Why Is Swiss Banking The Best in the World?
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- Опубліковано 15 вер 2024
- Switzerland is famous all over the globe for its banking. But why is this the case? What's so special about Swiss banks?
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Switzerland is known for its global neutrality, wealth hub and home of the best world's banks. Swiss banking is a synonym for quality banking.
Even though times are changing banking secrecy is one of the pillars of banking in Switzerland.
But why is Swiss banking such a big deal anyway? How did Switzerland become a banking hub and a place where wealthy individuals from all over the world store money?
Well, one of the big reasons is Swiss neutrality. Throughout history Europe was quite an unstable and a turbulent place. Constant wars and social unrest meant that the rich could lose their assets practically overnight. So the idea was to store money where it was safe - and you guessed it right Switzerland was a safe place.
And this was only the beginning of the Swiss banking story.
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As someone living in Switzerland I have been surprised at the complexity of the Swiss banking system. And by complexity, I mean the incredible amount of fees they tag on, everywhere.
Consumer banking products have so many charges, especially if I'm shopping abroad. France is considered abroad, and I can drive there in ten minutes...
Transferring money from the US has also come with very elevated fees. As you say, I'm not sure if it's worth it or not. I am thinking about buying a house in Switzerland, but the fees I'm finding are along the lines of 4-6%, which feels very high for the amount I need to move.
What you are paying for in Switzerland is banking in a jurisdiction that will honor your offshore asset protection trust and not honor a foreign judgment UNLESS it has been secured against the trust in the impenetrable asset protection trust jurisdiction you used to protect your money. Which essentially NEVER happens. Switzerland is asset protection banking and like most insurers they charge a lot for the insurance.
Yea i agree with Jeremy if i was going to move my money over to Switzerland from the US it would be for asset banking protection first and foremost,i would not mind one bit paying a premium to know a substantial amount of my money was protected from some possible shenanigans that could unfold in the US..and if somebody was a high net worth individual and didn't want to jump through hoops setting up a Swiss bank account im guessing UBS banking would probably be one of your better options for asset protection as they do offer services in multiple countries.
Can have traditional swiss bank, and then have neo bank from swiss. Traditional swiss bank probably charges nothing to transfer to another swiss bank. And then just use that neo swiss bank. WIR bank comes to mind.
For non americans: Cooks island trust + llc + swiss bank that has no offices outside swiss + usa credit card with all those crazy rewards. Just get a card with no FX fees, and use it for daily purchases. For americans, do not want to pay taxes? Buy assets, and borrow against them. If usa citizen, at interactive brokers can borrow at 5%. If usa citizen, can move your stocks to some swiss bank that do take americans, and borrow against portfolio in swiss... at 1.7-2%. You never sell... you do not pay tax. Buy, Borrow, Die tactic.
What is the point to have a swiss bank account today? Neutrality gone, banking secrecy gone .. maybe to pay high fees?
Name a country where banking has secrecy? Even few non-crs countries, have other reporting standards, you know its not only crs and facta that exists. General secrecy is not gone in Swiss, just have to open a bank account that does not have offices in USA, and preferably have no offices outside Swiss.
You want a good point? I will shatter all these digital nomad business models. Having swiss account, and borrowing against it while never selling, called buy, borrow, die or in swiss called Lombard loan. You form a portfolio, and never sell. Then borrow against your assets at 1.7-2% (swiss always has low interest rates). No more needing of living 2 months in serbia, 1 month in spain, 1 month in dubai, 1 month in uae, 1 month in malaysia... should i continue? :)
Trust me, i been living abroad for 20 years, and... nothing sweeter like your birth place. This nomad life just sucks.
If all wars are bankers wars, and Switzerland was where the Banks were, it's funny the only country that was Neutral when it came fighting wars was Switzerland...and the world blindly accepted it....
The masses don't think logically much do they lol.
You can't open bank account if you are not living in Switzerland and you don't have a Swiss residence permit. You can open wealth management account which is start from 500 000 USD. Dont waste time if you don't have at least 500 K for initial deposit.
There are very few banks that open current bank accounts for foreigners.
Austria is a better pick, but you need a residency permit just like Switzerland.
Switzerland has destroyed their reputation....
You write: "Switzerland has destroyed their reputation...."
That's why as soon as there is a perceived international crisis, the value of the Swiss Franc rises overnight, right? Because the "Swiss have destroyed their reputation". Yeah, we've found another "economics genius" posting here. 😂😂
BTW: in proper English, your statement would be: "Switzerland has destroyed ITS reputation". 😉😂
Their reputation is banking Swiss cheese!
Swiss banking sector is living from it's old fame, I would say. Yes, one can certainly get good quality banking, but nowadays you can get in in many places. All big international banks are safe and efficient. Why go to Switzerland?
I guess if one has large sums of money and wants to park it somewhere Switzerland is still a good option, especially in the private banking sector. But then again fees are high, and you're not necessarily getting something that you can't get elsewhere.
I don't know.. I feel like Switzerland will need to improve and adapt if they still want to keep the title of the ''best banking in the world''. We will see
All what you say is so true. Switzerland has nothing left to offer. And furthermore, is Switzerland really efficient or this is just a stereotype of the past (that does not apply anymore today in such inter-connected world)? Considering what happened with CS I feel the answer is no: Switzerland is not that efficient (certainly not more than other EU countries).
Swiss banking is good because they invest a lot in information technology and the customer experience is slick.
Fear and uncertainty create major wealth. It's those who take the risk and have strong gut to endure the bloody days. When i notice extreme dips i tend to actually move more money to Bitcoin.
Is it the same for information sharing with CRA? Seems it has no reach outside of Canada. Basically a paper tiger unlike IRS. Nobody takes their requests seriously, even the Americans.
Everyone used to think it can be used for tax evasion
Meanwhile Switzerland absent a double tax treaty has one of the highest withholding taxes on interest including bank interest at 35%.
There is serious debate going on in SWITZERLAND about abandoning its neutrality status.Hope that SWISS people are smart enough not to choose this path!Because if this happens there goes your banking in SWITZERLAND. Neutrality, safety and secrecy-that is bottom line here.
Why did you leave out Holland, Gibraltar, Austria, Denmark, Macau and Taiwan?
The Swiss got rich by riding the coattails of Nazism. Let that sink in.
Well, from Jews during WWII, in parallel from Nazis as they have chosen CH as a merchant hub, after WWII, African and Arab dictators money, then from Columbian snowflakes, Asian dictators like Marcos from Philippines, etc, etc. of course, they are blind on both eyes when confronted with it….I forgot Russians after collapse of USSR. Don’t trust them.
These US companies had investments in Nazi Germany before the start of WW2 - included General Motors, IT&T, Eastman Kodak, Standard Oil, Singer, International Harvester, Gillette, Coca-Cola, Kraft, Westinghouse, and United Fruit. Sobering thought.
If anything, it's a plus.
And then they gave us FATCA. rip
Thanks for this video. Do Canadians have it as hard as Americans in trying to get a Swiss bank to accept them?
Famous or Infamous?