Client story
Client's Story
Where they started
Semyon Mikhailovich spent decades building capital and storing it where he was accustomed to trusting - in Swiss UBS and Julius Baer. For a long time, this meant security and confidentiality. However, with the advent of automatic financial information exchange, the silence ended: banks are obligated to report account data annually to the account holder's country of tax residence.
Why the standard route did not work
Several years ago, like many others, he was sold a Caribbean residence permit under the promise that it would resolve his residency issue. On paper, he had a passport or residence permit, but Swiss compliance quickly tightened its approach: banks ceased accepting formal Caribbean status without actual presence as genuine tax registration. Reporting continued to be sent to the CIS country.
What BRIDGES had to solve
For Semyon Mikhailovich, these were not abstract risks. Annual transmission of account balance data to a jurisdiction with unpredictably changing rules meant constant threat - from tax reassessments to inquiries he had no desire to answer at his age and with his level of capital.
Why a standard answer would not do
He came to BRIDGES with a specific task: to obtain not mere paperwork, but genuine tax resident status recognized by Swiss banks in a respected European jurisdiction, so that CRS reporting would go to a jurisdiction with clear and favorable tax treatment for him.
For years I was told that a Swiss bank account is secure and confidential. It turned out the confidentiality works best where you have genuine status, not purchased paperwork. The bank simply did not accept the Caribbean residence permit. BRIDGES created genuine residency, and the concerns disappeared.
