Talk among private client lawyers in Switzerland is that, despite a tightening of rules and regulations over tax and information disclosure, wealthy people are still flocking to the country they see as their go-to hub for legal advice. It cannot be denied that the shock waves created by the Wegelin effect, which saw the Swiss private bank collapse after it pleaded guilty to assisting US customers evade their US tax duties through undisclosed accounts, continue to be felt. Yet Swiss private client lawyers have many reasons to be optimistic about the fact that even the change in regulatory climate in the Swiss industry has created a raft of compliance work.
Sweeping changes to regulatory and tax rules have not stopped people relying on Swiss private banking services and have created more demand for the country's skilled legal advisers, reports Helen Mooney...
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