Subscribe now & get informed!
Browse by Categories
News Details
* Taiwanese money overflows into Swiss private banksThe money of wealthy Taiwanese is ending up offshore in Swiss bank accounts.
Taiwan's high taxes are leading many of the country's wealthy to deposit large sums with Swiss private banks in Hong Kong, says a report in the Taiwan Economic News.
Citing an economics professor at the National Central University in Taiwan, the report said that as much as $12.1 billion of capital from Taiwanese clients has been deposited in Swiss banks based in Hong Kong.
Also cited in the report was Wu Kung-hsiuang, chairman of Taiwan Securities, who calculated that currently foreign private banking system has absorbed around $148.48 billion coming from Taiwan because of the high tax regime in the local market.