J. SAFRA SARASIN GRUPPE IS EXPENDING ITS PRIVATE BANK

J. Safra Sarasin Gruppe is expanding its private bank, snapping up an Israeli bank in Switzerland and Luxembourg. The deal is the latest in short order for the secretive wealth manager.

Brazilian-Swiss J. Safra Sarasin is buying the private banking activities of Bank Hapoalim in Luxembourg and Switzerland, it said on Tuesday. The firm will buy selected assets and advisor teams in Europe and Israel.

IRS Updates Blacklist of Foreign Financial Institutions or Facilitators

Under the IRS 2014 Offshore Voluntary Disclosure program, the 27.5% miscellaneous offshore penalty is increased in certain cases to 50%:

FAQ 7.2 states: "Beginning on August 4, 2014, any taxpayer who has an undisclosed foreign financial account will be subject to a 50% miscellaneous offshore penalty if, at the time of submitting the pre clearance letter to IRS Criminal Investigation: an event has already occurred that constitutes a public disclosure that either:

(a) the foreign financial institution where the account is held, or another facilitator who assisted in establishing or maintaining the taxpayer’s offshore arrangement, is or has been under investigation by the IRS or the Department of Justice in connection with accounts that are beneficially owned by a U.S. person;

(b) the foreign financial institution or other facilitator is cooperating with the IRS or the Department of Justice in connection with accounts that are beneficially owned by a U.S. person; or

(c) the foreign financial institution or other facilitator has been identified in a court-approved issuance of a summons seeking information about U.S. taxpayers who may hold financial accounts (a “John Doe summons”) at the foreign financial institution or have accounts established or maintained by the facilitator.  

Examples of a public disclosure include, without limitation: a public filing in a judicial proceeding by any party or judicial officer; or public disclosure by the Department of Justice regarding a Deferred Prosecution Agreement or Non-Prosecution Agreement with a financial institution or other facilitator”

The IRS provides a list of foreign financial institutions or facilitators meeting this criteria, i.e., once a foreign financial institution appears on this list, the miscellaneous offshore penalty will be increased from 27.5% to 50%. Once the 50% miscellaneous offshore penalty applies to any of the taxpayer’s accounts or assets, the 50% miscellaneous offshore penalty will apply to all of the taxpayer’s assets subject to the penalty, including accounts held at another institution or established through another facilitator for which there have been no events constituting public disclosures of (a) or (b) above.

On December 30, 2014 two institutions were added to the list. The new list is as follows (with the additions underlined and in bold-face):

Julius Baer будет обслуживать клиентов Leumi в Швейцарии и Люксембурге

Израильское финансово-кредитное учреждение Bank Leumi решило отказаться от деятельности в сфере частного банкинга в Швейцарии и Люксембурге и передать своих клиентов одному из крупнейших банков Конфедерации в области управления состояниями Julius Baer.

Швейцарское подразделение израильского банка Leumi начало свою деятельность в Цюрихе в 1953 году. Поначалу в небольшом офисе, расположившемся в 1-комнатной квартире, принимали сбережения еврейских семей. Со временем бизнес расширился, и два года назад после слияния с частным женевским банком Safdié увидел свет Leumi Private Bank, сконцентрировавший свое внимание на обеспеченных клиентах со всего мира.

Далее

Для консультаций по вопросам связанным с управлением активами в Швейцарии, открытием и функционированием банковских счетов в швейцарских банках, регистрацией швейцарских компаний, а также другим вопросам, которые связаны со Швейцарией, вы можете обращаться по электронной почте: vvolkov@alpha-capita.ch или vvaleriy@me.com

German prosecutors probe Leumi clients over tax evasion: report

German prosecutors and tax authorities are investigating clients of Leumi for allegedly evading taxes through a Swiss branch of the Israeli bank, a German magazine reported.

Leumi said it is aware of an investigation being conducted by the German authorities relating to bank customers that allegedly did not report to the German tax authority regarding accounts held with banks outside Germany.

The prosecutor's office and tax fraud investigators were not available for comment on Sunday.

Banking secrecy has been steadily eroded over the past few years after the global financial crisis and rising national debts raised public pressure on governments to make it harder for wealthy individuals to shield their money from tax.

According to the magazine report, the German authorities are basing their probe on a data CD that the State of North Rhine-Westphalia bought in late 2013 from a foreign whistle-blower. Several prominent and wealthy people - one holding 80 million euros ($110 million) in assets - are being targeted, the report said.

German prosecutors have made several raids in investigations into tax evasion, some of them following tips found on CDs of data. Swiss officials have accused the Germans of breaking Swiss laws on banking secrecy and of committing economic espionage.

Jan 12 (Reuters)
(Reporting by Steven Scheer and Arno Schuetze; Editing by Ruth Pitchford)


Для консультаций по вопросам связанным с управлением активами в Швейцарии, открытием и функционированием банковских счетов в швейцарских банках, регистрацией швейцарских компаний, а также другим вопросам, которые связаны со Швейцарией, вы можете обращаться по электронной почте: vvolkov@alpha-capita.ch