Switzerland flush with non-resident money
A US campaign group says non-residents have $606.8bn sitting in Switzerland
US tax campaigners say the use of Switzerland by non-residents to house funds
is enabling tax evasion.
Switzerland currently houses $606.8bn (£297bn) of money from non-residents, a
group of tax campaigners have claimed.
The analysis, featured on www.taxanalysts.com, excluded $356.1bn of fiduciary
deposits in Swiss banks.
The campaigners who conducted the research say the vast amount of foreign
funds flowing into Switzerland makes it easier for non-residents to engage in
tax evasion by using Switzerland as an off-shore centre.