New bank secrecy may drive capital abroad

2nd February 2005, Comments 1 comment

2 February 2005, BERLIN - With two months until Germany's bank secrecy laws are watered down, 63 percent of Germans are now considering stashing money in a foreign bank account, a poll said on Wednesday. The survey for Capital magazine also showed Germans expect to earn more interest on money invested abroad than in the sluggish home economy and that they hope for better banking service. Multiple reasons for moving money abroad were given in the poll of 1,009 people by the Europressdienst Agency, but 35 pe

2 February 2005

BERLIN - With two months until Germany's bank secrecy laws are watered down, 63 percent of Germans are now considering stashing money in a foreign bank account, a poll said on Wednesday.

The survey for Capital magazine also showed Germans expect to earn more interest on money invested abroad than in the sluggish home economy and that they hope for better banking service.

Multiple reasons for moving money abroad were given in the poll of 1,009 people by the Europressdienst Agency, but 35 percent gave as their first reason the hope to shield private wealth from the state.

German bank accounts can at present only be checked by state prosecutors as part of a criminal probe or by tax officials.

But from 1 April they can be opened up for a host of state agencies including employment bureaus, social welfare offices and a broader range of state revenue and tax agents under a law passed by Chancellor Gerhard Schroeder's centre-left government.

"We can no longer talk about banking secrecy," said Juergen Pinne, president of the German Federation of Tax Advisers.

DPA

Subject: German news

1 Comment To This Article

  • dyderik posted:

    on 8th May 2008, 14:12:08 - Reply

    As you probably know, most "bank secrecy countries" are losing the battle against the European Union and the United States of America. Consequenses are that the bank secrecy law in those countries is either eliminated or strongly weakened. For this purpose it's currently better to look around in Asia. I discovered, among others, the Philippines as one of the few countries with a solid bank secrecy law. Does anyone know more GOOD Bank Secrecy countries ? Source: http://themoneymakers.org/englishbankgeheim.html