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Tuesday, 30 August 2011

"Jersey Laws Unattractive? - Or Those Who Make Them?"

Money leaving Switzerland ‘will not be heading to Jersey’

UK residents who decide to move their money out of Switzerland to avoid paying tax will not be choosing Jersey as their new location, so says the head of the body that promotes the Island’s finance industry.
Details were published this week of a deal where the UK is expected to receive about £5 billion in taxes from non-disclosed bank accounts.
The Swiss have managed to retain the right to banking secrecy. However, clients will now be subject to tax but will not have to disclose their identity to the UK authorities.
Those With Swiss bank accounts who do not want to comply with the tax arrangements will have to move their money out of Switzerland.
But the account holders will not be heading this way, says Jersey Finance chief executive Geoff Cook as Jersey’s laws are unlikely to be attractive to such people.

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