Wealthy Arabs Seek Swiss Safety Net

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<h1>Wealthy Arabs Seek Swiss Safety Net</h1><strong> Author: <a href='http://www.articleseen.com/profile_Kevin O’Brian.aspx'>Kevin O’Brian</a></strong><br /><p>According to news reports from Arabianbusiness.com, increasing numbers of wealthy Arab business owners and others are looking for ways to safeguard their assets as unrest across the Middle East continues. They are eyeing accounts in Swiss banks, a long-trusted offshore resource, but also moving funds into Dubai. Switzerland has long been providing an offshore tax haven for world leaders and wealthy business owners, because it provides a viable form of protection against investigations by foreign governments and asset seizure. As turmoil, including ongoing demonstrations in Yemen, Egypt and other areas across the Middle East continues, more wealthy Arabs are growing increasingly concerned about banks losing control of their money, or worse: seizure of their assets by outside interests. Political upheaval in the Arab world could see more capital moved to Swiss bank accounts as wealthy Arabs look to safeguard their assets, the CEO of Falcon Private Bank said to Arabiannews.com. “The unrest in the Arab world is a phenomenon that is being watched very closely. Business people in the area, who have accumulated wealth, are thinking of putting their wealth away in safe havens to diversify the political risks of their assets,” Eduardo Leemann, CEO of the Aabar Investments-owned private bank, said. “Every crisis has its opportunities. I think more client assets are going to flow into Swiss private banks simply for the political stability of our system.” Switzerland has long been served as an ideal tax haven for world leaders as it offers a degree of protection against investigations by foreign governments. However, Leemann told Arabianbusiness.com that the country was considered a safe haven for Arab businessmen keen to protect their capital. The region’s sixteen largest European exchanges have lost $140 billion in the last five weeks as investors have reportedly fled the market in fear of widespread anxiety and swelling political unrest. “We’re not talking about corrupt money,” Leemann said “We’re not talking about the cases of the dictators in certain countries. I think whoever has accounts of those guys, has a problem. Whoever has accounts of corrupt people knows that and [they] have to address that issue.” According to the article, in recent weeks a European state said it would freeze the assets of Libyan leader Muammar Gaddafi and those of former Tunisian president Zine Al Abidine Ben Ali and his wife. In addition, Switzerland’s Federal Police said last month that its money-laundering office had received about 30 reports of possible illicit assets deposited by Mr Ali or his entourage, valued at around $76 million, Arabianbusiness.com states. The world’s largest offshore banking sector has also frozen tens of millions in Swiss francs in assets belonging to members of the former Mubarak regime in Egypt, including family members. Mubarak was recently forced to step down from his role as the country’s president after several days of protests. Although he remains a component of the country’s nascent governmental body, he was, for all intents and purposes, removed from power after more than three decades. In addition to Swiss bank accounts and offshore asset holdings firms, many economists across Europe have also suggested that Dubai could possibly begin to witness a rather significant influx of investments should protests continue to grip neighboring Gulf states of Bahrain and Oman, the article states. Arabianbusiness.com says a high-profile Emirati businessman indicated that the United Emirates was a more likely investment destination than Switzerland, largely due to the fact that reports have also indicated that the European state had alarmed Arab businessmen by freezing the Swiss-held accounts held by those they have identified as having been linked to the former regimes of Tunisia, Egypt and Libya.</p><strong>About the Author:</strong><br />For more details please visit <a rel="nofollow" href="http://www.asset-protection-international.com">www.asset-protection-international.com</a><p> Article Source: <a href='http://www.articleseen.com/Article_Wealthy-Arabs-Seek-Swiss-Safety-Net_58086.aspx'> http://www.articleseen.com/Article_Wealthy Arabs Seek Swiss Safety Net_58086.aspx</a></p>

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Keywords : Offshore Bank Account, Offshore Banking, Offshore Incorporation,

Category : Finance : Finance