Europe pushes Switzerland to end bank secrecy

 

The true sign of intelligence is not knowledge but imagination
Albert Einstein

 

 

 

 

By John O’Donnell and Robin Emmott

BRUSSELS | Tue May 14, 2013 2:09pm EDT

(Reuters) – European Union finance ministers gave the green light on Tuesday to start talks with Switzerland and Liechtenstein about surrendering bank data, as Europe stepped up its fight against tax evasion.

The move, described as ‘historic’ by Germany’s Finance Minister Wolfgang Schaeuble, redoubles pressure on Switzerland to open up account details and will likely pave the way for Austria to ditch its own bank secrecy for foreigners.

By giving the European Commission the go-ahead to negotiate with Switzerland, Liechtenstein, San Marino, Andorra and Monaco, EU finance ministers hope to push for the same rules to be applied to these countries as within the European Union.

The talks had long been opposed by EU members Luxembourg and Austria, which were seeking to defend their own bank secrecy, but on Tuesday their finance ministers dropped those objections.

“In the battle against tax evasion, what we achieved today was undoubtedly a step forward,” Algirdas Semeta, the European commissioner in charge of tax policy, told reporters after the meeting of ministers.

The Swiss government gave a guarded response. A spokesman for Switzerland’s department of finance underscored the country’s willingness to cooperate and said it would now consider how to respond.

Austria’s support is a symbolically important gesture that takes it closer to ending its own bank secrecy for foreigners, bringing it into line with the rest of the EU.

Most developed countries share information on taxpayers and depositors “on demand”. But since this requires the authorities in the requesting jurisdiction to suspect wrongdoing, it only has limited impact in uncovering unlawful behavior.

Automatic exchange of information allows tax authorities to more easily spot tax evasion or illicit money flows.

HUGE STEP

Austria has been the last EU holdout on bank secrecy after Luxembourg changed tack last month.

“This is a huge step further for Austria,” Finance Minister Maria Fekter told her peers in part of the meeting of EU ministers that was broadcast.

Austria has yet to sign up to that EU bank information exchange but Fekter’s comments indicate this may change.

Last month, Luxembourg said it would lift bank secrecy rules for European Union citizens who have savings based there.

Its decision followed lobbying by Germany, bolstered by the case of former French budget minister Jerome Cahuzac, who is under investigation for fraud after admitting lying about having a Swiss bank account.

Earlier on Tuesday, Austria’s Chancellor Werner Faymann told reporters that it was important to crack down on tax cheats to ensure everyone pay their fair share at a time of tight budgets.

Seventeen of the EU’s 27 members, including Britain, France and Germany, said in a joint statement in Brussels they were pushing for a global standard on bank information sharing to tackle tax evasion. “There is now real momentum building towards a step change in the international community’s approach to tackling evasion,” a British diplomat said.

(Additional reporting by Jan Strupczewski, Annika Breidthardt and Mike Shields in Vienna; Editing by Susan Fenton, Ron Askew)

 

a little about me and my expertise – video

 

LAND SPECIALIST – LAND EXPERT – INVESTMENT BROKER – ARIZONA

https://www.youtube.com/watch?v=PPs3kpKR4nY

 

LAND SALES IN PHOENIX from 4-10-2013

http://walter-unger.com/?p=7956

 

Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.

 

 

View my listings and my profile at:

http://www.loopnet.com/profile/14101172900/Walter-Unger-CCIM/Listings/

 

www.Walter-Unger.com

www.KLCommercialGroup.com

 

 

 

Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily

 

www.walter-unger.com

 

Follow me on Facebook:

http://www.facebook.com/ungerccim

Follow me on Twitter:

https://twitter.com/Walterunger

Follow Me on Linkedin:

https://www.google.com/search?q=linkedin+pub+walter+unger+ccim+782+920&channel=linkdoctor

Follow Me on Google+

https://plus.google.com/u/0/b/114560883588623379451/

 

Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial and  Landspecialist in Phoenix and a Landspecialist in Arizona.

1.

WHETHER YOU LEASE OR OWN

NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.

 

In my opinion we are at bottom of the cycle in Commercial Real Estate in Phoenix, so there is only one way and it’s called we are going up again and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.

 

2.

IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME.  IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.

 

3.

WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME

  We barely could give land away the last few years, but times are changing.  Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.

Since I was a Land Specialist in Arizona and a Land Speciaost in Phoenix many of my clients, Sellers and Buyers remember me and now they are calling me again, so this is the time to get back into land and none of my clients, including future clients, will miss out on getting their best deal.

Also, if you are up-side down on your land, like many Americans, and the lender is giving you a hard time, now is the time to put your land on the market. Lenders are making deals now with short sales.  I have been working with banks for many years – I learned how to work with them.

 

If you have any questions about the 1 to  3 above, about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.

 

Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell)  602-778-5110 (office direct).

 

www.Walter-Unger.com

 

 

 

Thank You

Walter

 

Walter Unger CCIM

Associate Broker

Kasten Long Commercial

2821 E. Camelback Road, Suite 600

Phoenix, AZ 85016

Cell:      520-975-5207

Direct:   602-759-1202

Office :  602-445-4141

Fax:      602-445-4188

walterunger@ccim.net

 

Delivering the New Standard of Excellence in Commercial Real Estate

 

www.walter-unger.com

www.KLCommercialGroup.com

 

 

  • Commercial Real Estate Scottsdale
  • Commercial Real Estate Phoenix
  • Commercial Real Estate Arizona
  • Commercial Investment Properties Phoenix
  • Commercial Investment Properties Scottsdale
  • Commercial Investment Properties Arizona
  • Land Specialist Arizona
  • Arizona Land Specialist
  • Land Specialist Phoenix
  • Phoenix Land Specialist
  • Land For Sale Phoenix
  • Land for sale Arizona
  • Commercial Properties For Sale Phoenix
  • Commercial Real Estate Sales Phoenix
  • Commercial Properties Phoenix
  • Commercial Properties Arizona
  • Commercial Land Specialist Phoenix
  • Commercial Land Phoenix
  • Multifamily land Phoenix
  • Retail Land Phoenix
  • Industrial Land Phoenix
  • Land Commercial Phoenix
  • Land Retail Phoenix
  • Land Industrial Phoenix
  • Land Multifamily Phoenix
  • Industrial Land for sale Phoenix
  • Land Industrial
  • P

 

 

 

Disclaimer of Liability

The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.