SWP Alert – Greek Government to Begin Looting Safe Deposit Boxes

SWP Alert – Greek Government to Begin Looting Safe Deposit Boxes

SWP Alert – Greek Government to Begin Looting Safe Deposit Boxes

The government of Greece has recently announced that it will soon be looting safe deposit boxes in banks. Inspectors will be authorised to open any and all safe deposit boxes in any and all banks. They will be authorised to confiscate as much as half the cash they find, plus stocks, bonds, jewellery and works of art without notifying the box holder.

The government’s justification is that they’re chasing tax evaders, stating that they’re targeting those who owe more than €150,000 in back taxes. However, they have also revealed that they will target any boxes held by those who are “suspected” of tax evasion and, since literally anyone can become a suspect at any moment, without having to be charged with a crime, inspectors will have the authorisation to decide on the spot that a box holder is “suspected” of tax evasion.

Greece is the first country to authorise looting of privately held safe deposit boxes in banks. However, JPMorgan Chase in the US has recently announced that it has instituted new controls on the content of safe deposit boxes in their banks.

Those who hold safe deposit boxes in any bank, either in the US or an EU country may wish to remove cancel the use of such boxes and move their valuables to a private storage facility in a jurisdiction where it is not legal for either the government or the banks to loot private property.

SWP offers clients the ability to rent fully-insured safe deposit boxes on an annual fixed-cost basis.

For more information about renting a safe deposit box from SWP, please visit www.swpcayman.com/storage.php or contact info@swpcayman.com.

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