Netherlands news: Swiss bank ultimatum to clients with hidden accounts

De Telegraaf reports that Dutch zwartspaarder (“black savers”) are in trouble:

“Clients who for decades were received by UBS in Switzerland and Luxembourg with open arms to stash their money out of sight of the taxman have received their marching orders”.

The article says that the bank has been having “conversations” with clients, informing them that they can either withdraw their money in cash, or contact an advisor to enter a voluntary disclosure scheme with the Dutch tax authorities. “UBS even threatens to turn clients in if they do not cooperate” says a tax specialist quoted in the article who claims to have heard the same story from several lawyers dealing with “heavily shaken” clients.

The main problem seems to be that cash withdrawals from these accounts will be limited to 50.000 euros a year. The tax specialist says that for most savers this maximum is “completely unworkable” as it would take them many years to take their wealth out of the bank at that rate.

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