Britain Fails to Find Riches It Expected in Swiss Accounts
The amounts at stake are enormous. In 2012, the British government estimated that Britons had amassed more than 40 billion pounds, or $68.5 billion, in Swiss banks. Some conservative estimates of the amount of money tucked away in tax havens and out of reach of governments worldwide range as high as $21 trillion — more than the gross domestic product of the United States.
.. The finances of the trust are so complicated, according to a document filed in the trial, that, under a 2009 divorce agreement, Mr. Ecclestone’s former wife agreed to pay him about $100 million a year. In effect, the authorities say, it is a kind of alimony “inversion.”
.. Jason Collins, a tax lawyer with Pinsent Masons in London, said that the likely locations include Singapore and Dubai. Other experts see money shifting to Mauritius, Seychelles, and Hong Kong.