WBrief: Germany now looking into UBS - Spear's Magazine

WBrief: Germany now looking into UBS

New troubles are ahead for UBS as the German subsidiary of the Swiss banking giant is being investigated for having allegedly helped clients to systematically avoid taxes by establishing false residency in Switzerland.

New troubles are ahead for UBS as the German subsidiary of the Swiss banking giant is being investigated for having allegedly helped clients to systematically avoid taxes by establishing false residency in Switzerland.

BaFin, the German financial regulator, has launched a special investigation into the case of a former client of UBS who claims that UBS Deutschland helped him to get a residence permit in Zurich in order to avoid paying taxes in Germany, Spiegel Online reports.

In accordance with German privacy laws the claimant has been named only as Peter S.

A UBS spokesperson told WealthBriefing that the bank was “in close, regular contact with BaFin.”

The spokesperson added: “We confirm that BaFin has initiated a special probe in connection with the allegations raised by Peter S. Obviously, UBS Deutschland AG is co-operating with BaFin.”

To read the full story, visit wealthbriefing.com



 

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