In Switzerland we've all heard a lot recently about the supposed downfall of banking privacy. Many have been contacted by many clients of UBS who have been notified that their Swiss bank accounts are being closed because of the recent scandals in the US. Not realizing that UBS was also "too big and too exposed and thinking it was too big to fail Andrei Vasilevskiy Olympics Jersey , or maybe just because they had hundreds of sales reps, many clients undoubtedly chose UBS.
UBS actually describes itself on its website as "one of the world's leading financial firms"... and therein lies the problem! It's a global bank rather than a Swiss bank.
All the Swiss company management is saying that Credit Suisse will have similar problems soon too. If your money is in Credit Suisse, you have been warned! It's too easy for foreign governments to put pressure on big international banks to give up their secrets.
So if you want to bank in Switzerland what are you to do? As starters Semyon Varlamov Olympics Jersey , for either one of those ultra-discreet private banks you could go. They don't have websites as they are too discreet; even outside their offices they don鈥檛 have their names. For service that as a sophisticated investor you probably don't need or want they charge more fees. So, they are certainly a dying breed and overrated. By bigger banks like UBS and the large Swiss Private Bank Julius Baer many have been taken over in the last few years.
One of the Swiss Cantonal banks would be a better option. Very focused on their local markets and they are both very strong, these are banks owned by Swiss local governments (cantons). For three reasons they are good:
1. Making them less of a target in the first place for foreign governments they don't have too many overseas clients.
2. Making it much harder to apply pressure on them they often don't have any offices outside Switzerland.
3. They have additional political clout as they are associated with the government.
The best way to open accounts with them is to get on a plane as much Swiss company incorporation has their own banks. Many companies are currently busy promoting their Bank accounts as they have made quite a business out of bank introductions Sergei Bobrovsky Olympics Jersey , if you feel like paying a sizeable fee for a referral,.
To get in the door you probably need a good local referral and a sizeable deposit. If your aims are privacy, class and good service at a fair price this is the kind of Swiss bank you should be looking for.
Accounts from US or EU citizens at all will no longer be accepted by many Swiss banks Ivan Telegin Russia Jersey , of course. Given the recent pressures, who can blame them? In this case to look for alternatives outside Switzerland it may be necessary (and a darn site better privacy wise). Given that it is signing agreements with the US treasury and is working on a 'swift agreement' with UK tax authorities amongst others Neighboring Liechtenstein is no longer desirable.
Austrian banks have world class wealth management services and indeed Austria is known as "where the Swiss go for private banking". However, their membership of the European Union could be a problem. To buy gold bullion offshore Austria is also a great place.
Rusca Dimitri works in for a trade finance company for more than 20 years. He has good management skills and during his free time he writes short articles on Swiss company management and Swiss company incorporation.
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