My Swiss bank got busted. Where do I hide my money now?
By Christopher Beam
Posted Friday, Feb. 20, 2009, at 7:05 PM ET
The Swiss bank UBS agreed Wednesday to reveal the names of American clients suspected by the IRS of tax evasion. For years, Swiss banks have been famous for their secrecy. Where should you go to hide your money now?
Andorra, Liechtenstein, or Monaco.* Those are the three jurisdictions listed as “uncooperative tax havens” by the Organization for Economic Cooperation and Development, an international group that tracks financial transparency. In other words, these are the countries whose banks are least likely to give out information about their clients, even if they’re involved in major crimes or terrorism. Dubai and Singapore have high levels of bank secrecy, too. Unlike, say, the United States, those countries allow you to set up accounts that hide the names of the real owners, using trustees as go-betweens.