Following the announcement that Switzerland is to conclude a tax information exchange agreement with the US, it has emerged that Credit Suisse is to take pre-emptive action ahead of any IRS investigation into the tax status of its US clients.
According to local source Sonntagzeitung, Credit Suisse currently holds between 2,500 and 5,000 US clients’ funds, amounting to CHF3bn (USD2.6bn). The paper reported this week that Credit Suisse had contacted US offshore clients offering them two options; to move the accounts to Credit Suisse’s Private Advisors subsidiary, which will provide information to US tax authorities; or close down their accounts with the bank and receive the balance via cheque. The paper did not reveal its sources.
Credit Suisse has declined to comment on the revelations, releasing only a statement underlining that Credit Suisse ‘sticks to all valid rules and regulations in various countries’ and that it would undertake a shift away from US offshore business as foreign authorities adopt less forgiving approaches to offshore wealth management.
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