The Swiss Banks: Still Running Like Clockwork?

admin — Sat, 20 Dec 2008 01:53:10 +0000

Switzerland, a landlocked country in central Europe with an estimated population of only 7,275,467 (1999) that is composed of 65% German, is not only famous for being the neutral country that makes the best timepieces in the world. It is also the home of the lavishly rich and secretive banks, such as the Union Bank of Switzerland (Zurich), Swiss Bank Corporation (Basel), and the Swiss Credit Bank (Zurich). These three Swiss banks have the reputation of being financially solid. But what makes Swiss banks so different and so famous around the world? Long ago, Swiss banks offered the best features sought by asset protection specialists. They offered ironclad privacy and confidentiality because their deposit accounts are number coded. Bank accounts denominated in Swiss francs are still considered better bets than other currencies. Financial stability, reliability and accessibility are added features that made it easy to trust them with hard-earned money. Doing business with them was a breeze. Switzerland does not have rigorous regulations on the exchange of gold-backed currency or precious metals. But lately cracks have begun to show. Swiss bankers have succumbed to external pressures from the United States and other countries to disclose information in selected cases. Some asset protection experts advise depositors to stay away from Swiss banks with branches or affiliates in the United States because a U.S. branch or affiliate “destroys privacy” The competition is catching up with Switzerland. Luxembourg and Liechtenstein, two landlocked countries in western and central Europe respectively are giving the Swiss a run for their money. Many other countries are now more attractive havens for legitimate investors and some plunderers, their spouses, daughters and in-laws we know too well.

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The Swiss Banks: Still Running Like Clockwork?