Previously it was popular for rich people to deposit their money in Switzerland to prevent taxing. But these days Asia has overtaken the role as hiding-place for the rich peoples’s money according to Blomberg.com.
In an interview with Bloomberg.com at the 27th january, head of the private banking Oversea-Chinese Banking Corp., Renato de Guzman says:
“Having a Singapore bank with no ties to Switzerland is an attractive proposition for a lot of them.(Bank clients in Switz banks red.)”
The reason to why Asian banks are becoming popular right now is according to Blomberg that the United States are trying to get info on more than 52,000 bank clients who are suspected in some kind of tax fraud.
The issue of tax havens are discussed at the Swedish business website affarsvarlden.se where Oscar Petterson is quite satisfied: “Only in tax haven my money is only my money. Long life tax haven!”