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Switzerland has for centuries been the priority for people seeking to hide their fortunes and dodge taxes. Amid the escalating crackdown on national banks, the wealty are relocating to Singapore and Hong Kong – Why?
“Singapore lack taxes on capital gains and most foreign dividends; and system allowing depositors to open accounts in the guise of corporations, trusts and limited liability companies.”
Hong Kong does not have formal bank secrecy laws, it allows the formation of opaque companies that often serve as conduits for tax evasion. It also does not tax capital gains or deposit interest, and for corporations, it taxes only Hong Kong-sourced income.”
View the full article from the NY Times: Seeking Bank Secrecy in Asia.
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