Where to go as Swiss are Shutting out U.S. Taxpayers
By: Julian D. W. Phillips, Gold/Silver Forecaster – Global Watch – 28 February 2013
…even the leading Swiss Vault in Switzerland, Via Mat, is taking action to take themselves out of the firing line of the IRS, etc., by no longer accepting private customers with a potential U.S. tax liability. The letter sent by Via Mat to customers who fall into this category states:
“We are currently experiencing rapid and substantial changes in the general regulations within this business. The changes mainly relate to the tax structures and taxation systems of various countries. As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault [sic] outside of the U.S. to private customers with potential US-tax liability…”
http://news.goldseek.com/GoldForecaster/1362085200.php
The Swiss National Bank (SNB) reported today that its 1,040 tons of gold reserves are held 70% in Switzerland, 20% in the UK at the Bank of England and 10% in Canada at the Bank of Canada. The SNB criteria for storing its gold reserves include: 1) appropriate regional diversification; 2) access to gold markets, 3) a high degree of political and economic stability in the selected countries, and 4) a guaranty of immunity for a central bank’s assets.
The SNB has not held any gold reserves in the US for 10 years, according to the SNB. Apparently the US does not meet one or more of the criteria.
http://www.nzz.ch/aktuell/wirtschaft/wirtschaftsnachrichten/die-snb-hat-kein-gold-in-den-usa-1.18071690