Authorities in India are claiming citizens are taking their money out of Switzerland and moving it to the Isle of Man.
According to press reports in the country, an announcement at the recent G20 summit that Switzerland would hand over information about Indian accounts has prompted its citizens to shift their cash to other jurisdictions.
India’s Income Tax department and Financial Intelligence Unit say they have seen a flurry of transfers to Macau, New Jersey, the Cayman Islands, the Seychelles and the Isle of Man.
However, if the money is coming to the Island, those hoping to avoid scrutiny are likely to be disappointed, after the Manx government signed a Tax Information Exchange Agreement with India in February.
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