A Swiss private bank account and Swiss private banking are recognized as the ultimate banking resource for high net worth individuals, used by the rich and famous, sports stars and big corporations. Despite recent attacks on offshore banking in Switzerland, Swiss private bankers still maintain the decades-old reputation for confidentiality and security.
The Swiss cities of Zurich and Geneva are world famous for the private banking services they offer – not to mention many other smaller cities which manage wealth on the scale of global financial centres.
What sets a Swiss Private Bank Account Apart?
Its reputation for banking expertise, and of course the bank secrecy law. Swiss bank secrecy, codified into law by the 1934 Swiss banking Act, has ushered billions of dollars into Swiss banks – wealth fleeing from corrupt governments, excessive taxes, and the threat of frivolous litigation
A number frequently overestimated is the amount of ”black” money in swiss bank accounts. Only a tiny fraction of money in Swiss banks has criminal origins. The truth is, most investors like banking in Switzerland for its security. When it comes to putting wealth in a safe place, the Swiss franc and Swiss banking are preferred 99% of the time.
However, bank secrecy in Switzerland is not as strong as it once was. For years the large corporations have known that relying on bank secrecy in any one jurisdiction is a recipe for disaster. That’s why they no longer bank or incorporate solely in one country. When it comes to the HNWI, exactly the same rules apply.
Unfortunately, traveling to distant tax havens and setting up multiple trusts and offshore companies is enough work for a tax accountant – never mind the ultimate beneficiary. What many are really looking for is a way to simplify all of this, a private bank account that keeps your identity secret and your money secure.
A solution increasingly employed is international trust banking. When you bank with an offshore trust company you can make large transfers without hassle or excessive paperwork. Clients can send wires and make private investments in the name of the trust company so that their identities remain confidential. Best of all, trust company law is separate from bank secrecy laws – and protects your identity irrespective of changes in bank secrecy – wherever you choose to bank.
If you are looking to invest while keep your identity confidential, or simply for a safe alternative to a Swiss Private Bank Account, trust banking could be your solution.
Photo credit: waynemah via Visualhunt.com / CC BY-NC-ND
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