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You could do a similar video about Luxembourg. While the Swiss banking secrecy is mainly a gentlemen's agreement, I believe it's part of law in Luxembourg. Not entirely sure about the details, but that tiny country doesn't have the similar swagger as Switserland, might be the reason it's way less known.
I have the biggest company in the US that helps people legally set up Swiss accounts. Been doing so for 31 years. Funny because I know the guy you interviewed. His name is Pierre. He's been a friend of mine for 17 years. As I was watching, I knew beforehand where you'd be rejected and who would open it for US people. Reach out to me, Noah. Great video. Thanks.
The reason most banks in Switzerland don't accept Americans anymore is because America changed a law where a foreign bank has to provide income information to the FDA (something like that). And because Switzerland has a banking secret and couldn't sell out their clients, they paid America billions in damages and restricted Americans from opening bank accounts in Switzerland. Not 100% accurate, but it goes something like that.
Interesting concept but I feel like this was really surface level and you could’ve made it more informative with facts that explain why they don’t want to open accts for Americans. Fatca, Fbar, etc. Switzerland is far from the only country that will turn non resident Americans away
Honestly I felt like he went deep. Imagine in that high stress environment. You don’t want to push people bc then you look suspect and every bank won’t even let you on prim. So I think it was good.
Noah makes interviewing random people look easy but it is not. Many people are suspicious and don't want to talk especially in Switzerland but Noah is persistent and really wants a video that will be informative and interesting. Try talking to strangers in a foreign country.
ahahahhaha the girl from UBS warning that Credit Suisse wasn't doing their due dilligence and now UBS is trying to buy CS because of their devalorization
The IRS cracked Swiss banking secrecy about 10yrs ago. Still lots of use and benefits to have offshore accts, but the secrecy is not what it used to be for a US citizen.
Actually, most banks here in Switzerland are in private banking and wealth management, which means they have a huge client advisor team searching for rich people and approaching these people...if you are a client, they go to you, not you to them...
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
Swiss here. When I moved abroad to an EU country, I had to give up my Swiss accounts. Only two banks accepted me while living abroad. It's just that the banks want to avoid ending up paying huge fines.
@Siddharth big company incorporated in Ireland, Luxembourg, Liechtenstein etc. When you are rich or a big MNC, people are looking for you instead like this guy looking for banker
@@msallehuddinsoeb Indeed, it’s quite rare that the main interested person would do those first approaches by himself/herself. You do phone calls, some emails. Before showing up like that. Lol
Absolute rubbish. You can have multiple bank accounts in any country you like (unless you are an American) without disposing of your Swiss accounts. We have one in Belgium, two in the UK and one in Portugal on top of the four we have in Switzerland. Non asks you to close your foreign or your Swiss accounts, you just have to report them. They claim to be shared info anyway, but that is all bullshit, they want YOU to do the work for them. No banks pay any other fines to other countries except the US, who impose sanctions on banks to give up their US citizens accounts and so then just close them.
Cool Video Noah! A pity I missed you here in Switzerland. The reason why Swiss banks do not want to open a bank account is FATCA. A law that the US invented, for US money that is outside of the US. It's a pain to comply with it and most banks just do not want to risk not being compliant with it. Therefore it easier to just say no.
Even if you are an american national residing in Switzerland long term it can be a real headache to open a bank account in Switzerland. Thats a problem exclusive for americans tho... I had a friend who had double citizenship (Swiss and American) and she was having problems opening accounts in Switzerland.. I mean, Swiss banks are not as dirty as they used to be 20 years ago. The real dirty money is going somewhere else nowadays (not giving tips for you criminals reading that but try booking it at the Cayman Islands). With higher levels of digitalization and new legislations it is increasingly more risky for swiss banks reputation to deal with "dodgy clients". The image of "the swiss banks are for the villains from 007 and wolf of wallstreet" is something that I would say its already in the past, but still bashed in the media as form of entertainment because its a "known character" in the public imagination the dodgy swiss banker. Swiss wealth management sells itself nowadays with the image of Swiss safety, may it be political (neutrality) or economical stability offered by the Swiss Frank (the oldest coin still in use btw). In resume: the rich put their money in Switzerland because if the world is in shambles maybe Switzerland will be less in shambles than the rest.
so basically your saying the US wants to make sure their citizens pay their fair share? WOW how dare they make the billionaires disclose certain finances to prove they are paying their part. Swiss banks are definitely connected to corrupt money no denying that but your right its not the only institutions in the world that allow corrupt money to flow in and out.
@@Ap_twsh It is not like that for a while already... Not since Automatic Exchange of Information (AEI). Only countries not at the AEI are Algeria, Armenia, Belarus, Benin, Bosnia and Herzegovina, Botswana, Burkina Faso, Cabo Verde, Cambodia, Cameroon, Chad and Congo.
It’s actually quite easy to open a Swiss bank account while living in the states. All you need is a corporate/entity with an address in the EU. Could even be a “P.O box”. I recommend having a Swiss national on the account as well, while your entity retains power of attorney over the account, make large transfer 2 sig etc etc..
Awesome video. I had worked at a Swiss financial firm back in 2006. The reason the Swiss banks don't want US residents is not because of Swiss law, it's because of inconvenience. A few years back ubs bank had a American who worked for them and he helped many rich Americans to hide money in ubs bank. In order to not have major problems with the new US reporting regulations about Americans with Swiss Bank accounts they just decided to tell all their US clients to go away. Probably the only way you can do it now is to have an offshore corporation open an account
I’m American and lived in Switzerland for several years. I work in the industry and was already familiar with the cross-jurisdictional laws that make it difficult for Americans to get an account. I had Swiss income and was a resident and STILL had a hard time getting an account. In addition to the FATCA rule that someone else commented about, there are also other obstacles more directly trusted to the IRS mandatory reporting. Global banks that hold ANY type of account or financial service will require disclosure and automatic reporting as well. That really doesn’t work for global banks. Why would they build systems just do the IRS can be nosy? Their solution is to just say No to Americans. There’s more I can clarify but that’s a big part of why you’re were being rejected.
What if one was a multi-national, which included US citizenship, but omitted this fact with a medium-sized bank that does not cooperate with the US IRS? Could one reasonably avoid the cruel FBAR and FACTA system? Asking for a friend of course.
@@roseforeuropa there is no way to omit such information without lying. The forms are build in a way where it specifically asks if you possess US citizenship.
@@automationd As far as my understanding of general Swiss law goes, in particular when it comes to finance, oftentimes banks are required to ask certain questions, but, unlike banks in the EU, are NOT required to verify those questions. In addition to that, Japanese law does not recognize dual citizenship (De Jure) although in practice they do (De Facto), so I could use the De Jure interpretation of Japanese civil law on citizenship as evidence that I do not possess a US nationality. Any thoughts? Are you an attorney?
@@roseforeuropa Any respectable bank has a KYC department even in CH, of course they are required to check your information... Switzerland is complying with FATCA and CRS, if a bank registered with FINMA does not implement the required rules they could lose their banking licence. Swiss banking secrecy now only applies to Swiss Residents within Switzerland. Any non resident person with a passeport from one of the OCDE member states would have their bank account data forwarded to their respective tax juridiction. Of course you could lie but you cannot lie about being a Swiss resident since they will ask you to show a residence permit to validate that... This video is just trying to create a buzz around how things were in CH until 2010.
@@bramapouf I think there may be some misunderstanding. My Japanese bank is separate from my American bank, as is my name and identity. There is no reason for a Swiss bank to contact the Americans when I am coming in with a Japanese passport. In fact, only the largest banks even allow Americans to open an account there, typically (UBS, CS, etc.)
im working in zurich in a swiss bank , haha I would tell something anyway. its strange to talk with a stranger about this subject, you are not a friend here
Haha, thoroughly enjoyed that one - very funny. It's my city after all and banking is recurring topic around these parts. I wouldn't say it was a very accurate depiction of Swiss Banking, but you know, not the first or last time I guess. Hope you enjoyed your stay.
I can tell you a bit more. I am italian and have a swiss bank account. They are not secret at all, any EU government has access to any bank account in any country. My bank however asked me only to do not have anything to do with US. They say the problem is that as tax fraud in US is a criminal offence, to have people with business or life or relation to US, they should make sure you dont dodge or evade taxes and thats basically impossible for them to know.
I always wondered why so many millionaires keep their wealth in Switzerland and Singapore. Even though the video didn't go into how exactly it happens, I guess I'll find out myself someday.
Wealthy people keep portion of their wealth in Switzerland because Swiss franc is one of the strongest currencies on the market. In addition to that Switzerland was never part of any war which makes Swiss franc even stronger currency.
@@AnonymousanonymousA when certain country goes into war, their currency significantly loses value (since money is needed to buy and maintain military equipment which is crazy expensive) and becomes worthless and in addition to that inflation is raging on which makes country poor. Switzerland tended to be neutral in any war which results in Swiss franc going more stronger and stable currency. Many people choose to retire in Switzerland because of that
@@kartaros002 i have always wondered why Hitler invaded Poland france Russia and any other country but not Suisse where the big money was stored Very weird isn't it?
People seem to think that Switzerland is the only country whose banks take in money of dubious origins. It's actually London where there are banks that take in dirty money from all over the world.
Yeah, cayman islands or even worse Delaware anyone xD Absolute joke and hypocritical from the USA as we all know they have the biggest amount of hidden money in the world. But with hollywood and all their other propagande they always point on others while being the actual douchebags.
This video was very difficult to do with the resistance of willing bankers that would talk about banking and how difficult it is for Americans to do business there. It used to be a safe haven for individuals to open accounts and avoid paying taxes. I love the effort and information this video provided. Worth every click!!!!!!!!!!
Dude I’m building my startup to fix this very problem. My family has been living there for 20 years . In Switzerland is all about relationships that’s the key to their banking success .
good video :) btw, if you want to have your money at UBS e.g. and you live in the US, you can open one with their US subsidiary. That for sure would not impose you to so many restrictions and limitations. The thing in CH is that you have to be resident in the country (as mentioned in your video) or have your business registered there to open an account (I do live in fact in Switzerland:))
@@alexisgomezsalinas3560 that's a cliche about Switzerland anyway. There are far better options to avoid taxes than Switzerland. Most of them are island nations e.g. St. Kitts and Nevis I think
Two weeks ago I was in Zurich. On a bus tour they said that as of about 10 years ago, foreigners can no longer open a Swiss bank account. I don't know why the people here don't just tell you the truth: "You may have seen in the movies that people open Swiss bank accounts so they can hide their money, but this is no longer the case." Exceptions are wealthy international business people, but this is a completely different story.
Hi Noah, cool video. I'm glad you had a great trip to my hometown of Zurich! I could have told you all about the issues with Swiss bank accounts for U.S. citizens and permanent residents, but then again, you wouldn't have had the opportunity to visit that nice city ;-) As the former head of the tourism marketing agency for Switzerland in the U.S., I still enjoy it when people write about visiting the country and sharing their experiences with others. Hope you make a return visit some day!
When opening an account in switzerland, you are asked to sign a "non us citizen" form. Why ? because of the financial crisis in 2008 that almost took all swiss banks down. that's why... in a short form
No, It’s because we have to report every US citizen to the IRS so that you pay taxes. If we don’t do it, we’re fines. And of course, depending on the country you live in, it’s too risky for us to open an account because of due diligence regarding money laundering.
i raised and born in switzerland and stil live here... its actually not a surprise that they won't let you to open a bank account because we do have many diffrent restrictions here. but im proud of you that you dont gave up
*Please say that you live in the US or the United States of America. Even Brazilians can say that they live in "America" or "Americas" as it's part of South America. I understand that A stands for "America" in USA, but that is not the representative of "America" as a whole.*
I used to work for a prestigious private bank in Switzerland, the first question in the pack of papers you are asked is "Are you from the United States of America?" Answering yes, simply by ticking the box and your application is rejected. Why? Due to countries outside Switzerland wanting to monitor the accounts of their citizens
A primeinister of a country went to a swiss bank where his President was banking met the Manager & put a gun to the manager's head and asked the account number of his President, the manager sweating refused to give the A/C No. The primeinister put the gun down & said ok now I trust you, open an account for me.
@@giovannifrrri5495 A school inspector in a developing country showed his very old car & asked a 7th grade student how old is this Car. She said 34 years. School inspector said the answer is correct how did you come to the answer. The student said I have an elder brother who is half mad he is 17 year old you are fully mad so car 34 years old .
Awesome video as always! Moved to Zurich two years ago and I absolutely love it here. "If you ever want to learn how to reject people, move to Switzerland" - haha, that part cracked me up 😂 Actually, after a little while here, you learn that people are really super nice.
As a provider of offshore services it's funny to see this situation play out. There are many reasons to have a Swiss bank account still but being a us citizen makes this quite a bit more complicated the IRS isn't exactly relaxed party to deal with.
Another question in our minds about purchasing a property in Switzerland. Almost impossible but there is maybe 1-2% chances out there. As an American citizen, I kindly ask you to do video about this as well please, Noah.
You can buy property in Switzerland, just very few banks will give you a mortgage and if they do they will require reporting to FATCA and IRS. Also, unless you are a C permit holder, I would not risk it as they can (unlikely) kick you out and then you have to sell your property at below value. Happy to help if you have questions.
How much has the Swiss bank usurped money deposited by depositors who have not asked for their money because they have been overthrown by the government or are dead?
This guy in the video would have to prove where his money is from. I moved back to Switzerland from Australia in 2008, and i opened an account with UBS and had to provide evidence of where my money was from, and i am an indigenous Swiss person.
Apparently in Switzerland asking to open a bank account is one of the strangest requests to ask the bank…. They all looked surprised by the request…. Any Swiss in here? Do you all have cyber implants where you get the money digitally deposited into your Nano-bank??
Where a banker is working, whether it be USA, Switzerland, India, UK or any other country for that matter, they will not disclose any banking information.
@@iirokangas3434 - Hey Liro! Definitely not the intention. I've lived in many European countries for studies and work so for simplicity's sake I didnt list them all.
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I would love to make a 101 interview on Swiss banking myself really
you would have much more luck pretending to be the assistant of a HNW/UHNW individual, than the actual person.
You need to do more homework...
You could do a similar video about Luxembourg. While the Swiss banking secrecy is mainly a gentlemen's agreement, I believe it's part of law in Luxembourg. Not entirely sure about the details, but that tiny country doesn't have the similar swagger as Switserland, might be the reason it's way less known.
That Credit Suisse line hits hard right now
The banking world knew well in advance that something would happen sooner or later
fr i went to verify it ahahah
I have the biggest company in the US that helps people legally set up Swiss accounts. Been doing so for 31 years. Funny because I know the guy you interviewed. His name is Pierre. He's been a friend of mine for 17 years. As I was watching, I knew beforehand where you'd be rejected and who would open it for US people. Reach out to me, Noah. Great video. Thanks.
This is such a delightful coincidence to read this. Such a cool profession you have. Thank you for sharing! 😄
Yo Unc Noah, make this happen.
How bout opening a shell company in caribean?
It's so comforting to know there's always someone to help criminals hide their cash. You should be so proud of yourself.
@@jacquesmertens3369 you have quite an imagination, friend. We would not accept that person as a client and neither would the bank.
The reason most banks in Switzerland don't accept Americans anymore is because America changed a law where a foreign bank has to provide income information to the FDA (something like that). And because Switzerland has a banking secret and couldn't sell out their clients, they paid America billions in damages and restricted Americans from opening bank accounts in Switzerland. Not 100% accurate, but it goes something like that.
Does that mean foreigners of other countries are still welcomed??
The IRS**, the FDA is the food and drug administration.
@@kindbeast6974 YES! but prepare to deposit 500k-1mil usd initially as well
@@tanks.6352 you need to keep that amount in the account at all times?
The banking secrecy laws changed back when Obama was President, so people can’t hide money easily, especially Americans.
Interesting concept but I feel like this was really surface level and you could’ve made it more informative with facts that explain why they don’t want to open accts for Americans. Fatca, Fbar, etc. Switzerland is far from the only country that will turn non resident Americans away
i agree , about Fatca, Fbar. it is a PITA to comply, Hence, banks do not whant to deal with it.
Totally! Something that really make us feel like we are watching a secret investigation
Honestly I felt like he went deep. Imagine in that high stress environment. You don’t want to push people bc then you look suspect and every bank won’t even let you on prim. So I think it was good.
Noah makes interviewing random people look easy but it is not. Many people are suspicious and don't want to talk especially in Switzerland but Noah is persistent and really wants a video that will be informative and interesting. Try talking to strangers in a foreign country.
They declined the camera, do you really think they would decline anyone with a decent networth and some cash for the men and women in the suit?
2:23 "Not Credit Suisse". How appropriate an observation from the lady.
Unlike the bank, she did her due diligence
ahahahhaha the girl from UBS warning that Credit Suisse wasn't doing their due dilligence and now UBS is trying to buy CS because of their devalorization
The IRS cracked Swiss banking secrecy about 10yrs ago. Still lots of use and benefits to have offshore accts, but the secrecy is not what it used to be for a US citizen.
it is if u know how, and have the actual money and contacts to do so, mosly u need to be presented by an existing client
lmao the real funny part is how surprised some of them were when you asked for a BANK ACCOUNT... in a BANK 😂
The guys are like "Nooo no, we dont do that here." 😁
I think it's because people call and make appointments to open bank accounts and don't just walk right in
Actually, most banks here in Switzerland are in private banking and wealth management, which means they have a huge client advisor team searching for rich people and approaching these people...if you are a client, they go to you, not you to them...
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
Who's the author and can I find it on Amazon
Bot
Swiss here. When I moved abroad to an EU country, I had to give up my Swiss accounts. Only two banks accepted me while living abroad. It's just that the banks want to avoid ending up paying huge fines.
I had the same experience. Got turned down many times.
@Siddharth probably the income source is registered in a different country
@Siddharth big company incorporated in Ireland, Luxembourg, Liechtenstein etc. When you are rich or a big MNC, people are looking for you instead like this guy looking for banker
@@msallehuddinsoeb Indeed, it’s quite rare that the main interested person would do those first approaches by himself/herself. You do phone calls, some emails. Before showing up like that. Lol
Absolute rubbish.
You can have multiple bank accounts in any country you like (unless you are an American) without disposing of your Swiss accounts.
We have one in Belgium, two in the UK and one in Portugal on top of the four we have in Switzerland. Non asks you to close your foreign or your Swiss accounts, you just have to report them. They claim to be shared info anyway, but that is all bullshit, they want YOU to do the work for them.
No banks pay any other fines to other countries except the US, who impose sanctions on banks to give up their US citizens accounts and so then just close them.
Cool Video Noah! A pity I missed you here in Switzerland.
The reason why Swiss banks do not want to open a bank account is FATCA. A law that the US invented, for US money that is outside of the US. It's a pain to comply with it and most banks just do not want to risk not being compliant with it. Therefore it easier to just say no.
Thanks for teaching me something new.
Very true
Even if you are an american national residing in Switzerland long term it can be a real headache to open a bank account in Switzerland. Thats a problem exclusive for americans tho... I had a friend who had double citizenship (Swiss and American) and she was having problems opening accounts in Switzerland.. I mean, Swiss banks are not as dirty as they used to be 20 years ago. The real dirty money is going somewhere else nowadays (not giving tips for you criminals reading that but try booking it at the Cayman Islands). With higher levels of digitalization and new legislations it is increasingly more risky for swiss banks reputation to deal with "dodgy clients". The image of "the swiss banks are for the villains from 007 and wolf of wallstreet" is something that I would say its already in the past, but still bashed in the media as form of entertainment because its a "known character" in the public imagination the dodgy swiss banker. Swiss wealth management sells itself nowadays with the image of Swiss safety, may it be political (neutrality) or economical stability offered by the Swiss Frank (the oldest coin still in use btw). In resume: the rich put their money in Switzerland because if the world is in shambles maybe Switzerland will be less in shambles than the rest.
so basically your saying the US wants to make sure their citizens pay their fair share? WOW how dare they make the billionaires disclose certain finances to prove they are paying their part. Swiss banks are definitely connected to corrupt money no denying that but your right its not the only institutions in the world that allow corrupt money to flow in and out.
@@Ap_twsh It is not like that for a while already... Not since Automatic Exchange of Information (AEI). Only countries not at the AEI are Algeria, Armenia, Belarus, Benin, Bosnia and Herzegovina, Botswana, Burkina Faso, Cabo Verde, Cambodia, Cameroon, Chad and Congo.
It’s actually quite easy to open a Swiss bank account while living in the states. All you need is a corporate/entity with an address in the EU. Could even be a “P.O box”. I recommend having a Swiss national on the account as well, while your entity retains power of attorney over the account, make large transfer 2 sig etc etc..
Hilarious how 2:30 calls out credit suisse months before the bailout...
I love how shocked bankers are when you ask about opening a bank account.
Awesome video. I had worked at a Swiss financial firm back in 2006. The reason the Swiss banks don't want US residents is not because of Swiss law, it's because of inconvenience. A few years back ubs bank had a American who worked for them and he helped many rich Americans to hide money in ubs bank. In order to not have major problems with the new US reporting regulations about Americans with Swiss Bank accounts they just decided to tell all their US clients to go away. Probably the only way you can do it now is to have an offshore corporation open an account
Noah always blessing us with the unique financial content!
Thanks man. Glad you enjoy it!
I’m American and lived in Switzerland for several years. I work in the industry and was already familiar with the cross-jurisdictional laws that make it difficult for Americans to get an account. I had Swiss income and was a resident and STILL had a hard time getting an account.
In addition to the FATCA rule that someone else commented about, there are also other obstacles more directly trusted to the IRS mandatory reporting. Global banks that hold ANY type of account or financial service will require disclosure and automatic reporting as well. That really doesn’t work for global banks. Why would they build systems just do the IRS can be nosy? Their solution is to just say No to Americans. There’s more I can clarify but that’s a big part of why you’re were being rejected.
What if one was a multi-national, which included US citizenship, but omitted this fact with a medium-sized bank that does not cooperate with the US IRS? Could one reasonably avoid the cruel FBAR and FACTA system? Asking for a friend of course.
@@roseforeuropa there is no way to omit such information without lying. The forms are build in a way where it specifically asks if you possess US citizenship.
@@automationd As far as my understanding of general Swiss law goes, in particular when it comes to finance, oftentimes banks are required to ask certain questions, but, unlike banks in the EU, are NOT required to verify those questions. In addition to that, Japanese law does not recognize dual citizenship (De Jure) although in practice they do (De Facto), so I could use the De Jure interpretation of Japanese civil law on citizenship as evidence that I do not possess a US nationality. Any thoughts? Are you an attorney?
@@roseforeuropa Any respectable bank has a KYC department even in CH, of course they are required to check your information... Switzerland is complying with FATCA and CRS, if a bank registered with FINMA does not implement the required rules they could lose their banking licence. Swiss banking secrecy now only applies to Swiss Residents within Switzerland. Any non resident person with a passeport from one of the OCDE member states would have their bank account data forwarded to their respective tax juridiction. Of course you could lie but you cannot lie about being a Swiss resident since they will ask you to show a residence permit to validate that... This video is just trying to create a buzz around how things were in CH until 2010.
@@bramapouf I think there may be some misunderstanding. My Japanese bank is separate from my American bank, as is my name and identity. There is no reason for a Swiss bank to contact the Americans when I am coming in with a Japanese passport. In fact, only the largest banks even allow Americans to open an account there, typically (UBS, CS, etc.)
im working in zurich in a swiss bank , haha I would tell something anyway. its strange to talk with a stranger about this subject, you are not a friend here
Basically they don't want any kind of attention because it can grab social pressure on the way Swiss banking works.
The woman who said 'not Credit Suisse' was absolutely bang on! Ha.
There is Swiss startup called Relio that solves that problem - foreigners having bank account in Switzerland without trouble.
Haha, thoroughly enjoyed that one - very funny. It's my city after all and banking is recurring topic around these parts. I wouldn't say it was a very accurate depiction of Swiss Banking, but you know, not the first or last time I guess. Hope you enjoyed your stay.
Glad you enjoyed it. Was a fun and challenging one to make.
I can tell you a bit more.
I am italian and have a swiss bank account. They are not secret at all, any EU government has access to any bank account in any country.
My bank however asked me only to do not have anything to do with US.
They say the problem is that as tax fraud in US is a criminal offence, to have people with business or life or relation to US, they should make sure you dont dodge or evade taxes and thats basically impossible for them to know.
Thanks for info Emil!
It’s only secret for swiss
I always wondered why so many millionaires keep their wealth in Switzerland and Singapore.
Even though the video didn't go into how exactly it happens, I guess I'll find out myself someday.
Wealthy people keep portion of their wealth in Switzerland because Swiss franc is one of the strongest currencies on the market. In addition to that Switzerland was never part of any war which makes Swiss franc even stronger currency.
@@kartaros002 and inflation is very very low like max 2% is allowed and they aren’t tied to anyone they aren’t EU and NATO members
@@kartaros002 wow never part of any war when all of Europe was a battlefield?
@@AnonymousanonymousA when certain country goes into war, their currency significantly loses value (since money is needed to buy and maintain military equipment which is crazy expensive) and becomes worthless and in addition to that inflation is raging on which makes country poor. Switzerland tended to be neutral in any war which results in Swiss franc going more stronger and stable currency. Many people choose to retire in Switzerland because of that
@@kartaros002 i have always wondered why Hitler invaded Poland france Russia and any other country but not Suisse where the big money was stored
Very weird isn't it?
man, this man really give effort for making this video
People seem to think that Switzerland is the only country whose banks take in money of dubious origins.
It's actually London where there are banks that take in dirty money from all over the world.
HSBC!! Money laundering bank for the disposables...
isn't the Vatican Bank who take a lot of dirty money.
Yeah, cayman islands or even worse Delaware anyone xD Absolute joke and hypocritical from the USA as we all know they have the biggest amount of hidden money in the world. But with hollywood and all their other propagande they always point on others while being the actual douchebags.
Uncle Noah is back!!!
awesome content man! could I trouble you to find out which brand made those spy glasses? The film was ultra HD
It’s ray ban
It's the meta glasses
Great video! Much love from Switzerland:)
Thanks!!
This video was very difficult to do with the resistance of willing bankers that would talk about banking and how difficult it is for Americans to do business there. It used to be a safe haven for individuals to open accounts and avoid paying taxes. I love the effort and information this video provided. Worth every click!!!!!!!!!!
Thanks for the comment (:
It indeed used to be safe and easy, but things have changed. The bank secrecy still applies to all people living in Switzerland.
Wow, that was a thrill ride. Thanks for making this.
Dude I’m building my startup to fix this very problem. My family has been living there for 20 years . In Switzerland is all about relationships that’s the key to their banking success .
good video :) btw, if you want to have your money at UBS e.g. and you live in the US, you can open one with their US subsidiary. That for sure would not impose you to so many restrictions and limitations. The thing in CH is that you have to be resident in the country (as mentioned in your video) or have your business registered there to open an account (I do live in fact in Switzerland:))
That would ruin the whole point of avoiding taxes.
@@alexisgomezsalinas3560 that's a cliche about Switzerland anyway. There are far better options to avoid taxes than Switzerland. Most of them are island nations e.g. St. Kitts and Nevis I think
@@nage7438 any banks you personally recommend to help hide taxes?
@@apollospyrol7168😂😂😂😂
Excellent...
Very interesting investigation.
Thanks for sharing.
Two weeks ago I was in Zurich. On a bus tour they said that as of about 10 years ago, foreigners can no longer open a Swiss bank account. I don't know why the people here don't just tell you the truth: "You may have seen in the movies that people open Swiss bank accounts so they can hide their money, but this is no longer the case."
Exceptions are wealthy international business people, but this is a completely different story.
I opened an account in Switzerland in 2016,but I live and work there. It was not easy, though.
Anyone can open a bank account, as long as you are NOT a US citizen.
@@shortfattoad7317 That's how it is.
corrupt leaders of 3rd world counties can still do it
Hi Noah, cool video. I'm glad you had a great trip to my hometown of Zurich! I could have told you all about the issues with Swiss bank accounts for U.S. citizens and permanent residents, but then again, you wouldn't have had the opportunity to visit that nice city ;-) As the former head of the tourism marketing agency for Switzerland in the U.S., I still enjoy it when people write about visiting the country and sharing their experiences with others. Hope you make a return visit some day!
Man's stepping up the youtube game
My man dressed like a bank robber with sunglasses inside wondering why shy Swiss bankers get shy
being a US citizen and trying to get a tax evasion is paradox, no banks wanna mess up with irs🤣
I never thought that watching rejection would be so fun
When opening an account in switzerland, you are asked to sign a "non us citizen" form. Why ? because of the financial crisis in 2008 that almost took all swiss banks down. that's why... in a short form
So foreigners of other countries are still welcomed in swiss banks??
No, It’s because we have to report every US citizen to the IRS so that you pay taxes. If we don’t do it, we’re fines. And of course, depending on the country you live in, it’s too risky for us to open an account because of due diligence regarding money laundering.
Cool video, thanks Noah! 👌🏻😊
Love this Noah. Big effort. Awesome content 👊
Thanks Alex!
*In this day and age, your phone probably pings that you’re at a bank there and notifies the USA so they can investigate you.*
Why? Switzerland keeps the blood money
2:31 "Not Credit Suisse, they are not doing their due diligence.."
i raised and born in switzerland and stil live here... its actually not a surprise that they won't let you to open a bank account because we do have many diffrent restrictions here. but im proud of you that you dont gave up
She was right though, UBS Acquired Credit Swiss Already
“What are the benefits of a swiss bank?”
“Swiss banks are safe” 😂😂😂
She the lady from UBS was so right about Credit Swiss not doing their due diligence.
I LOVE NOAH FILMING AND SHOWING REJECTIONS. Keeping it real, unlike those polished "successmouthfuls"
Good video thanks, much love ❤
I'm surprised you didn't make an appt ahead of time with the banks.
Tried to.
I’m a Swiss living abroad and even I cannot open a Swiss bank account anymore 😂
Dang
Where do you live now? If you Don't mind me asking?
in switzerland you gotta ask permission to film people like this
Most of the banks knew he wasn't serious by the skinny tie, suit, and earrings.
*Please say that you live in the US or the United States of America. Even Brazilians can say that they live in "America" or "Americas" as it's part of South America. I understand that A stands for "America" in USA, but that is not the representative of "America" as a whole.*
Thats pure hardwork man
This man does his bussiness and also put time to make this creative video great !!!
the UBS girl was bang on with her advise dont open with credit Suisse they dont do due diligence
2:23 LOL not Credit Suisse
I'd say the main places for sketchy banks are Swiss, Hong Kong, Macau and Singapore.
Monaco and Luxembourg are some other banking alternatives that offer what Swiss banks offer.
If you want be rich someday, swiss banks are the key for financial success.
Love your content!
I used to work for a prestigious private bank in Switzerland, the first question in the pack of papers you are asked is "Are you from the United States of America?"
Answering yes, simply by ticking the box and your application is rejected.
Why? Due to countries outside Switzerland wanting to monitor the accounts of their citizens
A primeinister of a country went to a swiss bank where his President was banking met the Manager & put a gun to the manager's head and asked the account number of his President, the manager sweating refused to give the A/C No. The primeinister put the gun down & said ok now I trust you, open an account for me.
How fake is this? Yes
@@giovannifrrri5495
A school inspector in a developing country showed his very old car & asked a 7th grade student how old is this Car.
She said 34 years.
School inspector said the answer is correct how did you come to the answer.
The student said I have an elder brother who is half mad he is 17 year old you are fully mad so car 34 years old .
@@saladiniub ??????
0:09 This is not a bank. This is the Federal Palace of Switzerland. The Swiss national bank is in another building next to it.
Good stuff, i might just do the same someday. Thanks dude!😊
Happy new year
Thanks for sharing this, interesting to see which company does this business :D
Awesome video as always!
Moved to Zurich two years ago and I absolutely love it here.
"If you ever want to learn how to reject people, move to Switzerland" - haha, that part cracked me up 😂
Actually, after a little while here, you learn that people are really super nice.
Swiss were great
@@noahkagan next visit, visit the country side of Switzerland. Total difference scene.
@@noahkagan ua-cam.com/video/2xPV7Q8SUHg/v-deo.html Swiss Franc!
I love Zurich. Iived there for 4 years. I miss my Swiss friends
Is it easy to move there
Some banks seem on the thread as we are learning more and more and currency is softer. Not what it used to be.
good for swiss banks! they keep the information safe, if they have america in they have to give a lot of info to them...
As a provider of offshore services it's funny to see this situation play out. There are many reasons to have a Swiss bank account still but being a us citizen makes this quite a bit more complicated the IRS isn't exactly relaxed party to deal with.
@@James777921 low levels of financial risk and high levels of privacy.
Another question in our minds about purchasing a property in Switzerland. Almost impossible but there is maybe 1-2% chances out there. As an American citizen, I kindly ask you to do video about this as well please, Noah.
You can buy property in Switzerland, just very few banks will give you a mortgage and if they do they will require reporting to FATCA and IRS.
Also, unless you are a C permit holder, I would not risk it as they can (unlikely) kick you out and then you have to sell your property at below value.
Happy to help if you have questions.
How much has the Swiss bank usurped money deposited by depositors who have not asked for their money because they have been overthrown by the government or are dead?
That’s why everyone needs an aunt emma
Bradley Birkenfeld would have been your whistleblower banker. He’s a great guy with big cojones.
Walking up to random people on the street with a camera and getting rejected... their response seems normal.
If you are a US citizen, hardly anyone will want to open your account regardless of the asset size.
Nice suite!!
Bro with these shoes on a formal suit, no wonder they are not taking your seriously 4:30
Or maybe its just because of US.
Both :p
I love this one Alot
This is the type of content the algorithm should be pushing instead of the lame entertainment content Mr Beast is pushing
Thanks BC! Appreciate that (:
You can't judge that. He's successful too
This guy in the video would have to prove where his money is from. I moved back to Switzerland from Australia in 2008, and i opened an account with UBS and had to provide evidence of where my money was from, and i am an indigenous Swiss person.
Lol why does everyone look confused that your asking to open a bank account like your not coming to a bank
5:42 My man said we were overbooked on opening bank accounts like its not digital 🤣🤣🤣🤣🤣
Dude this is so fun - I would love to see you making mini travel docs at like 40 mins length.
The Bank Lobbies look like hotels, no queues, smells like money 😅
Apparently in Switzerland asking to open a bank account is one of the strangest requests to ask the bank…. They all looked surprised by the request…. Any Swiss in here?
Do you all have cyber implants where you get the money digitally deposited into your Nano-bank??
You do realise that Switzerland has one of the strictest banking laws in the world.
Where a banker is working, whether it be USA, Switzerland, India, UK or any other country for that matter, they will not disclose any banking information.
Switzerland is already on its way out. Dubai is the new Switzerland.
great stuff!
Thanks :)
U need proxy to open an account right ? Like some one who live there, some one u trust.
Yessssss ❤lovin it bro 💪🏼
Thanks chris
Like my man from Nomad Capitalist will say always get another passport
The banks did a Barbara : You live in the US and that is the reason why I am out.
🔥🔥🔥 - Loved this style of video Noah! Lived in Europe for a few years and definitely had my fair share of challenge with the financial system there.
Thanks so much man.
You talk of Europe as if it was a single country with a single financial system :D
@@iirokangas3434 - Hey Liro! Definitely not the intention. I've lived in many European countries for studies and work so for simplicity's sake I didnt list them all.
Uncle Noah comes through for us all once again getting us the secrets of the wealthy!!! 👏🏽👊🏾