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Although fraud and insider trading are unlawful, tax avoidance is not a crime

Swiss banks are required to maintain confidentiality under penalty of law. All clients and bank accounts benefit from this protection.

An indiscreet employee can be imprisoned for up to six months or fined up to Sfr5O,OOO, for revealing infor- mation without the proper authorization.

Contrary to popular lore, accounts cannot be opened anonymously, whether numbered or regular.

The name of a client who opens any numbered account is known to a limited amount of bank executives. A numbered account does not provide complete anonymity; it only limits the number of personnel knowing the account holder's true identity.

The numbered account system was designed to minimize the risk of an employee inadvertently divulging unau-thorized information. Under its treaty with the US, Switzerland will disclose information when the US provides enough evidence that a crime - usually drug trafficking or money laundering has been committed.

Under current law, anyone who knew or should have known that assets had a criminal origin and did not disclose the owner's identity would be imprisoned. However, mere allegations are insufficient and it must be a crime which comes under Swiss law. Tax avoidance is not a crime in Switzerland, but tax fraud and insider trading are.

Taxes

Switzerland has a federal tax- ation structure - taxes are imposed concurrently by three separate authorities: federal government, cantons and municipalities.

At the federal level, corporate tax amounts to 8.5% of profits. Rates vary among the cantons, but are generally progressive. The maximum combined cantonal municipal tax rate usually does not exceed 30%, but there are exceptions.

Dividends paid by Swiss companies are subject to a 35 % withholding tax, credited against the taxes of resident shareholders or refunded. It may be reduced or exempted under tax treaties for non- residents. A 35% withholding tax is generally levied on interest payments on bonds, debentures and bank deposits, but can be reduced by the tax treaty system.

There is no withholding tax on interest income from foreign bonds issued in Switzerland.

Swiss banking

Given the competence and integrity of Swiss private banking, investors choose to deposit funds in Swiss banks for reasons other than secrecy

These include the broad range of financial services; freedom from government interference; political stability; well known profession- alism of Swiss bankers; and the ability to convert deposits to any stable currency as a hedge
against inflation and currency fluctuations.

Switzerland's banks remain the cornerstone of its financial services industry, relying on low-taxes and strict secrecy laws to attract an international clientele.

Swiss companies

Swiss companies can issue registered or bearer shares with nominal value. Incorporation takes about two weeks and incorporators may be individuals or corporations.

Directors and incorporators may be the same persons of any nationality. Nominee incorporators are permissible.

Swiss holding companies enjoy tax relief at all levels. Despite the low tax rates, other jurisdictions continue to be more popular for establishing a holding company.

Time zone: GMT + I hour
(GMT April-September)

Location: Switzerland is in
central Europe and borders
Austria, France, Germany,
Italy and Liechtenstein.

Government contact:
Eidgenossische Banken- Kommission (Federal Banking Commission) Marktgasse
37 3001 Bern
Tel: lF41 31 322 69 11
Fax: +41 31 322 69 26

Other contacts:
Schweizerische
Alagefondsverband (Swiss Investment Funds Assoc.) Aeschenplatz 7 4002 Basel
Tel: +41 61 295 93 93
Fax: +41 61 272 53 82