Hong Kong, China (PressExposure) March 17, 2009 -- The recent diplomatic decision to pass on the names of some customers of a major Swiss bank changes none of the advantages of offshore banking for legitimate companies, according to leading business adviser Zetland Fiduciary Group.
On February 18, Swiss bank UBS AG handed over the names of around 300 of its customers, in order to avoid US criminal charges. The major Swiss bank also paid a fine of $780 million, after accepting responsibility for assisting tax evasion for American customers. However, the debacle over the right to privacy, versus freedom of information for criminal investigations changes little of the core benefits of offshore banking for regular companies, according to Zetland Fiduciary Group.
Jason Weatherhead of Zetland said "For legitimate, transparent companies, the recent happenings in Switzerland will have little impact on the benefits of offshore banking".
"The law in most popular offshore banking jurisdictions is that information can be given out when a criminal offense is being investigated, including money laundering or tax fraud. For honest companies, offshore banking is still a legitimate way to protect privacy and assets, and increase profits. This hasn't changed", Mr Weatherhead continued.
Offshore banking's main advantages remain unchanged, according to Zetland. These include: 1. Reducing taxation obligations 2. Protecting assets from negative economic conditions in your home jurisdiction 3. To maintain privacy about your financial records
Tax evasion is not considered a crime in Switzerland, which has added to its reputation for assisting criminals. However, offshore banking is also popular in many other countries with differing laws, including Hong Kong, the Seychelles, Belize, Singapore and New Zealand, as well as Dubai, where Zetland themselves recently opened a new office.
About Zetland Fiduciary Group:
http://www.zetland.biz The Zetland Fiduciary Group - provides the offshore investor with fiduciary Services, investment management and corporate advisory services, offering personal service and professional advice with total confidentiality.
For more information please contact:
Jason Weatherhead Zetland Fiduciary Group Email: jason ( @ ) zetland dot biz Website: http://www.zetland.biz