For decades, millionaires and billionaires placed their money in Swiss bank accounts for the purpose of dodging taxes. However, the tax shelter has finally been lifted.
Due to a burgeoning recession within the EU, Switzerland is no longer a tax haven as of today. The new banking law passed now allows for foreign tax regulators to obtain bank account information on their citizens.
Everyone must now pay their fair share unless these accounts are moved to the Cayman Islands or to some other offshore account.