When most investors think about offshore asset havens, the first prospect that comes to mind the traditional Swiss bank account. This has has become a virtual stereotype of asset protection, probably because Swiss banks have in this area of financial services the longest compared to other countries.

Switzerland has a long-standing political distance between himself and the rest of Europe, as it maintained neutrality through both World Wars (leading to charges collaborated with the Nazis), it is not an EU member, and only member of the United Nations in 2002. Christoph Meili, a security guard for the United Bank of Switzerland, became a prominent whistleblower by preventing the destruction of Holocaust-era financial records in 1997 and brought them to the attention of the public. Then, Meili lost his job and received death threats and was the first and only Swiss national team his political asylum in America. Descendants of Holocaust victims claim Swiss banks still hold some of their ancestors despite fund disbursements in recent years.
Regardless of its somewhat unsavory past has
Switzerland is traditionally much more to it than haven asset recommend. It is a stable country with a well-established Western system of laws, so investors receive no sudden surprises after a coup or regime change.

The financial institution in Switzerland Banking in Switzerland known for the stability, consistency, privacy and the protection of client resources and data. The nation in the tradition of banking secrecy comes from the Middle Ages, codified but officially adopted in a 1934th All Swiss banks are regulated by the Swiss Federal Banking Commission, or FBC, which derives its authority from a series of federal laws. Banking is an important industry in Switzerland and employs about 5% to 6% percent of its workforce and generating 14% to 15% of annual GDP. It is estimated that about one-third of the offshore funds deposited in Swiss banks. UBS AG and Credit Suisse are the two largest Swiss banks, which more than 50% of all deposits in Switzerland.
While confidentiality of bank data is guaranteed by Swiss law
In practice, it not unlimited. While secrecy is protected, all accounts that have a specific person in connection, and a judge or prosecutor, a “lifting order to give” the law enforcement authorities access to information relevant to the criminal investigation to issue. Swiss law distinguishes between tax evasion and tax fraud. If money is not declared, this is called tax evasion, a crime under Swiss law. However, as falsified tax filing tax returns is a criminal offense. />


. Members of the European Union complain that their relatives to use near its convenient services to avoid taxation at home. The EU is working to a harmonized tax system among its Member States, and the officials of the Swiss banks (and according to some surveys, the public) against further integration. Some cooperation was forthcoming, and since 1 July 2005, Switzerland has placed a withholding tax on interest income from personal Swiss accounts of EU citizens into account.

offered a limited amnesty for evaders with Swiss accounts, which in returning 30-35000000000 €. In 2003, another such amnesty program was offered by Germany. In 2003 the U.S. announced a new information-sharing arrangement under the previously signed U.S. – Swiss Income Tax Convention to an effective tax collection to facilitate information exchange.

Swiss numbered account bank accounts are legendary to the public as bastions of secrecy, but in reality, the necessary information in order to open such an account is the same as that of an ordinary account, completely anonymous accounts are prohibited by law. The only difference between a numbered account and a regular account is that personal data on these accounts is limited to senior bank officers, rather than accessible to all bank employees. In a criminal investigation, prosecution, the numbered account holder may identify the access as easy as a normal invoice.

In summary, who proved right obtained capital in a safe offshore haven asset Swiss banks should consider in order to want to be a safe bet. But because of their high profile, these banks offer less security for privacy as some lesser-known, and the thorough review, countries such as the Turks and Caicos Islands, Guernsey or the.