The G20 of London, in April 2009, tried to cut the banking secrecy in application in Switzerland, Luxembourg, Austria and Belgium. Finally the banking secrecy is still in force with low agreements for exchange of information's . For Switzerland the federal parliament has not yet examined the case and may ask for a referendum to limit the process under the pressure of a political party. But the theft of data in a bank of Geneva by a French national has frozen the situation.
Confidentiality is the starting point of bank secrecy with the professional secret of the doctors, notary and lawyers as well as protection of the private life of the Swiss citizen. It is this culture of confidentiality that applies to the banking secrecy, for domestic and foreign clients of the banks. This discretion of financial affairs applies to the employees of banks, external auditors, accountants and Swiss officials in contact with the banks, and in use with other forms of business.
The banking secrecyis an internal choice of the jurisdiction that applies it. No foreign authority can oblige another country to change the inside habits and regulations. The private non-resident investor who does not feel comfortable with future developments should use a legal structure, like a Swiss or foreign company, or trust, or foundation to increase privacy and protection of assets. The G20 started an exchange of information on ask for foreign countries, according to specific cases. Monaco has signed agreements with tax havens, to comply, with the minimum requirements of the OECD.
The end of banking secrecy, written in the law in Luxembourg is a non event as The Prime Minister of the Grand Duché stated the future application of banking secrecy in its country. Luxembourg signed an agreement for the exchange of information's with other jurisdictions, but this will apply only to the accounts opened from January 2010. Switzerland does not intend to end the banking secrecy, and a referendum would be necessary. However, the Swiss citizens are deeply committed with this practice that is a part of freedom. But the case has been frozen in Bern after the theft of data by a French national in a bank of Geneva.
The banking secrecy is dedicated to the citizen of the countries that use it: Luxembourg, Switzerland, etc... By extension, this practice is applied to the non-residents users. Nevertheless it should not be seen as a tool to hide revenues to the tax administrations. Data communication should be feared by people in illegal situations, not by the regular investor using international tax planning.
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Switzerland has frozen the signature of the new tax treaty
with France.
 Brochure of the services, pdf 1,4 M
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