swiss bank, to pull out of US
« Reply #2 on: September 02, 2009, 07:56:20 PM »
This was predicted as soon as the new rules were proposed.
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Offline Chris

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Re: Wegelin, oldest Swiss bank, to pull out of US
« Reply #3 on: September 02, 2009, 07:58:11 PM »
I don't expect it to be the only one.
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Offline Chump

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Re: Wegelin, oldest Swiss bank, to pull out of US
« Reply #4 on: September 02, 2009, 08:45:34 PM »
Smart move on their part.
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