Credit Suisse Group AG (CSGN)’s German client’s homes were searched by tax agents probing the possible use of so-called “Bermuda products” involving several billion euros to hide funds from the tax authorities, Handelsblatt reported, without saying where it got the information.
Some 7,000 customers, mainly German, that used accounts in Bermuda disguised as tax-free insurance products are affected, the newspaper said, citing unidentified banking officials. The investments averaged about 500,000 euros with individual cases of 12 million euros and more, the newspaper said.
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