By Arden Dale
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)–Zurich to Panama City, first class. That will likely be a simple travel itinerary for people trying to do something not so simple: Move their hidden money out of Switzerland.
In the turmoil over tax evasion and UBS AG (UBS), many other banks, including Credit Suisse (CS) and LGT Bank, are shedding American customers with undeclared accounts. It is leaving these people with the problem of moving a lot of money to some other place or declaring it to the Internal Revenue Service themselves.
Finding a new hiding place won’t be hard. Panama, the Cayman Islands, Dubai, Singapore and Hong Kong are among prime destinations for tax evaders, despite a push by global authorities to change that.