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Singapore is more guilty of that than Switzerland. Singaporean banks are the post-FATCA Swiss banks.
by onlytime 2y ago
Singapore is more guilty of that than Switzerland. Singaporean banks are the post-FATCA Swiss banks.
- Trexman 2y ago>“Singaporean banks are the post-FATCA Swiss banks.” What does that even mean?
- onlytime 2y agoSwiss banks largely don't exist in the way they did in the 1990s and prior because of the Foreign Account Tax Compliance Act (an American regulation almost universally agreed to be overreaching and violating the sovereignty of other countries); privacy is only guaranteed to Swiss nationals, and they automatically share information with external governments. These days, if you want to be secretive about your banking but park assets in a stable country, you go to Singapore.