Tag Archives: Switzerland

Swiss Offshore-Adviser’s Guilty Plea Marks a Shift in Tax Crackdown

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“On Aug. 16, Edgar Paltzer, 57 years old, a Swiss lawyer formerly with the Zurich firm of Niederer, Kraft & Frey, pleaded guilty in federal court in New York to a single count of conspiracy. Experts say Mr. Paltzer is the most prominent Swiss adviser to confess and the first to do so publicly. More than 30 advisers have been indicted in connection with allegedly enabling U.S. taxpayers to hide money abroad.  The case puts further pressure on U.S. taxpayers holding secret offshore accounts, because advisers might opt to protect themselves by turning in their clients.  The case also expands government scrutiny to assets stored in bank vaults.”

http://online.wsj.com/article/SB10001424127887323980604579029124124818620.html

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Gold flows from Britain to Switzerland surge in first half

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“Britain’s gold exports to Switzerland surged in the first half of this year, Australian bank Macquarie said on Monday, suggesting bullion being sold out of exchange-traded funds may be heading for Swiss refineries before being sold on in Asia.  The UK exported 240 tonnes of gold to Switzerland in May alone, while its exports over the first half of this year totalled 797 tonnes. In contrast, Britain exported just 92 tonnes of bullion to Switzerland in the whole of last year. ‘The UK does not have gold mines, so where has it all come from? The obvious source is the gold exchange-traded funds (ETFs), most of which hold their gold holdings in London vaults, and which saw huge outflows in 1H 2013,’ Macquarie said.”

http://www.reuters.com/article/2013/08/19/gold-uk-exports-macquarie-idUSL6N0GK2M920130819

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The search for the world’s biggest BASE jump!

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The search for the world’s biggest BASE jump!

“Patrick Kerber opened a new exit point, by wingsuit BASE jumping off the Wengen-Jungfrau peak in Switzerland.  Exit Point: Wengen-Jungfrau Peak, 4060m; Rockdrop: 138m; Landing: Lauterbrunnen; Flyable Altitude: 3240m; Time in Freefall: 2min 03s”

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Bitmine.ch – How’s a bitcoin miner made – Episode #1

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Bitmine.ch – How’s a bitcoin miner made – Episode #1

“Bitmine presents its first video about how our Bitcoin mining devices are made. In this episode you’ll have a sneak preview of our electronic circuits assembly facility and you’ll see how the strict quality controls of Bitmine are accomplished in bringing you the best quality miners.”

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Swiss wildlife officer convicted of poaching 131 animals

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“The officer killed 87 roe deer, eight chamois, 26 hares, nine boar and an owl.  A fellow poacher illegally killed 12 roe deer, two hares and two boars, while another two hunters were sentenced earlier in the case.  The country’s top court ruled that federal law permits cantons and municipalities the right to see compensation for damages caused by poaching equivalent to the ‘value of the animal illegally killed’. When the case first went to trial in November 2009, the prosecutor described the four men as ‘an organized gang that brought the law into their own hands in the forests of Franches-Montagnes’ (a district in the canton of Jura).”

http://www.thelocal.ch/20130312/poacher-who-killed-131-animals-must-pay

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North Korea protests over Swiss ski lift ban

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“Switzerland’s State Secretariat for Economic Affairs (Seco) said on Monday that it had blocked the deal, reportedly worth seven million francs ($7.6 million), after the Swiss government expanded its sanctions on the North in July.
 
SECO said selling supplies to the ski project fell under the expanded sanctions on luxury exports to the nuclear armed country. The North’s association insisted the resort was aimed at providing its citizens with ‘highly civilised and happy living conditions and make them enjoy all blessings’. ‘Cableway equipment for the ski resort do not produce any rocket or nuclear weapon,’ it said.”

http://www.thelocal.ch/20130824/north-korea-protests-over-swiss-ski-lift-ban

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World’s costliest auctioned car ‘in Swiss hands’

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“The most valuable road car ever sold at auction, a candy red Ferrari convertible that fetched $27.5 million at a sale in the US last weekend, was acquired by a Swiss buyer, a report says. The unidentified successful bidder acquired the 300-horsepower NART Spider sports car, built in 1967, at an auction in Monterey, California. The car was previously owned by Eddie Smith Jr., the son of Eddie Smith Sr., an American multi-millionaire from North Carolina who bought the car new in 1968 after travelling to the Ferrari plant in Modena in northern Italy. With a 3,866cc V-12 engine and five-speed transmission, the two-seater was only one of 10 such models made.”

http://www.thelocal.ch/20130822/worlds-costliest-auctioned-car-in-swiss-hands

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Swiss luxury home market turns downward

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“The market for high-end homes is suffering from a lack of demand and too many properties for sale, French-language daily Le Matin reported this week.  The Collins’ residence was just one example of luxury estates in the Lake Geneva area that are not fetching the prices sought by vendors. ‘The demand is less strong these last few months,’ Cyril Aellen, chairman of the Geneva real estate chamber, is quoted as saying by Le Matin.  In the upscale Geneva municipality of Cologny, no fewer than 20 mansions are for sale.  And Le Matin notes that the luxury market has faced a sharp slowdown in activity over the past 10 months.

http://www.thelocal.ch/20130820/market-for-luxury-swiss-homes-turns-downward

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German jailed for Julius Bär bank data theft

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“A German citizen who began working as a contractor for the Zurich-based bank in 2005, admitted that he had gathered information about the bank’s clients, including their names, addresses and account numbers, between October and December 2011. He had then compiled a list of German clients with assets of more than 100,000 euros, Swiss francs, British pounds or dollars, and passed it on to a retired German tax inspector. In exchange, he had been set to receive €1.1 million euros. He told the court he had planned to use part of his compensation to pay off his own back-tax debt to German authorities.”

http://www.thelocal.ch/20130822/german-jailed-for-julius-baer-data-theft

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Swiss probe launched against former central bank chair

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The federal prosecutor’s office has launched a criminal investigation into Philipp Hildebrand, the former chairman of the Swiss National Bank who resigned in January 2012, a Swiss magazine says.  Hildebrand’s wife,  Kashya Hildebrand, a former currency trader and Zurich art gallery owner, made a 75,000-franc profit when she purchased $504,000 and resold it three weeks later after the franc lost value following an intervention by the central bank.  Philipp Hildebrand has denied insider trading although he admitted to making a mistake by not cancelling the trade when he became aware of it because it was on the couple’s joint account.”

http://www.thelocal.ch/20130822/swiss-probe-launched-against-former-snb-chair

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