Shanghai as a tax haven?

One banker who wished to remain anonymous says that in the past two years, as both Germany and Switzerland have debated the potential tax treaty, he has made millions for German clients who previously kept their money in Switzerland. "We work with a clientele that prefers not to pay taxes," is how the banker puts it. The preferred destination for this wealth is now Singapore, the banker says, with experts advising against investments in the United Arab Emirates: "Too much drug money, too many Russians, and in general the unrest in the Arab region has shown that these are not reliable states."

The banker believes he can also help those who feel their money is not secure enough even in Singapore. "Banks in Shanghai are largely owned by the Chinese government," he explains. "That at the very latest is the end of the line for German tax investigators." In other words, the risky destination for investors these days is not Shanghai, but Zurich.
--http://www.spiegel.de/international/germany/domestic-debate-threatens-german-tax-treaty-with-swizerland-a-846169.html