When ownership of a Swiss Trust Company (STC) is not disclosed to general public (bearer certificates), it is virtually impossible for creditors of an individual shareholder to obtain any company information. “Fishing Expeditions” are not allowed in Switzerland. A person seeking a judgment against a shareholder of a STC must have proof that the individual has interest in the company. Foreign judgments (including U.S. bankruptcies) usually stop at the Swiss border. Proof of the judgment must be provided to a Swiss court, and only then will a determination be made as to whether the offense is a violation of Swiss law. It is important to note, however, that STCs are not tax shelters.
Posted in: Miscellaneous, Swiss Trust Company, Uncategorized on August 18, 2010