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     This is the information you were not able to see due to the lack of a Java capability on
     your machine. The subjects are treated in more detail on the appropriate pages.


Latest News Update -

September 2005-

   The Swiss parliament has reopened the question of preferential tax treatment of very
wealthy foreigners. Besides the well known banking secrecy laws for foreign (undeclared) money, there has long been the possibility of negotiating a special tax rate. In about half
the cantons the taxes for very rich people moving to Switzerland (who are not actively
employed) are based not on the amount earned each year but on their living expenses.
This is a financial discrimination vis-a-vis Swiss citizens in the same position and a
uniform treatment is demanded.
More details on this on the ECONOMICS page.

June 2004 -

Bilateral Negotiations II with the European Union -

   The second round of the financial and trade agreements was paragraphed in May.
Of the nine subjects, the three important ones will be subjected to a referendum
as demanded by several political parties. The three controversial subjects concern -

1) Banking secrecy (interest and information on undeclared bank accounts),
2) Joining the EU wide central register of criminal activities (Schengen and the Dublin
      treaties)
3) Fraud crimes involving nonpayment of duties, smuggling, etc.
   Joining the Schengen system will require informing about money transfers, which
may compromise the Swiss banking secrecy laws. A referendum and rejection of this
sensitive subject could cause a crisis with the EU and in any case, hold up implemen-
tation for years. The subject of the use referendums and initatives in the Swiss system
of direct democracy is a complex subject in itself.
More on that subject inside on the pages on GOVERNMENT and on DEMOCRACY.

May 2004-

Banking Secrets-

   In light of the difficulties with the second round of bilateral accords concerning trade
and financial duties it has come to light that some 1200 billion (1.2 trillion) dollars is
being held and invested by the private banks in Switzerland. This money was not
declared in the resident country and the identity of the owners is protected by the
Swiss banking secrecy laws.
  It is estimated that there is presently some 28000 billion dollars (28 trillion) of bank
managed equity in circulation around the world. About 30% is not deposited in the
country of origin and about 25% of this is in Switzerland. Some 15000 banking jobs
are dependent on the estimated 40% of this managed foreign money which is on
deposit and "hidden" from the tax collectors. This is made possible by the unique
legal construction concerning the right to privacy concerning Swiss banks. Money
which enters the country via banks or suitcases and has not been obtained by fraud
and criminal means is not reported to the foreign tax collectors.
    A long and difficult legal process to prove fraud is needed to pry out the name of
the account holder.

   Further updates will follow-