Tax and Jurisdictions

Switzerland may have renewed its reputation as a safe haven for investors in the last few years, but rich Asians are increasingly keeping their money in local financial institutions as the Alpine nation’s appeal as an offshore centre diminishes for these investors.

At a time when wealthy Europeans are pulling offshore accounts from Switzerland, the news that Asians are keeping more of their money at home looks set to further undermine Switzerland as an offshore financial centre.

The family behind Spain’s banking group Banco Santander has denied wrongdoing after being accused of alleged tax fraud by the country’s national court. 

According to reports, Santander chairman Emilio Botin and his daughter Ana Patricia Botin are under investigation, along with 11 other family members, for potential unpaid taxes. The Spanish court said that the alleged tax fraud, to the tune of around €120,000, occurred at the Botin family’s deposits at HSBC’s Swiss private bank.

The latest budget provided many talking points for both personal and business finance, from the cut in corporation tax to the 1p reduction in petrol duty and the introduction of enterprise zones – all intended to stimulate growth. But in the area of charitable giving, UK chancellor George Osborne’s budget took steps to “encourage wealthy people in our society to give more.”