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Tax amnesties in Latin America are hurting Swiss banks, including UBS and Julius Baer. That's how they are rising to the challenge.
UBS and Julius Baer, two Zurich-based companies, are among banks planning to go onshore in Argentina. Their plans come amid a tax amnesty program in the Latin American country, according to «Bloomberg».
The program is forecast to result in about $16 billion in assets being moved back to the country, money that was previously held in offshore accounts.
UBS and Julius Baer are mulling plans to acquire local brokerages to quickly get their hands on a banking license, according to the report. So far, about 100,000 citizens of Argentina told their authorities that they owned hidden assets, with 58,000 of those holding offshore accounts.
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