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Greek Holders of Swiss Bank Accounts Transfer Money to Exotic Countries

Several MPs have repeatedly introduced questions to the Hellenic Parliament concerning the course of the agreement between Greece and Switzerland over the taxation of Greek deposit accounts in Swiss banks and the publication of their holders’ names.
However, since 2008, it seems that the Greeks have been transferring their money from their Swiss accounts to other “exotic” countries, where the relevant EU regulations do not apply.
According to data presented by the Finance Minister, Philippos Sachinides, there is a tendency for Greek holders of Swiss bank accounts to transfer their deposits to countries not complying with EU regulations. The data shows reduction in tax incomes from the deposits of Greeks in Switzerland.
In his written answer, the Greek Finance Minister noted that the holders of deposits or other assets can avoid paying tax revenues as long as they agree to allow the Swiss bank to notify the Greek authorities about the exact bank account information.
Moreover, Sachinides noted that the European Commission has expressed its concerns over such bilateral agreements, particularly in view of the pending negotiations between Switzerland and the Commission to establish a new wide-scale agreement regarding the exchange of information about the deposits of natural persons.

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