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Banking supplement

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Banking supplement By: Kurt Sveilis

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o you fancy yourself as the type of businessperson who deserves extra attention when dealing with your investments and bank transactions? RigaNOW! sat down with the top client and asset managers

who facilitate executive services for their preferred customers and found out what it means to be a real VIP. Imagine walking into a bank, past all the masses of people waiting in line for their number to finally be called. You head up the stairs straight into the president’s office where you are greeted by her assistant who of course knows you by name, then takes your coat and leads you straight in to see the chief, and with a wink says, “can I get you a cappuccino or a brandy perhaps?� This is one vision that comes to mind when thinking about VIP banking services, but we found that the lines can get a bit blurred to what is so-called VIP banking. We gathered together large and small Latvian banks to discuss what they offer extra to their preferred clients and found there is a difference in service as well as the status of their clientele. April

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ow would you define VIP banking or “private banking” and is there any difference between them?

Alla Tkachenko: The main idea of Private Banking is that the most important is the personality of the individual client, relationship with each client is built in such a way as if he or she is the one and the only client for the bank. Private Banking supposes the ability of the bank to provide the client with complete personally tailored solutions concentrated around the individual client’s holistic needs. Very often the task of the bank is also to help the client to identify their problem and need and only after it the best solution could be developed. Baltic International Bank considers Private Banking to be the culture and philosophy of initiating, maintaining and developing of the relationships with clients. Individual relationship driven approach instead of being product driven to each client is the most important Private Banking condition.. Mâris Fogelis: There is no official handbook to what is VIP banking, but what I see private banking is more focused on private personal servicing, which could be saving the wealth of a private person or private person’s wealth management. Our bank is similar in structure as to my colleagues; it is 80 – 90 percent private banking customers. On the other hand it is not just servicing private persons, for example clients will come also with companies and it is to service that person’s individual needs as well, which might be on a corporate level. Agita Èeiko: There is no fundamental difference between these two word combinations. SEB worldwide offers private banking services; here in Latvia we have a special name for the private banking – Premium Service. We put the highest value on the precious time and the convenience of our clients, and on the security of the transactions and confidentiality. It is exactly for that reason that we are offering our Premium Service

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Alla Tkachenko - Baltic International Bank Senior Vice President Andrejs Kuzins - Latvijas Biznesa Banka First Vice President Agita Èeiko - SEB Unibanka Head of Private Banking Mâris Fogelis – Trasta Komercbanka First Vice Chairman of the Board Inese Krusta – Parex Banka VIP Foreign Client Manager Mâris Viníelis – Hansabanka Investment Strategist

Program. It is a program, which offers an array of special services, providing an especially effective and exclusive service for clients with considerable financial resources.

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hat can the European and Eastern CIS customer gain by doing their banking with a Latvian VIP banking operation? Agita Èeiko: SEB here in Latvia has a very good cooperation with SEB Private Banking in Estonia, Lithuania, Sweden, Luxembourg and many others countries, it means that SEB customers can have their own private banker in the specific country and we are mainly serving our native customers, offering the whole range of private banking services – wealth management. Maris Vinkelis: In Hansabanka we have a client relations unit that deals with native customers and provides cash management, daily operations, investment advice, but already on a high level. The tendency is that clients are using more investment related products and therefore we provide wealth management services, namely, discretionary portfolio management, which is another part of private banking. A separate unit deals with international clients which works mostly with Eastern Europe and Russia. Andrejs Kuzins: We are the member of another banking network – the Bank of Moscow, which is among the biggest in Russia with 5 million clients. We have banks in Estonia, where I am a member of the council of Eesti Credit Bank, as well as in Belarus and Ukraine. Many of our clients are trying to find good conditions, and certainly Latvia is a very popular country with good banking traditions and many banks, with some good structure and investors from Sweden, German, and Norway.

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an you tell us about what your bank’s VIP department can offer?

Inese Krusta: All banks offer pretty much the same products, but everybody tries to offer it in the best way. And we are trying to find something unique – now we are starting to give loans to our Russian customers in Russia, and we are opening a lot of leasing and factoring companies in Russia and post-Soviet countries. Alla Tkachenko: I would like to add that the banking industry is a very conservative industry, and most products were already invented. It is difficult to differentiate the bank by the range of its products and services. All the products are pretty much the same in all the banks. And rather than to make ourselves different in what we do we differentiate ourselves in how we do it. In other words - on the relationship level. Maris Viníelis: Talking about relations, this is the ruling issue. Many products could be quite similar, therefore personal attitude is very important. We have several people who deal with one customer: there is an account manager for daily operations, there is also a private banker to deal with more complicated deals, there is also a wealth manager for clients using discretionary portfolio management. What matters is that you have this kind of approach, there are a few people working for you, who know your needs, thus providing the best service.

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hat do you think foreign investors think of the Latvian banking system? Mâris Fogelis: Latvia is kind of a black hole in the field of legislation; actually nothing has changed for years and years. If we compare to the years before joining


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Europa Royale hotel hosting VIP Banking discussion the EU, Latvian banks were fitted to EU regulation – a few changes have happened. In some cases there are recommendations from the financial capital Market Commission, but these are just nuances, nothing principal in legislation. The problem was that in other countries there was a wrong point of view of what Latvian banks were and there was some labeling of Latvia as an offshore zone, which isn’t exactly true. Andrejs Kuzins: I can add that sometimes some foreigners have an ancient knowledge about Latvian legislation and banking system. We can now discuss a report from the United States, but the numbers and figures maybe were formed two years ago. The changes in the last two years have been very significant in banking services. Agita Èeiko: SEB Unibanka offers the best range of financial solutions, especially in the segment of investment products, wealth management, experience, researches, and economic outlook, consultations, best pricing.

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ow do you become a VIP client - is there a minimum deposit to become a VIP customer in Latvia? Alla Tkachenko: Speaking in terms of amounts, according to international definition this is a High Net Worth individual or entity – the one who has at least 1 million US dollars in investable funds through our bank. But of course it doesn’t make them to automatically qualify for a VIP or Private Banking client. It’s important, but just one of the criteria. We need to know our prospect client, his situation and expectations and to understand where their assets come from. We want to work only with those clients to whom we trust. And it’s mutual – the client will never come to the bank to which he doesn’t trust.

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Andrejs Kuzins: Our bank is very similar to BIB, so we have a similar situation. You will not be a VIP client if you only have some regular payments, credit cards and some other things, but if you are a VIP customer you can receive all services you need for your business. About qualifications to become a VIP client – they are not very strict in our bank. It doesn’t have to be someone who has $100,000 on their account, we have VIP clients who have zero on their account, but we know the possibilities of such clients, we know their business. If a client has zero, but is trying to invest in Latvia about 30 million – it’s a very important client, we don’t ask him “give us the money”, and we are interested in this deal. It’s a unique case every time with every client.

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gita, you said you deal mostly with locals, how is that price structure?

Agita Èeiko: What I would like to say is that our strategy is not to be loud in advertising our private banking, because private banking is something that demands not to be talked about much publicly. We are looking for our customer and build their relationships in the bank, and then follow the invitation to become VIP banking customers – we call them “Premium Customers”. We have three categories of customers: one category is clients who have quite high income, but they are not having money investments at the moment, they are business people and they need quick service. The other category – clients who have investments around 150,000 – 200,000 euros, and we can start to make investment portfolios for them. The third category – businessmen or women, who mostly have loans, they have high income, but we are working mostly with loans as well as serving their family members.

Mâris Fogelis: Trasta Komercbanka’s nonresident clients almost 100 percent are coming through recommendations; they are usually invited to become clients of private banks. On one hand, everyone can open an account with a bank, and in some cases the bank invites people separately to use services of private bankers. Anyway, that doesn’t increase costs because it’s free of charge. On the other hand, any client, even with 20 lats could just ask a banker for this kind of service. Then we can see the potential of this client, so there are no such strict limits for a minimum amount of money. Inese Krusta: We don’t have any strict limits for VIP customers, but in our bank every non-resident customer has a separate account manager. But if you want to be a VIP customer, the turnover must be approximately 1 million dollars. Sometimes this is a wealthy person in Latvia, a director of a big company, and we know they are a rich person, but in our bank you have just say 1,000, yet we know what is possible. Mâris Viníelis: As for us the best way would be to divide all our clients into 3 parts: private persons, clients within wealth management and non-residents including companies. Firstly, there is no strict criteria to become a VIP customer, but we look to such things as the level of investment, deposits, loans and turnover. We are also looking for clients among the owners of big local companies and we also are looking for clients with high regular income. Clients that would like to use wealth management services need to have free investable funds starting from 300,000 euros. This is our benefit, because for tailor-made investment solutions this limit is much lower than in other Western European banks. For nonresidents recommendations are very important, as well as it is important to know the client and his business, so a client has to provide proprietary documentation.


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ow do your cost structures work? Do you attach a service fee onto the fees indexed to the sum being managed? Alla Tkachenko: Latvian banks in comparison to the banks of Western Europe have more attractive fees and commissions. Many clients who have banking accounts also with the banks of the other European countries, for instance Switzerland, say they pay quite high commissions. In Baltic International Bank we certainly have a price list for our products and services. But as I have already mentioned earlier when you work with an individual client, the approach to all the aspects also is individual. The first task is to find out what the current situation is and what the client would like to achieve. Then we develop the most appropriate individual solution for the client. The purpose is to find the best solution, instead of trying to sell more products. Often to provide the client with complete solution it is necessary to use also the products which aren’t in our price list. We arrange them in-house or by outsourc-

do the same. If a big company does about 100 payments a day, certainly we should understand what the client’s possibilities are. In general all Latvian banks have a very small price for the payment, in comparison to our Estonian colleagues, whose usual payment costs 45-50 euros. We have monthly fees for our VIP clients, about 150 euros, but it’s not so significant, because they need some kind of service, some kind of advising, consultation.

ing and do the individual calculations. Sometimes for some services we just do not take any commissions. Of course this is done only when we see the other benefits of working with particular client and when we can make money on other products in the package.

additional fees to commissions. There are no additional costs, just more advantages, then the bank makes money on the value of the products.

Andrejs Kuzins: Certainly for VIP clients our fees are more expensive, but we can’t compare. VIP clients are very different, from ship-owners to metal merchants, that’s why the demands of each of them are very different as well. If they have a lot of payments we could give them a very competitive price. I know my colleagues

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ou said you have local clients, then you should have more structured fee system? Agita Èeiko: Yes, of course. We have a list of all products and fees for them, and we have this monthly fee for each customer and it’s quite symbolic. At the same time a customer has some special list for bonuses for credit cards, securities and main products customers are using. So there’s a monthly fee and other special fees for used products. Of course, our customers and their needs are different. Mâris Fogelis: In our bank there are no

Inese Krusta: In our bank private banking is at no extra charge. We have three groups of VIP customers. We have resident and non-resident, while among non-residents there are East and West customers. A lot of my customers are from the CIS countries, and a lot of them have special prices for products. Sometimes we are calculating by ourselves if they use some special products that are not on the list.

Mâris Viníelis: For us it’s quite similar to SEB, we have flexible fees. Of course there are these standardized fees in the price list; however we provide more attractive fees for private banking and wealth management clients.

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s I understand many Latvian banks don’t have the ability to offer their customers brokerage services. Alla Tkachenko: In fact I cannot agree to this opinion. Baltic International Bank as all the other Latvian banks, I suppose offers this and other related services, but the difference is that some banks do it in-house and the others – by outsourcing. We have the clients who successfully use these services with us and are quite happy with it.

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oes it create slower turnaround time or any more costs?

Alla Tkachenko: Private Banking client normally doesn’t use just one product; usually brokerage or other services are used as a part of a package. When we outsource any

of the products from this package, we do it in order to offer the client the product he/ she needs for the complete solution. Here we don’t have the purpose to earn money on selling our partners’ products. And of course we choose outsourcing partners very carefully in order to be sure that they offer the best conditions for the client and that the turnaround time wouldn’t be longer at all. Mâris Fogelis: As for brokerage I agree completely, I suppose every Latvian bank has an access to international markets. In general every security is possible to buy almost everywhere. Maybe anther point is


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Banking supplement that our bank advises not just brokerage, but also to buy some securities within the bank, and trust agreements which is more in line with foreign banking VIP departments; not just pure brokerage. Andrejs Kuzins: It is very popular for clients to go through us to Russian and Belarus markets. But very seldom in our bank do we have some kind of order to buy some brokerage demands. Maris Viníelis: I would like to add that about investment operations. If a client wants brokerage then we give advice to him, and we have a dedicated brokerage department dealing directly with this service. For us in private banking it is every important to have management of the client’s money, not trading with it. Agita Èeiko: I suppose that it is a rule – not to make your customer wait. For international banks and those who are sophisticated in investment markets as SEB is it is an advantage.

main focus here in Latvia is local premium customers, because our presence in 20 countries worldwide is developed in the perspective to give the financial experience for customers in different regions with different legislation and traditions. Maris Fogelis: I think better understanding of these clients needs, understanding their mentality, language. And we provide similar services as Western banks, but with relevantly more attractive prices.

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s there a difference between type of clientele between a western and a CIS V.I.P. client?

Alla Tkachenko: There is a difference between Western and Eastern mentality, and therefore the former and the latter undoubtedly need different approaches.

Andrejs Kuzins: Smaller banks give complete individual approach to each VIP client and the flexible system of tariffs in the comparison with the larger bank, that simple! The introduction of new bank products, the speed, flexibility in the solutions, and the mobility of the VIP managers are also strong arguments for smaller banks.

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hat are VIP clients from CIS countries finding so attractive about banking in Latvia? Alla Tkachenko: Firstly, the geographical position of Latvia allows it to be the bridge between CIS countries and Europe. This may be one of the most important reasons why historically many clients from CIS countries choose Latvia for banking and successfully work with the Latvian banks. The next reason – the personnel of Latvian banks is multilingual, speaks Russian, knows and very well understands the mentality of CIS clients. Hence Latvian banks know the best way of finding right approach to CIS clients and of understanding their needs. From the other side Latvian banks have and experience of working with the Western banks and clients. So we are familiar and understand the Western mentality as well. The fact that Latvia has joined the European Union also made our country even more popular for CIS clients. Having banking account with Latvian bank means having account with EU bank. Latvia and Latvian banks in particular could be and are the platform through which the CIS clients enter the European market. Historically Latvian banks were very popular for banking among CIS clients. The confirmation of this statement – Latvia has the largest quantity of banks and subsidiaries of foreign banks (24) compared to the two other Baltic countries – Estonia (9) and Lithuania (12). The other important issues are favorable legal environment and lower (compared to the Western banks’) commissions. Agita Èeiko: SEB Unibanka is a global player within the SEB group. It means that we can give the best expertise for the customers in each presented country. Our

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Alla Tkachenko: To my mind, in the list of advantages three are the most important. Smaller banks [compared to the larger ones] can give much more attention to each individual client and their holistic needs. If I am responsible for managing relationships with 10 – 15 clients – each of them can be sure that he or she will have really personalized and individualized approach from myself and my team. For the larger banks it is more difficult to keep the approach to each client truly individual. But individual attitude and approach are the crucial issues for success in Private Banking. It is also much easier in smaller banks to arrange the internal structure and activities around the clients and relationships rather than around the products. Smaller banks are much more flexible. Normally decisions are taken noticeably faster in the smaller banks because of the simpler hierarchical structure of the smaller organization. And for the clients it is very important factor.

Andrejs Kuzins: Difference, certainly there is! Clients from the countries of the CIS and western clients pose different problems and in essence have different goals for the Bank. The first case is the valuable conducting of economic activity of the company; secondly and most frequently the market for securities or the market for real estate is prevalent. The clients of CIS countries usually use the entire spectrum of the bank’s products, western clients use limited operations. And finally I could say certainly a different mentality and psychology. Agita Èeiko: I suppose that there is no offer smaller banks can be better than the larger ones. Maris Fogelis: Clients from CIS looking more to reinvest in CIS countries, the same for “western” clients, they are more often choosing western markets for secure investments and only a small part goes to emerging markets. But difference between these types of clients diminishes step by step each year.

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hat can smaller banks offer to a VIP client that larger ones can’t?

Mâris Fogelis: First of all it’s personal attitude. We are a mid-sized bank, but we have all advantages of being small enough and available for clients. More than 90% of our clients have personal contacts with some of the board members. We hope that quality of services is in the same level, sometimes even better than bigger banks can provide. Private banking for us is not only one service but the basic principle of relationships with clients.

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hat can larger banks offer to a VIP client that smaller ones can’t? Agita Èeiko: This is again - the best range of financial solutions, especially in the segment of investment products, wealth management, experience, researches, and economic outlook, consultations, best pricing. SEB Unibanka is a global player within the SEB group. It means that we can give the best expertise for the customers in each presented country. Mâris Vinkelis: Our big advantage is our team that consists of good professionals in different areas. We can explore not only our own knowledge and experience, but also know-how from our colleagues in other countries. Hansabank is represented in all Baltic States and Russia. The network of our parent company – Swedbank - is global, and our clients can use the benefits that our network provides to them. It includes wide range of products and services. One of such services is wealth management.


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Bank suppliment By: Kurt Sveilis

The nuances of international banking: East & West

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hat are the trends and forecasts in the offshore industry when it comes to asset and information protection? Offshore industry is dealing with three main activities of a businessman – active import/export operations, investment projects and private savings and consumption. The source of energy for the industry is regulating establishments of businessmen in countries of residency and international organizations of Europe and US. The first affect the schemes of possessing assets and a system of personal savings, the latter – define the “non-resident filling” of such schemes and active operations. It is clear that strengthening of the control and open attacks on international financial centers demand the businessman use more complicated and expensive instruments. For example, if previously imports could be organized through an American company LLC (price to 1000 USD), now it is necessary to use British, Cypriot, and Hong Kong companies, ranging in 2000 – 4000 USD. Most of the businessmen understand the necessity of creating solid residential schemes based on Swiss, Danish and Cypriot companies. Tax reform in Russia is clearly indicating that Russian tax officers are becoming closer to the concepts of their European colleagues, concerning transfer schemes, agreements to avoid double taxation, definition of residency of the company according to the criteria of the location of the control and management center. The creation of new smart mechanisms is not just a trendy topic, but is question of survival. 56

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RigaNOW! interviewed Erez Maharal who specialize in international corporate & tax planning and is a founder of Meridian Companies House – one of the leaders of company formation for business in Russianspeaking markets. In 1999-2000 he was director for direct sales for Rietumu Banka (Latvia). Since 2005 he has been a key consultant for Corporate Alliance AG, providing international corporate and tax planning for large corporations and wealth management and asset protection services for high-net-worth individuals.

hat is the concept of a “Family Office” and what are the benefits and drawbacks? Valery Hudorozhkov, a banker from Swiss AP Anlage & Privat bank says that when it comes to decision making about restructuring of the assets, often it starts with a simple question: what will happen if the client or one of his family members die? Today you might have a rapidly developing business with smartly placed assets, but tomorrow – a heart attack, and your wife doesn’t know what to do now. Your wife simply doesn’t have a key to your savings, no information and access to business. She has to search for her husband’s partners, but since even you never trusted them completely means they also don’t possess complete information. After all, partners can simply not unveil information to your family. When a person is in good health and controls his capital, such problems seem far away, but you never know. Even if the family has got an inheritance, they don’t know what to do with that: with growing business, shares in mills and factories. Who is going to continue the business? Family office helps ensure the succession and structure of investments. Wealthy people highly value diversification; you need to prepare your safety pillows in advance. Besides the creation of a good assets system, the legal part of the Family office is very important. I mean hiring the professional managers, who could manage your wealth and help your family with negotiations process about future deals. On the other hand, in order to create and keep a mini company, a client has to reach a certain wealth level, as well the managers are not allowed to “eat” more than 5% from the generated income from the assets they manage. It is expedient to create such a company if a client

has 10 million USD of a free capital minimum.

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hat are some of the schemes of taking out dividends from Russia, Ukraine and Kazakhstan through European holding companies? In order to answer that question you have to assess the double tax treaty network each country has and also keep in mind that Cyprus is the only holding jurisdiction in Europe which doesn’t tax dividends paid out from Cyprus and therefore is the best dividend exit from Europe to offshore. Russia has a good double tax treaty with Cyprus and dividends paid from Russia to Cyprus in Russia are taxed at the rate of only 5% (henceforth the indicated rates are achievable with significant shareholding, usually more than 20%). Therefore using the Cyprus company as a holding company for getting dividends out of Russia is the most obvious choice. However, if for some reasons choice of Cyprus as holding company is not desirable (many in Russia still consider Cyprus as an offshore and view the Russian companies owned by Cyprus companies with suspicion), companies of Sweden, Netherlands and Switzerland, which also have good double tax treaties with Russia and tax rate of 5% for dividends paid out of Russia, can be used as intermediate holding companies to get dividends out of Russia. Subsequently Swedish, Dutch or Swiss company owned by Cyprus company will be able get out the dividends to Cyprus without paying any taxes due to the EU Parent – Subsidiary Directive which has abolished taxes for dividends paid within the EU (in case Switzerland that will be due to the EU – Swiss Savings Tax Agreement). Kazakhstan doesn’t have double tax treaty with Cyprus. Therefore it’s required to


Banking supplement use other European companies as intermediate holdings in order to get dividends out of Kazakhstan. Among the best options are companies of Switzerland and Latvia, which have good double tax treaties with Kazakhstan with dividends paid from Kazakhstan to those countries taxed at the rate of only 5% and no tax on payment of capital gains. Dividends paid from Kazakhstan to Sweden and Netherlands are

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hat has been the trend in so-called “Police Fishing Operations” in the banking services and is it legal? One of the main, if not the main evidence of tax crimes, concerning private as well as juridical persons is information about movements of bank accounts of the mentioned people, and information about the actual owners (beneficiaries) of these accounts. That is why investigation and taxation authorities are trying to access this information in every possible way. Let’s omit the local cases, and discuss a procedure of international inquiries. I’d like to highlight that in contrast to CIS countries, in most of the European countries, whose banking services businessmen are most interested in (such as Switzerland, Lichtenstein, Austria) do not

At the same time, the banks are not willing to be a help link of the police due to the obligation to keep the bank secrecy, stated in the law, so they can be prosecuted for not doing so later. The banks also don’t want to lose their prestige and reputation, so in most cases such inquiries are considered as Police Fishing and are not satisfied. On the other hand, a petition for explaining a certain deal can be satisfied if the enquirer is observing initial rules of international petitions. I should obligatory add that in most of the cases we speak about so called tax delinquency. In Switzerland and Lichtenstein minor tax crimes (i.e. not connected with cheating on tax officers) are not considered criminally liable, so the international petitions about it will not be considered. While, if we talk about the crimes connected with moneylaundering (breaking of tax law does not correspond to this category), terrorism, trading with weapons or people, etc., in case of sufficient fact for suspicion/ charge are given, the bank may provide requested information.

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also taxed at 5%, but there are issues with the payment of capital gains to those countries as under the respective tax agreements such payment is not always tax free. Subsequently Swiss or Latvian company will be able get out the dividends to Cyprus without paying any taxes. The situation with Ukraine is the trickiest one as it currently has the old USSR Cyprus double tax treaty still in place. Therefore currently under that treaty virtually all the payments, including dividends, made from Ukraine to Cyprus are tax free and Cyprus is widely used as holding jurisdiction in getting dividends out of Ukraine. However, that is about to change, as the Ukrainian government is currently in talks with Cyprus government and the current agreement will soon be replaced with a new one under which dividends paid from Ukraine to Cyprus will be taxed at the rate of at least 5%. Though these changes will still put Cyprus in a position at least as attractive as for other countries, notably, Netherlands, Denmark and Sweden, which currently have double tax treaties with Ukraine ensuring that dividends paid from Ukraine to those countries are taxed at the rate of 5% and therefore those countries can also be used as intermediate holding jurisdictions for getting dividends out of Ukraine.

necessarily give information even to their local authorities, at least not automatically. In the procedure of an international inquiry there are two stages: first, checking the possibility of sending such an inquiry on the country level, and second - the banking institution has to check the validity and precision level of such enquiry, to see if it is not in conflict with the rules of banking secrecy in general and of this bank in particular. The problem of Police Fishing exists on this second stage. Usually, a businessman is using the most up-to-date tools of the international tax planning to leave no evidence of possible (I want to point out – possible) delinquency, and to block the unfair usage of such information for other purposes. When tax officers ask the banking institution to provide them such information, they are aiming “to fish” anything to help them find some evidence concerning the object.

rotection of financial and corporate information is very important; what can you tell us about the secluded server located in a bunker in Swiss mountains, it sound like something out of a James Bond film? Yes, it really sounds like something out of a James Bond film, and I can ensure that it also looks so. Nowadays data protection is the one of most important and high priority tasks for each business. Loss of sensitive information may give advantage for competitors and even bring company to devastation. In the future the importance of IT systems as well as the dependence on them will continuously increase. The responsibility for the secure and protected operation of these systems and the highly developed backup processes are already today the duty of a company’s management as an important and task. Everything inside the bunker is the last word in technology. It includes all types of telecommunication infrastructure including dark fibers. The infrastructure in the Swiss Alps is built completely redundant and guarantees an extremely high availability. The security equipment such as locking systems, access control, surveillance, fire protection etc. surpasses the guidelines of banks and refers to the highest international standards.

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VIP Banking  

Interview with leading VIP bank specialists in the Baltics