That figure does not include another $356.1 billion in fiduciary deposits in Swiss banks, according to Martin Sullivan, the author of today's article, "Offshore Explorations: Switzerland," and a contributing editor at Tax Analysts, the parent company of Tax Notes.
Today's piece is part of the "Tax Analysts Offshore Project," which seeks to tally the assets that nonresident individuals are parking in the financial sectors of nations around the world and, in this way, potentially avoiding taxes back home.
Previous articles in this series have found that nonresident individuals own $293.1 billion, $491.6 billion, and 150.5 billion of assets in the financial sectors of Guernsey, Jersey, and the Isle of Man, respectively. That puts the combined total for the four jurisdictions surveyed at $1.54 trillion.
Those who own the $606.8 billion of assets in Switzerland's financial sector "can easily avoid tax on those assets in their home jurisdictions because of the shortcomings in cross-border information reporting," Sullivan writes.
To read Sullivan's articles, go to the Tax Analysts home page. To interview Martin Sullivan, e-mail Wendy Lewis or call 703 533-4404.
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