The Swiss connection

The Swiss connection
Kantipuronline
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KATHMANDU, May 26 - It is just not rich Americans and Indians who are maintaining accounts in Swiss banks. Nepalis have a fair share of Swiss connection.

A country-by-country breakdown of accounts in “Banks in Switzerland 2007” published by Swiss National Bank (SNB) reveals that Nepali assets were worth Swiss franc 108 million (Rs. 7.46 billion). Data for 2008 are not available.

“If that was the case in 2007, the net transfer of money must have increased given the country's political instability,” said a CEO with a leading commercial bank in Kathmandu. “But the value of deposits may have gone down because of worldwide recession. Voluntary Disclosure of Income Scheme (VDIS) started by the Maoist-led government may have further contributed to the capital flight.

The SNB breakdown throws interesting facts. Nepali deposits in Swiss banks saw a huge increase since 2006. In 2005, the cumulative amount was Rs. 1.70 bi-llion. By the end of 2006, the deposit soared to Rs. 6.16 billion and Rs. 7.46 bi-llion in 2007. The spike in the 2006-2007 period came after Jana Andolan II and when the Maoists joined mainstream politics.

Given the fact that Nepali commercial banks don't usually deposit their foreign currency in Swiss banks, one can assume the money must have come from rich Nepalis.

Switzerland has always been a safe haven for Nepal's royal family whose connection dates back to the time of King Tribhuvan (who incidentally died in Zurich in 1955. His son Mahendra and grandson Birendra kept up the Swiss co-nnection.

Officials from UBS, Switzerland's biggest bank regularly visit Nepal to provide private banking service, which is provided by banks to private individuals investing sizeable assets. “The frequency of visits from international private banks increases each time there is a political crisis in Nepal,” says the CEO with a local bank. While Switzerland still remains a favoured destination for many of the old rich families, including former royalties, many others in recent years have moved to Dubai and Singapore. “They are new tax havens for rich Nepalis,” said a banker.

Nepali law bars investing abroad and keeping accounts in foreign banks. While capital flight has never become a major issue for political parties of Nepal, BJP and CPI(M) came out strongly against it during the recent Lok Sabha elections.

Following the global economic crisis, the US and EU are tightening the screw against tax havens. “While powerful countries like the US have started flexing their muscle to crack down on these il-legal deposits from their country, Nepal can't do much,” said a banker.
Posted on: 2009-05-25 22:27:08 (Server Time)

Ach ja die armen Nepalis!!!! Anstatt in ihrem eigenen Land zu helfen transferieren sie Ihr Geld brav in die Schweiz. Naja warum auch nicht? Fuer Donations und saemtliche Unterstuetzungen sind ja ausschliesslich wir reichen Europaeer und Amerikaner zustaendig. Immerhin waechst ja bei uns das Geld auf den Baeumen;)

Abgeschickt von hehe am 26. Mai 2009 um 23:51 Uhr.

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The Swiss connection Bernd Schlueter 01.6.2009

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> The Swiss connection > Kantipuronline > MUKUL HUMAGAIN > KATHMANDU, May 26 - It is just not rich Americans and Indians who are maintaining accounts in Swiss banks. Nepalis have a fair share of Swiss connection. > A country-by-country breakdown of accounts in “Banks in Switzerland 2007” published by Swiss National Bank (SNB) reveals that Nepali assets were worth Swiss franc 108 million (Rs. 7.46 billion). Data for 2008 are not available. > “If that was the case in 2007, the net transfer of money must have increased given the country's political instability,” said a CEO with a leading commercial bank in Kathmandu. “But the value of deposits may have gone down because of worldwide recession. Voluntary Disclosure of Income Scheme (VDIS) started by the Maoist-led government may have further contributed to the capital flight. > The SNB breakdown throws interesting facts. Nepali deposits in Swiss banks saw a huge increase since 2006. In 2005, the cumulative amount was Rs. 1.70 bi-llion. By the end of 2006, the deposit soared to Rs. 6.16 billion and Rs. 7.46 bi-llion in 2007. The spike in the 2006-2007 period came after Jana Andolan II and when the Maoists joined mainstream politics. > Given the fact that Nepali commercial banks don't usually deposit their foreign currency in Swiss banks, one can assume the money must have come from rich Nepalis. > Switzerland has always been a safe haven for Nepal's royal family whose connection dates back to the time of King Tribhuvan (who incidentally died in Zurich in 1955. His son Mahendra and grandson Birendra kept up the Swiss co-nnection. > Officials from UBS, Switzerland's biggest bank regularly visit Nepal to provide private banking service, which is provided by banks to private individuals investing sizeable assets. “The frequency of visits from international private banks increases each time there is a political crisis in Nepal,” says the CEO with a local bank. While Switzerland still remains a favoured destination for many of the old rich families, including former royalties, many others in recent years have moved to Dubai and Singapore. “They are new tax havens for rich Nepalis,” said a banker. > Nepali law bars investing abroad and keeping accounts in foreign banks. While capital flight has never become a major issue for political parties of Nepal, BJP and CPI(M) came out strongly against it during the recent Lok Sabha elections. > Following the global economic crisis, the US and EU are tightening the screw against tax havens. “While powerful countries like the US have started flexing their muscle to crack down on these il-legal deposits from their country, Nepal can't do much,” said a banker. > Posted on: 2009-05-25 22:27:08 (Server Time) > Ach ja die armen Nepalis!!!! Anstatt in ihrem eigenen Land zu helfen transferieren sie Ihr Geld brav in die Schweiz. Naja warum auch nicht? Fuer Donations und saemtliche Unterstuetzungen sind ja ausschliesslich wir reichen Europaeer und Amerikaner zustaendig. Immerhin waechst ja bei uns das Geld auf den Baeumen;)