Swiss private banking - Private Banking in Switzerland For Foreigners.

Wealthy ? Thinking of moving to Switzerland ? Here are some basic information about living and banking in Switzerland.
By: marcha_kuypers
 
April 15, 2010 - PRLog -- Swiss Private Banking
Private Banking in Switzerland For Foreigners


Swiss private banks have an excellent reputation for confidentiality, and Switzerland itself is a money haven home to a quarter of the world's managed wealth. Bank Secrecy was codified into Swiss law by the 1934 Swiss Banking Act.



Switzerland is an attractive jurisdiction for private banking because of its low taxes and tradition of strict financial privacy. Taxes are fairly high for the Swiss (up to 35%), but wealthy foreigners worth more than U$S2million can negotiate residency while paying very little tax. However, in order to benefit from this deal affluent immigrants cannot work in Switzerland or run a business from there.



Switzerland taxes residents on their worldwide income - the tax rate will depend on which canton (state) you live in. The cantons with the most modest tax rates are Zug, Schwyz, Nidwalden and Zurich.



Swiss Companies & Incorporation


Even if you are not intent on living in Switzerland you can still incorporate. Switzerland is viewed as having one of the most friendly corporate tax rates in Europe, and some of the largest companies in the world use Swiss holding companies.



Swiss Bank Accounts


The famous Swiss bank accounts are extremely elusive. To get a private banking service at a Swiss private bank a balance of around U$S1Million is the minimum. For a high-end wealth management service where bankers take care of investment decisions the figure may be something more like U$S5-10Million. Some Swiss banks will have minimum deposits that are even higher.



Bank Secrecy Law and Swiss Private Banks


Whereas the Swiss traditionally do not view tax evasion as a crime, high profile investigations into Swiss banks have led to the secrecy laws being relaxed where a Swiss private bank has foreign operations. Big global banks like Credit Suisse and UBS have been obliged to hand over client records since they opened US branches. Private Swiss banks with no foreign operations are a better option for those seeking bank secrecy. Further, some banks are now no longer accepting US citizens as clients, deeming them to be overly risky.



Even so, Swiss bank secrecy is not set in stone, and Switzerland's laws can change like any country's. One of the principal advantages of a Capital Conservator private bank account alternative is that your records are kept secret regardless of changes in bank secrecy laws because you hold your account with a Capital Conservator Group trust company. Even if bank secrecy is pierced, your financial identity is shielded by Trust Company Law, which prohibits Capital Conservator from handing over information on its clients.

For a free private banking consultation click here
http://www.swissprivatebank.com .
End
Source:marcha_kuypers
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Tags:Swiss Banks, Swiss Banking, Moving To Switzerland
Industry:Private banking
Location:Zurich - Zurich - Switzerland
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