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Switzerland's bank secrecy lost not because of a tax cartel but because FATCA was signed to allow the United States to unconstitutionally give itself universal
by Dracophoenix 5y ago
Switzerland's bank secrecy lost not because of a tax cartel but because FATCA was signed to allow the United States to unconstitutionally give itself universal jurisdiction over bank accounts held by American customers. It was a "my way or high way" power play by the Obama administration coupled with a punishing increase of citizenship renunciation fees from 0 to the highest in the world at nearly $2.5k.
- riffraff 5y agothat is exactly what I wrote: Switzerland was bullied into doing it, and so will be small for low-tax countries. This is not a prisoner's dilemma, since the players have different strengths.