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December 10, 2007
Nonresidents Own $606.8 Billion in Swiss Financial Sector, Letting Them Avoid Taxes Back Home
Falls Church, VA — Nonresident individuals owned $606.8 billion of assets in Switzerland's financial sector at the end of 2006, enabling them to easily avoid taxes on those assets in their home countries, Tax Notes magazine reports today.

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.

About Tax Analysts

Tax Analysts is an influential provider of tax news and analysis for the global community. Over 150,000 tax professionals in law and accounting firms, corporations, and government agencies rely on Tax Analysts' federal, state, and international content daily. Key products include Tax Notes, Tax Notes Today, State Tax Notes, State Tax Today, Tax Notes International, and Worldwide Tax Daily. Founded in 1970 as a nonprofit organization, Tax Analysts has the industry's largest tax-dedicated correspondent staff, with more than 250 domestic and international correspondents. For more information, visit our home page.