Swiss Bank Accounts

[wuarhg]

Does anyone have any experience/information on Swiss Bank Accounts/Fund management? I have a pretty good chunk of money in investments and i'm looking at alternatives.

Cheers

[Baulucky]

Yes. Ask away. Only in the open, legal activities, please.

[Baulucky]

In general, most swiss banks prefer not to do business with US customers, if they do open a numbered account for a US person, such person must declare all personal details to the bank, and nowadays they even make all US customers that insist in opening an account there, sign a form authorizing the bank to reveal all info to US authorities on request. So all the purported "secrecy" that swiss accounts used to have, is lost, for all practical purposes. They did this precisely because when a US court subpoenaed some documents and info to a US customer that had transferred his money to a Swiss account, anthe Swiss said no, the US court swiftly proceeded to freeze the assets (billions) uf the Swiss' bank branch in the US. I forget the exact details of the case.

With regards to interest, it is generally slightly lower that what you can obtain in a US bank, and fees for brokerage services are much higher. I believe you can pretty much do everything over the internet, if your account is substantial. They don't suffer small money customers gladly though.

The bank secrecy feature is still very much operational for most other, non US clients. There are better jurisdictions for banking though.

So, in short yes an American can open a numbered account, but it is not of much use, and you have to declare it to the IRS, and forfeit secrecy to the Swiss Bank, etc, etc. I do not currently see any advantage in doing this for an american.

[hawk59]

I don't know about you guys but it has always been my goal to have the type of Swiss safe deposit box that Jason Bourne had in Bourne Identity.

[Baulucky]

[ QUOTE ]
I don't know about you guys but it has always been my goal to have the type of Swiss safe deposit box that Jason Bourne had in Bourne Identity.

[/ QUOTE ]

Even in the movie, he did not open that account with a US passport or ID... Those services exist, but they are somewhat expensive. If you have enough money, and pay enough fees, the banker will even send someone to your hotel to walk your dogs...

The most private of the swiss private banks are so private, that you can only walk in if you are a customer, and of course new customers are by referral only, from another extremely wealthy customer. SBC, UBS, Credit Suisse are like the "fast food" of the swiss banks, and yet the most known. The typical ultra private bank is just a door and a plate on the street with some "X, Y et Cie" or such. Too much cloak and dagger crap, if you ask me. (But I don't have billions to hide...).