Offshore U.S. Private Wealth: Switzerland’s Compliant Re-Engagement
Report Summary
Offshore U.S. Private Wealth: Switzerland’s Compliant Re-Engagement
As U.S. authorities root out undeclared taxes, a few Swiss advisors comply to re-engage.
London, 23 October 2013 – In 2008 and 2009, U.S. authorities indicted Swiss bank UBS on charges of helping U.S. private-client taxpayers to hide undisclosed assets offshore. Businesses serving U.S. taxpayer clients overseas must now comply with U.S. rules and regulations, and most Swiss wealth managers have ceased to serve U.S. taxpayers as a result. But a few advisors see huge growth potential in compliant re-engagement and a unique opportunity to forge an internationally market-leading position and capture the assets jettisoned by their Swiss competitors.
This Impact Report by senior analyst Stephen Wall explains the post-UBS indictment backdrop, the rumbling impact of that event, and the drivers and opportunities that sit at the heart of Swiss advisors' compliant re-engagement. It is based on quantitative analysis of March 2013 Form ADV submissions to the SEC.
This 33-page Impact Report contains 16 figures and seven tables. Clients of Aite Group's Wealth Management service can download the report.