The source for all Tourism, Hotel and Real Estate news in Phuket.

UBS vs US Landmark Court Case Signals Concern on Offshore Banki

Insider Story Locations

Find our most recent stories tagged by their locations. Click here for more story locations.

Posted: 21 Jul 2009 | 9:14 am

Ongoing litigation between wealth management giant UBS and the US Justice Department who are demanding the Swiss institution release data on 52,000 names of US taxpayers holding offshore accounts is set to become a landmark legal case. Tax avoidance remains the issue and if UBS ultimately releases the information it sets a president for a multitude of other overseas banks who cater to high end private banking such as HSBC will be in a position to comply.

The US Government is taking a hard line on offshore sheltering of wealth both through this and spearheading a drive with the UK though the OECD in effectively shutting down offshore tax free havens. Singapore in the past few years has become a global leader in wealth management offering little transparency in terms of foreign residents holding account; though this looks to be under international scrutiny back of the OECD and money laundering concerns.

In Phuket a large portion of high end real estate is held by foreign nationals or controlled by tax haven offshore entities such as the BVI. Many industry watchers are eyes these issues with interest to view an impact on the struggling property market.

DO YOU LIKE THIS?

Post a Comment

Your comments will appear after approval. Please stay relevant to this blog entry.

3 + 4 =
 
 
 
 
 

The Green Report

A column featuring environmental issues and conservation around the island. Click here for more Green Reports check out the latest story from the leading experts:

Wellness Retreat Wins Award

Thai based group Zinc InVision have been recognized with a Senses Wellness Award for Best Medical Wellness Resort for The Farm at San Benito in the Philippines.

WEDNESDAY Business Crisis Management Seminar

After Phuket's recent tsunami and earthquake scares, environmental organization SEEK have arranged Business Continuity Management for Crisis Situations seminar.

 
THAI HOTEL SHARE PRICES
Name Current Change

CENTEL 11.80 + 0.10 %

DTC 33.50 - 0.50 %

ERW 2.58 0.00 %

GRAND 1.14 - 0.01 %

LRH 39.00 - 1.00 %

MANRIN 12.40 - 0.20 %

MINT 12.90 0.00 %

ROH 21.00 0.00 %

SHANG 31.50 0.00 %

*Disclaimer.

 
VIDEO FEATURES

New Airline In-Flight Entertainment Unveiled

More Videos...

 
 
 

Stay Connected

  • Facebook
  • Twitter
  • YouTube
  • RSS
  • 1Report
  • Follow Us on Pinterest
 
CURRENCY CONVERTER
 

*Disclaimer.

 

Insider Contact

Please complete all fields.