Princely Family-owned LGT Bank in Tax Evasion Investigation

[gardenia8]

LGT is really experiencing problems. The US Senate is having hearings tomorrow to find out which Americans have secret accounts with LGT and UBS. Here is an interesting video. It shows the royal family.

ABC News

[Odette]

Does Germany tax their citizens' investments overseas as the US does? People generally do not cross country lines to invest in another country unless they have a lot of money or try to "launder" ill gotten gains.
It will be very interesting to watch whose names show up on the lists.

[RubyPrincess168]

It does sound shady! The Associated Press: Witness tells how US taxes evaded abroad

But doesn't Monaco do the same thing, or something similar, or are they just a little bit more open about it?

[lucien]

Originally Posted by RubyPrincess168

It does sound shady! The Associated Press: Witness tells how US taxes evaded abroad

But doesn't Monaco do the same thing, or something similar, or are they just a little bit more open about it?

Yes,Monaco has it too,and no,they too are not open about it,but then neither are the Bahama's,Bermuda,the Caiman Islands and more of these trivial beautifull sunny places that guards billions.....of Euro's that is,.....

[Warren]

Judging by the article, LGT managed its clients' affairs in much the same way as the Swiss banks. Unfortunately for LGT, a disgruntled employee sold off a list of some of the bank's clients and that list has now made its way to the US tax authorities. I don't think it should surprise anyone that Swiss banks, and by extension LGT, don't wish themselves or their clients to be exposed to public scrutiny. They provide banking, business and investment services for the wealthy who, for obvious reasons, choose not to deposit their capital in their home countries.

Apart from Switzerland and Liechtenstein, there are still the Cayman Islands, the Bahamas, Bermuda, Netherlands Antilles, Panama, Belize, the Channel Islands, the Isle of Man, Andorra, Singapore and Hong Kong as politely-termed "offshore banking centres", plus no doubt quite a few others, where absolute discretion is (almost) guaranteed.

[HRH Kerry]

Liechtenstein – Willingness To Cooperate In Tax Matters

Liechtenstein's National Day also serves the purpose of reflection on the present and consideration of the future. Not unexpectedly, the tax affair in Germany and its consequences for the Liechtenstein financial center were one of the focuses this year. Hereditary Prince Alois of Liechtenstein announced the willingness of the country to cooperate in tax matters...

Read full article here.

[HRH Kerry]

Move over Liechtenstein, Germany now takes on Switzerland? Read here. Article by gantdaily.com

[HRH Kerry]

Liechtenstein close to an agreement with the European Union. Article in French by Romandie News.

[iceflower]

Prince Alois of Liechtenstein speaks to the media during a
press conference in Vaduz, Liechtenstein, March 12, 2009.

Bowing to international pressure, Liechtenstein said it will ease
it's strict banking secrecy rules and swap information with foreign
governments to combat tax fraud and evasion.

** Pic 1 ** Pic 2 ** Pic 3 **

[iceflower]

Prince Max von Liechtenstein, CEO of Liechtenstein's LGT bank
addresses the annual news conference in Zurich March 17, 2009.

** Pic 1 ** Pic 2 ** Pic 3 **

[Alisa]

Nice photos of the very handsome Prince.

According to reports, the Prince even answered questions about the painting he was photographed in front of "Berry-Picker in Mountain Landscape" by Franz Eybl which is one of the richest collections of art of the princely family.

It's always good to know about the family art collection.

[RoyalistRiley]

The Princley family must still hold considerable powers to be allowed to own something as sensitive as a bank. Is Lichtenstein more of an absolute monarchy than a constitutional monarchy?

[Harold]

Originally Posted by RoyalistRiley

The Princley family must still hold considerable powers to be allowed to own something as sensitive as a bank. Is Lichtenstein more of an absolute monarchy than a constitutional monarchy?

It is my understanding, and I may be incorrect, that the Prince of Liechtenstein in theory holds a lot of power under the constitution, but in practice the principality is a parliamentary democracy.

[MAfan]

Altough the Prince holds a lot of powers, increased since 2004, the Principality is a constitutional Monarchy.

[RoyalistRiley]

I'm surprised he's never had a conflict of interest. Doesn't this pose some sort of constitutional dilemma? Seperation of powers?

[iceflower]

Liechtenstein's head of state Prince Alois gestures during an
interview in the Vaduz castle, home of the Liechtenstein family
on August 14, 2009.

Liechtenstein raised the gate on its tax-haven fortress on August
11, making a deal enabling Britain to snare about 5,000 British
accounts holders with up to 3.0 billion pounds in secret deposits.
The principality gave way to international pressure and announced
earlier this year that it would ease strict banking secrecy rules and
offer more assistance on matters involving tax offences.


** Pic 1 ** Pic 2 ** belga **