Fatca, French deals with US overlooks needs of Swiss expats

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Swiss Abroad slams gov’t for hasty tax deals that don’t consider country’s expats BERN, SWITZERLAND – The new US Fatca law that Switzerland has agreed to observe starting in 2014, as well as an agreement with France on inheritance taxes, overlooked the needs of Swiss citizens who live abroad, the Congress of the Swiss Abroad […]

Elderly particularly at risk from new scams, warn Vaud police

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Vaud police seeing “explosion” in confidence tricks LAUSANNE, SWITZERLAND – Elderly people and their families are being cautioned about new schemes to rob them, which sometimes turn violent, warn Vaud police. They have seen an “explosion” since the start of the year in confidence schemes carried out by “juvenile delinguents from the Roms community”, acting […]

Swiss gov’t acts to cool down overheated real estate market

Swiss Bankers Association’s swift reaction: inappropriate measure BERN, SWITZERLAND – The Swiss Federal Council, acting on a recommendation from the central bank, is putting in place a “countercyclical capital buffer” to dampen the overheated housing market. The new measure, which goes into effect 30 September 2013, will require banks “to hold a countercyclical capital buffer […]

Packing up, going home: one American vents his anger at US

ZURICH, SWITZERLAND – Ed. note: William Olenick has been active in Republicans Abroad in Switzerland, where he is a longtime resident. He sent the following email letter to friends 28 January; we reprint it in full as part of our coverage of the ongoing problems for US citizens in Switzerland. “Dear all, Read the article […]

Basel III regulators ease new rules for banks

BASEL, SWITZERLAND – International bank regulators meeting in Basel Sunday 6 Jaanuary announced new bank liquidity rules that are softer than the drafts published two years ago, a move that will be welcomed by banks. The LCR, or liquidity coverage ratio, is the first global effort to ensure that banks have enough cash or the […]

UBS fine over rate setting sheds light on growing market fraud (update)

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Update 22:00  ZURICH, SWITZERLAND – UBS, Switzerland’s largest bank, will have yet another large loss on its books, $1.5 billion in fines announced late 18 December, payable to US, UK and Swiss regulatory bodies, for its part in Libor rate-fixing between 2006 and 2010. US regulators will be paid $1.2b by the bank, which was […]

Asset management the new mantra of post-wealth Swiss banks

Banking secrecy issues could be eclipsed by new focus BASEL, SWITZERLAND – The Swiss banking industry is not taking changes to its world lying down, with its traditional specialty of international wealth management looking increasingly fraught with difficulties. Asset management is the new buzz word for Swiss banks, whose Swiss Bankers Association (SBA) and Swiss […]

US Fatca legislation eased slightly for small local foreign banks

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SBA expects Fatca to continue creating difficulties for “US persons” living abroad GENEVA, SWITZERLAND – US Fatca legislation is being refined before it goes into effect in 2013 and the latest change, according to American Citizens Abroad (ACA) 19 November, is a new version of the recommended Intergovernmental Agreement (pdf) with a “loosener” that is […]

US banks given delay to implement tougher Basel capital rules

BASEL, SWITZERLAND – US bank regulators said Friday 9 November that they will delay implementing the new Basel III capital requirements, drawn up in the wake of the 2008 global banking crisis. No date was given for implementation, but the delay appears to have been granted after small and community banks in particular said they […]