From Switzerland With No Love
September 2, 2009 8:38 AM Subscribe
Swiss private bank Wegelin says goodbye and good riddance to America. Swiss private bank Wegelin announced two weeks ago that it is to stop doing business in the United States. The St Gallen-based bank, Switzerland's oldest, said the decision had been taken in response to stricter measures introduced in the US against tax dodgers and planned changes to estate tax, which would make some non-US citizens liable to tax if they inherited US securities. In a letter to investors it said Swiss banks were likely to find themselves in an untenable position, as they would be expected to know which clients were liable to pay US tax – "an impossible undertaking", given the lack of clear definitions in the matter.
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