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by Trexman 719 days ago
>“Singaporean banks are the post-FATCA Swiss banks.”

What does that even mean?

1 comments

Swiss banks largely don't exist in the way they did in the 1990s and prior because of the Foreign Account Tax Compliance Act (an American regulation almost universally agreed to be overreaching and violating the sovereignty of other countries); privacy is only guaranteed to Swiss nationals, and they automatically share information with external governments. These days, if you want to be secretive about your banking but park assets in a stable country, you go to Singapore.