Switzerland is a great place to hide stuff, and its latest secret could be the biggest yet. Hitler loved to hide gold he plundered inside of Swiss vaults. In fact, it's estimated that 100 tons of Nazi gold was laundered through Switzerland.
After World War II ended, Switzerland repositioned itself as the perfect place to hide and protect money.
For years, the Swiss Banking Act of 1934 gave Switzerland rockstar status as a financial safe haven. The country remains the world's largest offshore financial center with $2 trillion in assets.
But Switzerland's recent agreement to share tax information likely closes yet another chapter in its history.
Per the agreement, Swiss financial information will be automatically shared on an annual basis, including taxpayers' bank balances, dividends, interest income, and sales proceeds used to calculate capital gains tax.
Over 300 Swiss private banks have signaled their willingness to work with U.S. officials to crack down on wealthy Americans.
Don't feel sorry for Switzerland, though.
It's already reinventing itself as the secretkeeper of something far more valuable than money.
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Poster Comment:
You think this is just plain nuts? What are they keeping there? ;)