Switzerland and Offshore Tax Evasion

In a recent study, Gabriel Zucman, Asst. Prof., London School of Economics (and international author who works with Thomas Piketty and Emanuel Saez) estimated:

1) Switzerland has $2.4 Trillion in global offshore funds, 1/3 of projected $7.6 Trillion total (which is 8% of projected global financial assets).

2) 60% of foreign owned deposits in Switzerland belong to British Virgin Islands, Jersey and Panama, the leading countries for domiciliation of shell companies.

3) Offshore funds in Swiss accounts have risen in recent years.

4) Data from National Bank of Switzerland confirm only a small percentage of offshore funds in Switzerland have been disclosed to financial authorities

5) In 2017, Switzerland will automatically share banking information with OECD countries (Organization for Economic Co-operation and Development), under the multi-year OECD agreement it recently signed.

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