Many private bankers are claiming that the offshore sector of their business is dead. However, the agreement in August between UBS and the US authorities for the Swiss bank to provide the details of about 4,500 US account holders to the Internal Revenue Service is the best outcome that Switzerland and other offshore jurisdictions could have wished for. The US administration is targeting offshore tax havens but at least the agreement is between the US and only one bank, rather than Switzerland as a whole.
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