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Latino Daily News

Thursday February 24, 2011

Brazilians Keep More Money in Swiss Banks Than Most Everyone Else in the World

Brazilians Keep More Money in Swiss Banks Than Most Everyone Else in the World

Photo: Brazilians

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Brazilians keeps more money (the kind of money they can’t keep in Brazil) in Switzerland than the Chinese, Indian or Saudis do.  Official figures put the amount at $6 billion while unofficial estimates go as high $60 billion. 

Despite heavy federal police operations aimed to avoiding the flight of capital to Swiss banks, Brazilians have millions divided between Geneva, Zurich and other financial havens of the European nation.

That sum only represents the funds that have been declared officially; certain Swiss bank employees, estimate the real sum could be ten times higher, since a considerable amount of Brazilian money was transferred from places like the Cayman islands and the Caribbean, and so not accounted as of Brazilian origin in Swiss bank archives.

Most of the Brazilian money in Swiss banks, is classified as “Fiduciary Operations,” a label that means the bank is not obliged to present it in their balances. These label also allows several politicians and important Brazilian figures to hide their personal fortunes, all they have to do is present a document to the bank, guaranteeing the funds weren’t made through political activities.