Foreign nationals temporarily admitted in Switzerland, F permit holders, will no longer receive social assistance in the Canton of Zurich in the next future, but will only have the aid in favour of asylum seekers. The Cantonal Parliament today adopted a revision of te law, fought by the Left parties. The City of Zurich assesses the possibility of a referendum. With this decision, the Zurich parliament re-establishes the situation in force until 2011. In this way the people whose asylum application has been rejected but who are temporarily admitted to Switzerland because they can not come back home, due to the dangerous situation in their country or other reasons, will not be officially considered as recognized refugees.
Wieland Arlt places great emphasis on three criteria in his trading setups: a high probability of entry, a long distance to the targeted goal, and a clear message when the market is different. How these criteria can be combined in one strategy, please read below. With his three criteria for a good strategy, Wieland Arlt sets the bar high for the selection of his trades. Let us look more closely at the three criteria: a high probability of occurrence is the basis for successful trading. That proper potential to the goal is desired, should be a matter of course for all traders and needs no further explanation. The desire for a clear message of the market makes sense since traders have to decide again and again whether they should open or close a position. A clear message makes decision-making easier and helps to reduce misinterpretation. With the expander strategy, Wieland Arlt depicts these three criteria in his trading. The basic idea is to identify situations in which the movement dynamics of a market already have a certain maturity and is not only flattened, but is transformed into a correction. The expander serves as a symbol for this, which can only be stretched to a certain extent before it springs back. The expander strategy is intended to identify market situations where the price is just at the point of the spring-back. An entry is made when the price begins to correct the previous movement and has already taken the first steps. The expander strategy can be applied not only as an anticyclic countertrend strategy, but also as a procyclical trend-following strategy.
Credit Suisse, surprised by a five-country tax evasion and money laundering investigation, said it has a “zero tolerance policy” on tax evasion in advertisements taken out in the Sunday Times, Sunday Telegraph and Observer, U.K. newspapers on Sunday. The Swiss bank’s two-page ads, which included seven bullet points in response to the probes disclosed last week, also said a 2011 internal compliance review caused it to terminate relationships with clients who didn’t prove they paid their taxes. “This led to very significant asset outflows as we do not want to do business with clients who are unwilling to provide the required evidence,” said the ads. “Credit Suisse applies a strict zero tolerance policy on tax evasion.”
The two big banks are yet again trading neck to neck. Indeed, both their share prices have been oscillating slightly below the CHF 16 mark for more than two months (between 15 and 16 for UBS and 14 and 16 for Crédit Suisse). Crédit Suisse lags a bit following the sharp fall it saw in early 2016, yet its higher beta of 1.57 (1.07 for UBS) has enabled it to catch up most of this underperformance. We expect more ring-fencing between the two over the next few months.
Australia has identified more than 340 individuals with links to Swiss banking relationship managers alleged to have actively promoted and facilitated tax evasion schemes, a federal minister said on Friday. The Serious Financial Crime Taskforce said the joint investigation had identified 346 nationals with links to Swiss banking relationship managers alleged to have promoted and facilitated tax evasion schemes.
Luxembourg has 'thrown its hat in the ring' to become the new home of the European Banking Authority (EBA) after Brexit and says it has a "legal claim" to host it. Citing a European Union law dating back to 1965, Luxembourg Prime Minister Xavier Bettel made his case in a letter to EU Council President Donald Tusk and European Commission head Jean-Claude Juncker, following the triggering of Article 50. In the past, two exceptions to the decision have been made with the ECB going to Frankfurt and the EBA going to London.
FIFA has sent 1,300 pages of internal investigation reports into suspected bribery and corruption to Switzerland's attorney general. However, the footballl organisation said Friday it was legally barred from publishing the full reports or commenting on the evidence or conclusions. Launched soon after the dramatic arrest of several top officials at a luxury Zurich hotel before the FIFA Congress in May 2015, the 22-month review, conducted by American law firm Quinn Emmanuel and their Swiss counterparts NKF, reviewed more than 2.5 million documents and interviewed dozens of witness before revealing its findings.
The Swiss Federal Government intends to adapt the federal laws on the acquisition of real estate land by persons abroad, known as Lex Koller. It focuses on the possibility that foreign investments - also by individuals immigrating to Switzerland - continue to drive up real estate prices in Switzerland. On March 10, 2017, the goverment opened the consultation process ending on June 30, 2017, by presenting the draft legislation. The two most far reaching proposals have already been rejected by the parliament in 2014.
Authorities in the Netherlands said the probe related to as many as 55,000 suspect accounts held at a Swiss bank, which officials refused to identify however Credit Suisse later released a statement to confirm its involvement in the investigation. The statement did not identify the bank but Credit Suisse's London, Paris and Amsterdam offices were contacted by local authorities over client tax matters, the Zurich-based banks confirmed on Friday, after Dutch prosecutors said they had seized assets and arrested two people in an international hunt for tax evaders, as Financial Times reported in the morning. Credit Suisse spokeswoman Anna Sexton declined to comment further.
Italy has introduced a flat rate of tax aimed at attracting wealthy expats to its shores as it looks to compete with similar regimes offered in the UK and Spain. Similar to the UK’s non-dom system, the new flat rate tax of €100,000 ($107,865) a year, which went live on 8 March, will give foreigners a special status exempting them from paying Italian tax on any offshore income and gains. This charge can also be extended to family members, at a cost of €25,000 per person. The regime is available for up to 15 years, unless the individual fails to pay the charges. A person is considered an Italian resident for tax purposes if they are in the country for more than 183 days, or six months.
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