UBS finally decides to hand over the names of US Tax defrauders – 20,000 US investors affected – what’s the effect on stocks, bonds, commodities, and real estate?
Bernie Snyder
Jul. 18, 2008

The Swiss private banker UBS has finally deiced to hand over the name and accounts details of those who alleged were helped by the bank for questionable tax heavens within the structure of the Swiss law.

According to UBS, the Swiss law provides privacy except when such privacy is used to avoid paying tax. It is a real breakthrough for the US Department of Justice. The precedence will have a long-term effect on using overseas tax shelters.

What is the effect of this on US stocks, bonds, commodities, and real estate?

According to analysts, Americans will think twice before forging ahead with plans for overseas questionable tax shelters promoted by investment banks and some attorneys.

The move, which UBS had begun last fall and accelerated recently amid the stepped-up U.S. investigations, will affect some 20,000 U.S. clients with about $20 billion in assets held in Swiss accounts. The accounts affected are those handled by non-U.S.-regulated Swiss private bankers.

Much more than $20 billion will be now available for investment in US stocks, bonds, commodities, and real estate. According to some estimate, it can be as large as half a trillion that will refuse to go overseas tax shelters.

UBS finally decides to hand over the names of US Tax defrauders – 20,000 US investors affected – what’s the effect on stocks, bonds, commodities, and real estate?
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