BIS Immunities From Prosecution and Taxes

A reader of ours, Lucinda Shmulsky, sent this along “In case you would like to share this with your readers….”

The Charter signed by members of the Bank of International Settlements on January 20, 1930 included the following under Article IV

“Privileges and immunities granted to all Officials, The Officials of the Bank, whatever their nationality, shall

(a) enjoy immunity from jurisdiction for acts accomplished in the discharge of their duties, including words spoken and writings, even after such persons have ceased to be Officials of the Bank;

(b) enjoy exemption from all Federal, cantonal and communal taxes on salaries, fees and allowances paid to them by the Bank; however, Switzerland may take these emoluments into account for the purpose of determining the tax payable on income from other sources; this exemption shall apply to Officials of Swiss nationality, provided the Bank operates an internal taxation scheme;

(c) enjoy exemption, at the time of payment, from all Federal, cantonal and communal taxes on capital payments due in whatever circumstances by the Bank; the same shall apply to any capital payments which may be made to Officials of the Bank by way of indemnity for sickness, accidents, etc.; however, income derived from such capital payments, as well as annuities and pensions paid to former Officials of the Bank, shall not be entitled to such exemption.”

https://www.bis.org/about/headquart-en.pdf

 

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