800 HSBC clients told to pay up for Swiss tax dodge

800 HSBC clients told to pay up for Swiss tax dodge

Robert Watts. Sunday Times. London (UK): Sep 4, 2011. pg. 1

NEARLY 800 wealthy British clients at HSBC are being investigated by
the taxman for "serious tax fraud" after stashing money in Swiss bank
accounts.

Thousands more of HSBC's customers face having their personal tax
affairs probed unless they come forward soon, as HM Revenue & Customs
combs the records of 7,000 customers that were stolen by a former
member of the bank's Swiss staff.

Accountants acting for those already under investigation by HMRC say
those embroiled include celebrities and prominent figures in the City.

"We are talking about household names here," said one accountant. HMRC
has sent letters announcing the launch of an investigation to almost
800 of the bank's clients in recent months.

"You are suspected of serious tax fraud," the letter reads. "We will
undertake an investigation into your personal tax affairs. We will
also undertake an investigation of the tax affairs of any company or
other entity that may have an impact on your personal tax affairs."

A senior source at HMRC said it expects to raise hundreds of millions
of pounds for the exchequer from these investigations.

The names and account details were garnered from the "Falciani List",
records pilfered by disgruntled former IT worker Herve Falciani.

None of the individuals affected will be able to make use of the
recent deal struck between the British government and the Swiss
authorities. Under the pact, people with assets hidden in Swiss bank
accounts will be landed with a one-off tax bill to settle their
arrears, plus a withholding tax from 2013 onwards. HMRC is conducting
the investigation under "Code of Practice 9" -- a probe of an
individual's financial affairs over the past 20 years. Those found
guilty of tax evasion face paying any due tax, plus interest. They
will also incur a penalty of up to 200% of the outstanding tax.

Fiona Fernie, tax investigation partner at BDO, the accountancy firm,
said: "I strongly advise any HSBC customers who believe they could be
on this list, but have not yet received one of these letters, to
approach the Revenue and make a disclosure straight away."

The bank said: "HSBC does not condone tax evasion and seeks to comply
with the letter and spirit of the law in all the countries and
territories in which it operates."

Credit: Robert Watts Economics Correspondent
[Illustration]
Caption: An invitation you can't refuse

On Thu, 08 Sep 2011 06:28:28 -0400, The Revd <>
wrote:

>On Sun, 4 Sep 2011 09:24:22 -0700 (PDT), sufaud <>
>wrote:
>
>>800 HSBC clients told to pay up for Swiss tax dodge
>>
>>Robert Watts. Sunday Times. London (UK): Sep 4, 2011. pg. 1
>>
>>NEARLY 800 wealthy British clients at HSBC are being investigated by
>>the taxman for "serious tax fraud" after stashing money in Swiss bank
>>accounts.
>>
>>Thousands more of HSBC's customers face having their personal tax
>>affairs probed unless they come forward soon, as HM Revenue & Customs
>>combs the records of 7,000 customers that were stolen by a former
>>member of the bank's Swiss staff.
>>
>>Accountants acting for those already under investigation by HMRC say
>>those embroiled include celebrities and prominent figures in the City.
>>
>>"We are talking about household names here," said one accountant. HMRC
>>has sent letters announcing the launch of an investigation to almost
>>800 of the bank's clients in recent months.
>>
>>"You are suspected of serious tax fraud," the letter reads. "We will
>>undertake an investigation into your personal tax affairs. We will
>>also undertake an investigation of the tax affairs of any company or
>>other entity that may have an impact on your personal tax affairs."
>>
>>A senior source at HMRC said it expects to raise hundreds of millions
>>of pounds for the exchequer from these investigations.
>>
>>The names and account details were garnered from the "Falciani List",
>>records pilfered by disgruntled former IT worker Herve Falciani.
>>
>>None of the individuals affected will be able to make use of the
>>recent deal struck between the British government and the Swiss
>>authorities. Under the pact, people with assets hidden in Swiss bank
>>accounts will be landed with a one-off tax bill to settle their
>>arrears, plus a withholding tax from 2013 onwards. HMRC is conducting
>>the investigation under "Code of Practice 9" -- a probe of an
>>individual's financial affairs over the past 20 years. Those found
>>guilty of tax evasion face paying any due tax, plus interest. They
>>will also incur a penalty of up to 200% of the outstanding tax.
>>
>>Fiona Fernie, tax investigation partner at BDO, the accountancy firm,
>>said: "I strongly advise any HSBC customers who believe they could be
>>on this list, but have not yet received one of these letters, to
>>approach the Revenue and make a disclosure straight away."
>>
>>The bank said: "HSBC does not condone tax evasion and seeks to comply
>>with the letter and spirit of the law in all the countries and
>>territories in which it operates."
>>
>>Credit: Robert Watts Economics Correspondent
>>[Illustration]
>>Caption: An invitation you can't refuse
>
>Switzerland signed up for the European Savings Directive, 2005. UK
>residents' accounts became subject to withholding tax on savings
>income. The smart money left.

I would have thought that anyone with any significant amount of money
could fairly easily set themselves up with a mailing address outside
of Europe and use that as a contact address for the Swiss bank to use.

Nobody from the bank is going to come around to actually check that
you live where you say you do.

Chris

"The Revd" <> wrote in message
news:...
> On Thu, 08 Sep 2011 18:44:05 +0800, Chris Blunt <>
> wrote:
>
>>On Thu, 08 Sep 2011 06:28:28 -0400, The Revd <>
>>wrote:
>>
>>>On Sun, 4 Sep 2011 09:24:22 -0700 (PDT), sufaud <>
>>>wrote:
>>>
>>>>800 HSBC clients told to pay up for Swiss tax dodge
>>>>
>>>>Robert Watts. Sunday Times. London (UK): Sep 4, 2011. pg. 1
>>>>
>>>>NEARLY 800 wealthy British clients at HSBC are being investigated by
>>>>the taxman for "serious tax fraud" after stashing money in Swiss bank
>>>>accounts.
>>>>
>>>>Thousands more of HSBC's customers face having their personal tax
>>>>affairs probed unless they come forward soon, as HM Revenue & Customs
>>>>combs the records of 7,000 customers that were stolen by a former
>>>>member of the bank's Swiss staff.
>>>>
>>>>Accountants acting for those already under investigation by HMRC say
>>>>those embroiled include celebrities and prominent figures in the City.
>>>>
>>>>"We are talking about household names here," said one accountant. HMRC
>>>>has sent letters announcing the launch of an investigation to almost
>>>>800 of the bank's clients in recent months.
>>>>
>>>>"You are suspected of serious tax fraud," the letter reads. "We will
>>>>undertake an investigation into your personal tax affairs. We will
>>>>also undertake an investigation of the tax affairs of any company or
>>>>other entity that may have an impact on your personal tax affairs."
>>>>
>>>>A senior source at HMRC said it expects to raise hundreds of millions
>>>>of pounds for the exchequer from these investigations.
>>>>
>>>>The names and account details were garnered from the "Falciani List",
>>>>records pilfered by disgruntled former IT worker Herve Falciani.
>>>>
>>>>None of the individuals affected will be able to make use of the
>>>>recent deal struck between the British government and the Swiss
>>>>authorities. Under the pact, people with assets hidden in Swiss bank
>>>>accounts will be landed with a one-off tax bill to settle their
>>>>arrears, plus a withholding tax from 2013 onwards. HMRC is conducting
>>>>the investigation under "Code of Practice 9" -- a probe of an
>>>>individual's financial affairs over the past 20 years. Those found
>>>>guilty of tax evasion face paying any due tax, plus interest. They
>>>>will also incur a penalty of up to 200% of the outstanding tax.
>>>>
>>>>Fiona Fernie, tax investigation partner at BDO, the accountancy firm,
>>>>said: "I strongly advise any HSBC customers who believe they could be
>>>>on this list, but have not yet received one of these letters, to
>>>>approach the Revenue and make a disclosure straight away."
>>>>
>>>>The bank said: "HSBC does not condone tax evasion and seeks to comply
>>>>with the letter and spirit of the law in all the countries and
>>>>territories in which it operates."
>>>>
>>>>Credit: Robert Watts Economics Correspondent
>>>>[Illustration]
>>>>Caption: An invitation you can't refuse
>>>
>>>Switzerland signed up for the European Savings Directive, 2005. UK
>>>residents' accounts became subject to withholding tax on savings
>>>income. The smart money left.
>>
>>I would have thought that anyone with any significant amount of money
>>could fairly easily set themselves up with a mailing address outside
>>of Europe and use that as a contact address for the Swiss bank to use.
>
> A mailing address is no longer sufficient. The days of the numbered
> Swiss account are over.

Not really. They are still useful depositories for dodgy money, all that
you lose is the ability to gain tax free interest on that dodgy money

tim

On 08/09/2011 14:47, tim.... wrote:

> Not really. They are still useful depositories for dodgy money, all that
> you lose is the ability to gain tax free interest on that dodgy money

And since the interest payable is 10% of 3/8ths of the cube root of eff
all, it's no great loss at all. I used to have the Swiss private banks
as clients, and they were the world's worst investors because they
really didn't need to be any good. Look at it this way:

You are a South American cattle-baron. You somehow get your wealth out
of a flaky country with a Mickey Mouse currency subject to massive
inflation and devaluations - this was, after all, the 80s and early 90s
- and into Geneva, quite possibly in the form of jewellery and lumps of
gold cunningly cast as gigantic belt-buckles. You are more than happy
to convert into Swiss Francs, which you know will hold their value. You
don't want your bank speculating on your behalf in equities. You want
cash, even with the possibility of only fractional interest, or the most
solid of government or corporate bonds.

A client of mine once went off for a couple of weeks skiing, and didn't
come back for five weeks. Everything was delightfully dull, and nothing
could go wrong. His clients were all delighted with him.

On Thu, 08 Sep 2011 07:55:58 -0400, The Revd <>
wrote:

>>>
>>>Switzerland signed up for the European Savings Directive, 2005. UK
>>>residents' accounts became subject to withholding tax on savings
>>>income. The smart money left.
>>
>>I would have thought that anyone with any significant amount of money
>>could fairly easily set themselves up with a mailing address outside
>>of Europe and use that as a contact address for the Swiss bank to use.
>
>A mailing address is no longer sufficient. The days of the numbered
>Swiss account are over.

Of course they will want identity as well, but that is not relevant as
far as liability to tax is concerned. They use the address they have
on record for you to decide whether you are a UK (or EU) resident, so
that decides whether they will deduct withholding tax or not.

This has nothing to do with numbered accounts.

>>Nobody from the bank is going to come around to actually check that
>>you live where you say you do.
>
>But they will want to verify your residence status to comply with the
>EU Savings Directive.

Right, but for those with enough money to hide it's easy enough to
come up with suitable evidence to show residency almost anywhere you
want.

Chris

On Fri, 09 Sep 2011 08:13:54 -0400, The Revd <>
wrote:

>On Fri, 09 Sep 2011 19:59:58 +0800, Chris Blunt <>
>wrote:
>
>>On Thu, 08 Sep 2011 07:55:58 -0400, The Revd <>
>>wrote:
>>
>>>>>
>>>>>Switzerland signed up for the European Savings Directive, 2005. UK
>>>>>residents' accounts became subject to withholding tax on savings
>>>>>income. The smart money left.
>>>>
>>>>I would have thought that anyone with any significant amount of money
>>>>could fairly easily set themselves up with a mailing address outside
>>>>of Europe and use that as a contact address for the Swiss bank to use.
>>>
>>>A mailing address is no longer sufficient. The days of the numbered
>>>Swiss account are over.
>>
>>Of course they will want identity as well, but that is not relevant as
>>far as liability to tax is concerned. They use the address they have
>>on record for you to decide whether you are a UK (or EU) resident, so
>>that decides whether they will deduct withholding tax or not.
>
>The mailing address on record is no indication of residence status.

If they don't use the address you have shown them you live at, then
what do you believe they use to determine residence?

>>This has nothing to do with numbered accounts.
>>
>>>>Nobody from the bank is going to come around to actually check that
>>>>you live where you say you do.
>>>
>>>But they will want to verify your residence status to comply with the
>>>EU Savings Directive.
>>
>>Right, but for those with enough money to hide it's easy enough to
>>come up with suitable evidence to show residency almost anywhere you
>>want.
>
>Perhaps, pre-2005. There is much more due diligence these days.

Such as? All they ask for is something like an electricity or
telephone bill. Either of those can be fairly easily arranged with a
little bit of effort.

The Revd <> wrote:
> >>The mailing address on record is no indication of residence status.
> >
> >If they don't use the address you have shown them you live at, then
> >what do you believe they use to determine residence?
>
> The primary identification (passport) is typically used for
> establishing residence. The country of citizenship is usually assumed
> to be the country of residence in the absence of evidence to the
> contrary (resident visa in the country of claimed residence or other
> resident documentation).
>
A UK passport in particular (and I think this may be true of other
countries) doesn't prove residence at all. We recently bought a boat
in Belgium and although the Belgian system was quite happy to allow
any EU resident to register a boat a UK passport was no use. We had
to get a letter signed by a JP to say that we really did live where we
said we did. A Belgian bank wanted much what a UK bank requires to
prove residency - utility bills etc., again a passport was of no use
at all.


--
Chris Green

On Fri, 09 Sep 2011 10:38:23 -0400, The Revd <>
wrote:

>On Fri, 09 Sep 2011 20:47:16 +0800, Chris Blunt <>
>wrote:
>
>>On Fri, 09 Sep 2011 08:13:54 -0400, The Revd <>
>>wrote:
>>
>>>On Fri, 09 Sep 2011 19:59:58 +0800, Chris Blunt <>
>>>wrote:
>>>
>>>>On Thu, 08 Sep 2011 07:55:58 -0400, The Revd <>
>>>>wrote:
>>>>
>>>>>>>
>>>>>>>Switzerland signed up for the European Savings Directive, 2005. UK
>>>>>>>residents' accounts became subject to withholding tax on savings
>>>>>>>income. The smart money left.
>>>>>>
>>>>>>I would have thought that anyone with any significant amount of money
>>>>>>could fairly easily set themselves up with a mailing address outside
>>>>>>of Europe and use that as a contact address for the Swiss bank to use.
>>>>>
>>>>>A mailing address is no longer sufficient. The days of the numbered
>>>>>Swiss account are over.
>>>>
>>>>Of course they will want identity as well, but that is not relevant as
>>>>far as liability to tax is concerned. They use the address they have
>>>>on record for you to decide whether you are a UK (or EU) resident, so
>>>>that decides whether they will deduct withholding tax or not.
>>>
>>>The mailing address on record is no indication of residence status.
>>
>>If they don't use the address you have shown them you live at, then
>>what do you believe they use to determine residence?
>
>The primary identification (passport) is typically used for
>establishing residence. The country of citizenship is usually assumed
>to be the country of residence in the absence of evidence to the
>contrary (resident visa in the country of claimed residence or other
>resident documentation).

Nonsense. I have a UK passport but I've lived overseas for many years
now. I've held accounts with several offshore banks during that time,
and none of them have assumed I'm a UK resident as a result of holding
a UK passport. In every case they have based it on my claimed country
of residence, and I've never needed to produce anything more than a
couple of utility bills for them to verify that.


>>>>This has nothing to do with numbered accounts.
>>>>
>>>>>>Nobody from the bank is going to come around to actually check that
>>>>>>you live where you say you do.
>>>>>
>>>>>But they will want to verify your residence status to comply with the
>>>>>EU Savings Directive.
>>>>
>>>>Right, but for those with enough money to hide it's easy enough to
>>>>come up with suitable evidence to show residency almost anywhere you
>>>>want.
>>>
>>>Perhaps, pre-2005. There is much more due diligence these days.
>>
>>Such as? All they ask for is something like an electricity or
>>telephone bill. Either of those can be fairly easily arranged with a
>>little bit of effort.
>
>A utility bill doesn't usually cut it. I've been through this myself.

Then I suggest you take a look at the list of requirements here from
HSBC's offshore banking unit.

http://www.offshore.hsbc.com/1/2/popups/online-app-help

Either an electricity or telephone bill are perfectly acceptable as
proof of address. Either of those can be set up with little difficulty
by anyone who is sufficiently interested in doing so.

On Thu, 15 Sep 2011 14:02:43 -0400, The Revd <>
wrote:

>On Sat, 10 Sep 2011 14:10:37 +0800, Chris Blunt <>
>wrote:
>
>>On Fri, 09 Sep 2011 10:38:23 -0400, The Revd <>
>>wrote:
>>
>>>On Fri, 09 Sep 2011 20:47:16 +0800, Chris Blunt <>
>>>wrote:
>>>
>>>>On Fri, 09 Sep 2011 08:13:54 -0400, The Revd <>
>>>>wrote:
>>>>
>>>>>On Fri, 09 Sep 2011 19:59:58 +0800, Chris Blunt <>
>>>>>wrote:
>>>>>
>>>>>>On Thu, 08 Sep 2011 07:55:58 -0400, The Revd <>
>>>>>>wrote:
>>>>>>
>>>>>>>>>
>>>>>>>>>Switzerland signed up for the European Savings Directive, 2005. UK
>>>>>>>>>residents' accounts became subject to withholding tax on savings
>>>>>>>>>income. The smart money left.
>>>>>>>>
>>>>>>>>I would have thought that anyone with any significant amount of money
>>>>>>>>could fairly easily set themselves up with a mailing address outside
>>>>>>>>of Europe and use that as a contact address for the Swiss bank to use.
>>>>>>>
>>>>>>>A mailing address is no longer sufficient. The days of the numbered
>>>>>>>Swiss account are over.
>>>>>>
>>>>>>Of course they will want identity as well, but that is not relevant as
>>>>>>far as liability to tax is concerned. They use the address they have
>>>>>>on record for you to decide whether you are a UK (or EU) resident, so
>>>>>>that decides whether they will deduct withholding tax or not.
>>>>>
>>>>>The mailing address on record is no indication of residence status.
>>>>
>>>>If they don't use the address you have shown them you live at, then
>>>>what do you believe they use to determine residence?
>>>
>>>The primary identification (passport) is typically used for
>>>establishing residence. The country of citizenship is usually assumed
>>>to be the country of residence in the absence of evidence to the
>>>contrary (resident visa in the country of claimed residence or other
>>>resident documentation).
>>
>>Nonsense. I have a UK passport but I've lived overseas for many years
>>now.
>
>Same here.
>
>> I've held accounts with several offshore banks during that time,
>>and none of them have assumed I'm a UK resident as a result of holding
>>a UK passport. In every case they have based it on my claimed country
>>of residence, and I've never needed to produce anything more than a
>>couple of utility bills for them to verify that.
>
>All the banks I've dealt with have required proof of residence: real
>proof, not just some trivial utility bill.

What constitutes "real proof"?

Whatever is required is not difficult to produce for someone who has
enough money to hide to make it worthwhile doing. I live in the
Philippines and you can get a permanent residence visa here simply by
putting US$10,000 in a deposit account in a local bank.

Even if you had to take out a rental agreement on a dirt cheap
apartment in a small city in a South American, African or Asian
country and put a few bills in your name it would only cost you a few
hundred US$ a year, which is worth doing if you were hiding millions.

Nobody from the bank is going a come around to check up that you
really are sleeping in the place you tell them you live at.


>>>>>>This has nothing to do with numbered accounts.
>>>>>>
>>>>>>>>Nobody from the bank is going to come around to actually check that
>>>>>>>>you live where you say you do.
>>>>>>>
>>>>>>>But they will want to verify your residence status to comply with the
>>>>>>>EU Savings Directive.
>>>>>>
>>>>>>Right, but for those with enough money to hide it's easy enough to
>>>>>>come up with suitable evidence to show residency almost anywhere you
>>>>>>want.
>>>>>
>>>>>Perhaps, pre-2005. There is much more due diligence these days.
>>>>
>>>>Such as? All they ask for is something like an electricity or
>>>>telephone bill. Either of those can be fairly easily arranged with a
>>>>little bit of effort.
>>>
>>>A utility bill doesn't usually cut it. I've been through this myself.
>>
>>Then I suggest you take a look at the list of requirements here from
>>HSBC's offshore banking unit.
>>
>>http://www.offshore.hsbc.com/1/2/popups/online-app-help
>>
>>Either an electricity or telephone bill are perfectly acceptable as
>>proof of address. Either of those can be set up with little difficulty
>>by anyone who is sufficiently interested in doing so.
>
>I thought we were talking about Swiss banks as opposed to some Isle of
>Man bucket shop that apparently doesn't even require documentation for
>a change of address!

No, we were talking about HSBC. Read the subject line again.

On Fri, 16 Sep 2011 08:20:35 -0400, The Revd <>
wrote:

>On Fri, 16 Sep 2011 12:43:42 +0800, Chris Blunt <>
>wrote:
>
>>On Thu, 15 Sep 2011 14:02:43 -0400, The Revd <>
>>wrote:
>>
>>>On Sat, 10 Sep 2011 14:10:37 +0800, Chris Blunt <>
>>>wrote:
>>>
>>>>On Fri, 09 Sep 2011 10:38:23 -0400, The Revd <>
>>>>wrote:
>>>>
>>>>>On Fri, 09 Sep 2011 20:47:16 +0800, Chris Blunt <>
>>>>>wrote:
>>>>>
>>>>>>On Fri, 09 Sep 2011 08:13:54 -0400, The Revd <>
>>>>>>wrote:
>>>>>>
>>>>>>>On Fri, 09 Sep 2011 19:59:58 +0800, Chris Blunt <>
>>>>>>>wrote:
>>>>>>>
>>>>>>>>On Thu, 08 Sep 2011 07:55:58 -0400, The Revd <>
>>>>>>>>wrote:
>>>>>>>>
>>>>>>>>>>>
>>>>>>>>>>>Switzerland signed up for the European Savings Directive, 2005. UK
>>>>>>>>>>>residents' accounts became subject to withholding tax on savings
>>>>>>>>>>>income. The smart money left.
>>>>>>>>>>
>>>>>>>>>>I would have thought that anyone with any significant amount of money
>>>>>>>>>>could fairly easily set themselves up with a mailing address outside
>>>>>>>>>>of Europe and use that as a contact address for the Swiss bank to use.
>>>>>>>>>
>>>>>>>>>A mailing address is no longer sufficient. The days of the numbered
>>>>>>>>>Swiss account are over.
>>>>>>>>
>>>>>>>>Of course they will want identity as well, but that is not relevant as
>>>>>>>>far as liability to tax is concerned. They use the address they have
>>>>>>>>on record for you to decide whether you are a UK (or EU) resident, so
>>>>>>>>that decides whether they will deduct withholding tax or not.
>>>>>>>
>>>>>>>The mailing address on record is no indication of residence status.
>>>>>>
>>>>>>If they don't use the address you have shown them you live at, then
>>>>>>what do you believe they use to determine residence?
>>>>>
>>>>>The primary identification (passport) is typically used for
>>>>>establishing residence. The country of citizenship is usually assumed
>>>>>to be the country of residence in the absence of evidence to the
>>>>>contrary (resident visa in the country of claimed residence or other
>>>>>resident documentation).
>>>>
>>>>Nonsense. I have a UK passport but I've lived overseas for many years
>>>>now.
>>>
>>>Same here.
>>>
>>>> I've held accounts with several offshore banks during that time,
>>>>and none of them have assumed I'm a UK resident as a result of holding
>>>>a UK passport. In every case they have based it on my claimed country
>>>>of residence, and I've never needed to produce anything more than a
>>>>couple of utility bills for them to verify that.
>>>
>>>All the banks I've dealt with have required proof of residence: real
>>>proof, not just some trivial utility bill.
>>
>>What constitutes "real proof"?
>>
>>Whatever is required is not difficult to produce for someone who has
>>enough money to hide to make it worthwhile doing. I live in the
>>Philippines and you can get a permanent residence visa here simply by
>>putting US$10,000 in a deposit account in a local bank.
>
>It's even easier elsewhere. A permanent residence visa works just
>fine.

In fact holding a residence visa for a country doesn't prove you
actually live there, it just proves you have the right to live there.
I have a document which shows I have the right to permanent residence
in Hong Kong, but I haven't lived there for 15 years now.

Despite your claims to the contrary, I've yet to find any bank that
doesn't accept utility bills in your name as sufficient evidence.

>>Even if you had to take out a rental agreement on a dirt cheap
>>apartment in a small city in a South American, African or Asian
>>country and put a few bills in your name it would only cost you a few
>>hundred US$ a year, which is worth doing if you were hiding millions.
>
>I suppose it depends on the quality of bank you deal with. Some are
>apparently more conscientious than others.
>
>>Nobody from the bank is going a come around to check up that you
>>really are sleeping in the place you tell them you live at.
>
>Nor will they necessarily accept your 'proof of residence'.
>
>>>>>>>>This has nothing to do with numbered accounts.
>>>>>>>>
>>>>>>>>>>Nobody from the bank is going to come around to actually check that
>>>>>>>>>>you live where you say you do.
>>>>>>>>>
>>>>>>>>>But they will want to verify your residence status to comply with the
>>>>>>>>>EU Savings Directive.
>>>>>>>>
>>>>>>>>Right, but for those with enough money to hide it's easy enough to
>>>>>>>>come up with suitable evidence to show residency almost anywhere you
>>>>>>>>want.
>>>>>>>
>>>>>>>Perhaps, pre-2005. There is much more due diligence these days.
>>>>>>
>>>>>>Such as? All they ask for is something like an electricity or
>>>>>>telephone bill. Either of those can be fairly easily arranged with a
>>>>>>little bit of effort.
>>>>>
>>>>>A utility bill doesn't usually cut it. I've been through this myself.
>>>>
>>>>Then I suggest you take a look at the list of requirements here from
>>>>HSBC's offshore banking unit.
>>>>
>>>>http://www.offshore.hsbc.com/1/2/popups/online-app-help
>>>>
>>>>Either an electricity or telephone bill are perfectly acceptable as
>>>>proof of address. Either of those can be set up with little difficulty
>>>>by anyone who is sufficiently interested in doing so.
>>>
>>>I thought we were talking about Swiss banks as opposed to some Isle of
>>>Man bucket shop that apparently doesn't even require documentation for
>>>a change of address!
>>
>>No, we were talking about HSBC. Read the subject line again.
>
>Not a HSBC Isle of Man bucket shop subsidiary, in other words.

In other words what? HSBC on the Isle of Man has the same relationship
to the HSBC Group as their branches in Switzerland do. They're both
ultimately 100% owned subsidiaries of HSBC Holdings plc.

So are you going to come up with some documented examples of banks
that will not accept utility bills as proof of address like I did with
HSBC? I could produce numerous other examples of banks that are
satisfied by that requirement.