In recent months, a ferocious campaign has been unleashed against investors who hide their money in secretive jurisdictions. Prising open the secrets of money stashed offshore has become a priority for tax authorities as they grapple with evasion scandals and a pressing need to find new sources of revenue.

This month, intensifying political pressure forced Switzerland, Luxembourg, Liechtenstein and others to promise to relax their bank secrecy laws.

Yet the implications of the international crackdown extend to wealthy investors who have never been tempted to dodge taxes. There are signs that some are shifting money to jurisdictions perceived to be the last hold-outs for privacy. Investors should also be braced to be on the receiving end of higher regulatory costs.