Switzerland’s decision to comply with the
Organisations for Economic Co-operation and Development’s (OECD)
rules around the exchange of information treaties is not the
beginning of the end of the country’s competitive edge on offshore
wealth, says Yves Mirabaud.
In the June
edition of Private Banker International, Yves
Mirabaud, a managing partner at Mirabaud, says he remains
optimistic about the future of the country’s banking industry.
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“There has been a lot of speculation that this
is the end of bank secrecy but that is absolutely not true,”
Mirabaud says.
Switzerland’s compliance with OECD rules
relating to exchange of tax information and UBS’s tax evasion
deadlock with US authorities has left some speculating about a
change in the Swiss banking industry.
“There have been some changes because the bank
secrecy was protecting discretion on tax matters which will no
longer be the case following the decision to negotiate some double
taxation treaties, but the bank secrecy is still there and it’s
very important,” he says.
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