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UBS vs US Landmark Court Case Signals Concern on Offshore Banki

Category: Real estate, Posted:21 Jul 2009 | 09:14 am

Ongoing litigation between wealth management giant UBS and the US Justice Department who are demanding the Swiss institution release data on 52,000 names of US taxpayers holding offshore accounts is set to become a landmark legal case. Tax avoidance remains the issue and if UBS ultimately releases the information it sets a president for a multitude of other overseas banks who cater to high end private banking such as HSBC will be in a position to comply.
The US Government is taking a hard line on offshore sheltering of wealth both through this and spearheading a drive with the UK though the OECD in effectively shutting down offshore tax free havens. Singapore in the past few years has become a global leader in wealth management offering little transparency in terms of foreign residents holding account; though this looks to be under international scrutiny back of the OECD and money laundering concerns.
In Phuket a large portion of high end real estate is held by foreign nationals or controlled by tax haven offshore entities such as the BVI. Many industry watchers are eyes these issues with interest to view an impact on the struggling property market.

Other News

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Phuket’s World Class Creative Mad Metal Men

Category: Tourism, Posted:15 Jan 2021 | 09:15 am The Underwood Art Factory with its crazy, cool, innovative metal sculptures and fabrication is one of the island’s best global exports to some of the leading design hotels around the globe. Founder John Underwood’s long-term work with renowned design guru Bill Bensley has seen his work showcased in countless iconic locations and properties. The Underwood […]
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Travel Between Bangkok and Phuket Without Quarantine Allowed

Category: Tourism, Posted:13 Jan 2021 | 10:40 am There is currently a lot of confusion on whether travel between Phuket and Bangkok is allowed, and whether a 14-day quarantine is required. The Phuket Covid-19 Information Centre have posted in Thai language only that temporary visitation is allowed (not more than 14 days). Those coming from the maximum controlled areas, high-risk areas and four […]
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Is A Forced Closure Order For Phuket Hotels Needed?

Category: Hotels, Posted:10 Jan 2021 | 18:18 pm On Saturday 9th January a new order from the Phuket governor that requires a 14-day quarantine for arrivals from Thailand’s ‘red zone’ areas has thrust the island’s hotel and tourism sector into unknown territory. The impact over the past week, post-New Year on travel to the island has methodically ground down airlift to the point […]