I mention it only as a theoretical discussion point, and certainly not as a recommendation, in fact just the opposite. I believe if money flows can be made transparent, a lot of illegal activities in the world would stop, including terrorist funding.
Panama Papers: Top Ten Tax Havens—Where the Money is Hidden
Financiers from Switzerland might be good if you need private banking and are a high new worthy client who needs money management. But in comparison to other global investments, it is not anything special. There are plenty of firms in the US that offer these services. The idea of Swiss banking is as outdated as investing in a typewriter manufacturer. They are also expensive.
I prefer to use my talents creating something and not scheming avoidance. I know tax avoidance is in vogue, but I highly recommend you obey the law and do not do anything illegal. This post is just about the world of secret money in the world not recommendations about money laundering in any way shape or form. So, in conclusion, I see no reason whatsoever to put your money in a Swiss bank account. The world has changed and Switzerland is not a great country for investing or secrecy.
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Swiss banking is a red flag. Swiss banking gives you no secrecy. In fact, it will draw attention to you. If you have a Swiss bank account the US tax office works with people in Switzerland and they know about you. Even if the Swiss have privacy laws dating to , it does not matter.
A total of 4, accounts.
Opening and Using Swiss Bank Accounts
Is that safe for you? They are now in big trouble with the law.
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The US has special agents in Europe probing more. Credit Suisse could be next. If you have deposits in a small unknown shop, not a brand name than I think probabilities of being noticed are less. Look at Assange, with alleged US government influence they shut his bank account down in a day.
Offshore banking does not protect you from taxes. I am a US and EU citizen.
Four ways you can still hide your money | Financial Post
I must report and pay taxes on all my worldwide income to the USA, even if I am a citizen of another country and live on the other side of the world and do my banking and business somewhere else. If someone has a Swiss bank account, you can report them under these guidelines for offshore banking. I even report my pittance I make teaching English. It does not matter where you live or citizenship you hold, US financial law applies to you.
The US is one of the few countries to do this by the way.
Divorce & Hidden Money: Gathering Swiss Bank Records Via Compelled Consent Forms
Account holders will be notified before their names are disclosed and will be able to appeal the decision in Switzerland's Federal Administrative Court. This approach, the Swiss government says, is in line with the existing law allowing the exchange of account information in cases of suspected criminal activity and also complies with the newly signed double-taxation treaty between the two countries, which stipulates that Switzerland will cooperate with the U.
In Switzerland, news of the settlement was greeted with relief. SBA stressed that the agreement does not violate Swiss banking-secrecy laws and that the privacy of clients who are not suspected of tax evasion or other forms of criminal activity is protected. At UBS, which escaped a potentially lengthy legal battle in the U. The Swiss government, which yesterday put its The long-term effects of the agreement on the Swiss banking industry, however, are difficult to predict, experts say.