Chapter 1957 Just Playing Hooligan

Relocating a bank's headquarters has never been easy. First of all, the Swiss government disagreed.

Because Yuanshan Bank integrated their original bank in Switzerland. Now that you have completed the integration, no one can agree to move the bank away.

This truth is like a mirror in the Yang family's mind, but the more clearly this matter becomes clearer, the more difficult it will be to deal with it. It would be better to be a fool, not knowing anything, and just move away without anyone being able to say anything.

Yang Cheng said thoughtfully, "Actually, there is a ready-made reason. Have you forgotten the agreement on the first day of the new year?"

Everyone was stunned for a moment, and thought at the same time that on January 1 this year, the "International Convention on Automatic Exchange of Banking Information" signed by 47 countries including OECD member states, country Z, Brazil, and Singapore, officially came into effect, and Switzerland was also among them. This means the official end of the country’s “tax haven” status.

Liu Muchian nodded and said, "I have also received a notice from the Swiss tax authorities. They have begun to collect relevant bank information and will share the information with other member states for the first time in 2018. However, this information can only be used to combat tax avoidance and must not be made public. "

Yang Cheng waved his hand, "These are all high-sounding excuses. Everyone knows what the real purpose is, and we all know who is behind it."

"No matter what, this is indeed a good excuse, and using this opportunity, we can make a name for ourselves in one fell swoop." Yang Sen also affirmed Yang Cheng's suggestion.

In fact, the standard for automatic exchange of information between banks was proposed by the OECD as early as 2014 and was adopted at the G20 Finance Ministers Meeting in February of that year. It aims to allow bank information to be automatically exchanged among the judicial departments of various countries. Crack down on tax evasion.

This convention may be the most significant breakthrough in the global fight against tax evasion. In the future, if a citizen of a member country participating in the convention opens a bank account in another member country, the tax department of the country where the citizen belongs will automatically obtain the account information, thereby combating tax avoidance. the goal of.

It is of epoch-making significance for the tax collection work of various countries, but it is definitely a big blow to Switzerland.

You must know that the reason why Switzerland has a prominent position and high reputation in the world is not because of Federer or Swiss watches, let alone military knives, but because of their long-standing bank secrecy system.

In 1713, the Geneva Parliament enacted a banking law, which stipulated that bank personnel were responsible for recording customer information, but were prohibited from disclosing customer information to others. This also became the prototype of the Swiss Bank Secrecy Law.

On November 8, 1934, Switzerland officially passed the "Federal Decree on Banks and Savings Institutions", which stipulates that banks must protect the security of depositors' accounts.

Any depositor can choose to open an account and make a deposit in a method he deems appropriate and safe, and banks are not allowed to disclose depositor information under any circumstances, otherwise they will be subject to legal sanctions.

Switzerland has only provided banking information to a few countries, including the United States, in the past, and full cooperation has not been guaranteed.

However, after UBS Group was investigated by F~B~I in 2008, the Swiss banking industry began to face unprecedented pressure from international public opinion and finally signed this convention.

Signing the convention means that Switzerland, known for its tradition of bank secrecy, will accept this new standard and commit to submitting the account information of foreign customers under this standard. This may end the Swiss bank's tradition of protecting customer privacy.

God knows how much gray money is hidden in Switzerland, and signing this convention is equivalent to Switzerland cutting off its arms.

But there is no way, the situation is not as good as that of others. Although Switzerland is a permanently neutral country, it does not mean that they are not threatened. These days, people are afraid of being stunned and scared of their lives. If I use people as an analogy, Switzerland is in suits and leather shoes. A handsome and elegant gentleman, while Americans are the second generation of the nouveau riche. Some have money and some have domineering personalities. They are just rich and powerful rascals and scoundrels.

The gentleman talks to you about reason, and the gangster talks to you about fists. The end result is that the gentleman is disgraced and has to accept the reorganization of the gangster.

Everyone knows who is behind the passage of this convention. Looking at the list of convention countries, the United States, which has the strongest efforts in combating tax avoidance in the world, is not among the signatories of this convention. Isn’t this intriguing?

On the one hand, the United States has already established its own network for global tax recovery: the Foreign Account Tax Act (FATCA), and Switzerland is also a member of this agreement.

On the other hand, in recent years, many wealthy people have been withdrawing their money from Switzerland, the traditional offshore tax haven, and then transferring it to the United States. In other words, the United States itself has become the "New Switzerland" that protects the secrets of wealth.

According to statistics, about 8% of global financial assets are located in major offshore centers, causing tax losses of US$200 billion to governments every year. However, countries vary greatly. This figure is 52% for polar bears and 57% for some Gulf countries. %, but only 4% of U.S. financial assets are located in offshore centers.

Since the United States refuses to sign this convention, the United States is now creating a new hot market. From London lawyers to Swiss trust companies, they are all assisting wealthy clients in transferring accounts in Switzerland, the Bahamas, and the British Virgin Islands to the United States. Nevada, Wyoming and South Dakota.

do you understand? It is to use laws and regulations to prohibit you from doing business, and then seize this profitable business to do it yourself. This is a typical gangster behavior. Is there a way? There is no other way, unless you build an F250 that can destroy heaven and earth, so that those F22s and F35s in the United States can be defeated.

However, for customers, especially those big customers who can save money in Switzerland, they are all rich and famous people from various places, and their blood is not very warm. Since the tax rate in the United States is relatively "friendly" compared to other developed countries, The top personal income tax rate is 39.6%, while the capital gains tax is 15% to 20%, which is far lower than the 40% in most European countries, so why not take the money to the United States?

Furthermore, the U.S. not only has relatively low tax rates, but it is also very simple to open offshore companies in some states, such as Nevada, Delaware, Montana and New York. People who open shell companies in these places do not even need to provide a passport. , driver's license and other identification documents.

In these places, it is easier to open a company than to get a library membership card. In the eyes of the rich, this is a reflection of efficiency. If they can do what they want to do in a shorter time and in a more convenient way, why waste money? Put it in Switzerland?

The most important thing is that the United States has not joined any international disclosure standards. In other words, while requiring other countries to provide local financial information about U.S. citizens, it does not share information about foreigners in the United States with other countries. Therefore, it is different from traditional Compared with tax avoidance destinations Switzerland and the British Virgin Islands, tax avoidance in the United States is more "safe and reliable."

Even American banks can help customers transfer wealth to the United States to avoid being taxed by the home country's government and hide their property. Therefore, once this agreement is signed, it will not take long for the United States to become the world's largest tax haven. The United States lacks the ability to enforce foreign taxes. resources of the law and has no intention of doing so.

Therefore, the biggest beneficiary of this convention is the United States!

Of course, Yang Cheng doesn't care who is the ultimate beneficiary. Yuanshan Bank also has its headquarters in the United States, which does not delay their move of the former Swiss headquarters to Liechtenstein.

The reason why he is so enthusiastic is mainly because of Alois's relationship with Liechtenstein, which is a neutral country like Switzerland. As long as there is no war in Europe, this small pocket country is safer than Switzerland in a strategic sense. In terms of taxation, Liechtenstein is safer than Switzerland. The most important thing is that as the crown prince, Alois, unless he is short-lived, has enough time to become the protective umbrella of Yuanshan Bank.

Forehead. . . Well, the word "protective umbrella" seems to belittle the status of the Yang family, so let's find another, the most powerful partner!

The family behind him is a royal family that has gone through 900 years. It not only has a long history, but also has the most wealth on the European continent.

The basis of this huge wealth is LGT Group - the world's largest private banking and asset management group entirely owned and managed by families.

The most important thing is that both parties can get what they need, rather than unilaterally asking for or giving. The basis for cooperation between the two parties can be said to be infinitely close to equality, and such cooperation will be more reliable.

Yang Cheng is almost ecstatic. After he takes over Yuanshan, Alois will almost take over the throne. The honeymoon period of cooperation between the two parties will be extended indefinitely. The stability of the government and the control of the economic lifeline are the key to the king of Liechtenstein. The key to the preservation of the family's wealth is also the link between the two parties.

The curse of "you cannot be rich for more than three generations" has completely failed to imprison the 900-year-old Liechtenstein family. Can it still lock the cooperation with the Yang family?

Yang Cheng feels that his luck is not that bad!

What makes Yang Cheng even more coveted is the art treasures accumulated by the royal family over the past 900 years. To this day, the art collection of the Liechtenstein royal family ranks among the largest in the world.

But the accumulation of huge wealth and art did not happen overnight. In this country with a sparse population and scarce resources, the pain experienced after World War II forced the royal family to make ends meet by selling off its art collections. At that time, in order to solve financial difficulties, the royal family sold Leonardo da Vinci's famous painting "Ginevra de Banque".

what does that mean?

This means that even if this small country is destroyed, the royal family will not fall!

However, the royal family is well versed in the principles of economic development and will not let the country end easily. Knowing that their country lacks industrial resources, they simply focus on finance. Although this country is small, the density of private banks is the highest in the world.

But they are still hungry and eager to accept powerful private banks, and they even do not hesitate to let the crown prince personally come to attract people!

It is not enough to have a bank. Banks also need customers to maintain them. Simple deposits, withdrawals and financial management services are not attractive to high-net-worth individuals, although more and more banks are now exploring high value-added non-financial services. services, but the LGT Group, run by the royal family, understands the needs of high-net-worth individuals.

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