Wealth stashed by Pakistanis in Swiss banks falls by 50 per cent

Wealth stashed by Pakistanis in Swiss banks falls by 50 per cent

A latest report has revealed that wealth stashed by Pakistanis in Swiss banks has fallen by 50% to the lowest level of $377 million in 2019. The money directly linked to Pakistani nationals stood at CHF359.6 million or $377 million in 2019. Pakistanis have been constantly withdrawing their funds from Swiss banks since 2015 when Pakistan and Switzerland finalised a revised taxation treaty.

Switzerland’s central bank, the Swiss National Bank, has published its annual report, “Banks in Switzerland 2019”, and the corresponding data for its annual banking statistics. Since 2015, there has been a reduction of 75% or CHF 1.2 billion in deposits held by Pakistanis.

However, the money held by Pakistanis through fiduciaries or wealth managers increased by 152% to CHF 50.5 million — a net addition of CHF 30.5 million over the preceding year.

Source: Express Tribune

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