A Swiss bank alternative is more private than a Swiss bank account
Swiss banks and Swiss private banking are recognized as the best resource for high net worth individuals, used by the rich and famous, sports stars and major corporations. Despite the recent attacks on offshore banking in Switzerland, Swiss private bankers still maintain a decades-old reputation for privacy and security.
The Swiss cities of Zurich and Geneva are world-renowned for the private banking services they offer – not to mention many other smaller cities that manage wealth on the scale of global financial centers.
What sets Swiss banking apart?
His reputation for banking expertise and, of course, bank secrecy law. Swiss banking secrecy, codified into law by the Swiss Banking Act of 1934, funneled billions of dollars into Swiss banks – wealth fleeing corrupt governments, excessive taxes and the threat of frivolous litigation
A figure that is often overestimated is the amount of “black” money in Swiss bank accounts. Only a small part of the money in Swiss banks has a criminal origin. The truth is that most investors like banking in Switzerland because of 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 used to be. For years, large corporations have known that relying on bank secrecy in any one jurisdiction is a recipe for disaster. This is why they no longer bank or establish in just one country. When it comes to HNWIs, exactly the same rules apply.
Unfortunately, traveling to far-flung 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 it all, a private bank account that keeps your identity private and your money safe.
An increasingly used solution is international trust banking. When you bank with an offshore trust company, you can make large transfers without the hassle or unnecessary paperwork. Clients can send telegrams and make private investments on behalf of the trust company so that their identity remains confidential. Best of all, trust company law is separate from bank secrecy laws – and protects your identity regardless of bank secrecy changes – wherever you choose to bank.
If you are looking to invest while maintaining the privacy of your identity, or simply for a safe alternative to Swiss banking, trust banking could be your solution.
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