A version of this article first appeared in the CNBC’s Inside Wealth Newsletter along with Robert Frank, a weekly guide for a high-apene investor and consumer. Sign up to get future versions, directly on your inbox. According to investors and banks, they are opening bank accounts in Switzerland as part of their portfolio’s “de-Americanlision”. Swiss banks say that they have seen the increase of interest and business growth from high-le-well Americans opening investment accounts in recent months. “It comes in waves,” said Pierre Gabris, CEO of Swiss Financial Consulting firm Elpen Partners International. “When (former President Barack Obama was elected), we saw a big wave. Then Kovid was another wave. Now tariffs are creating a new wave.” Gabris said that different customers have different motivations to open an account. Many people want to diversify away from dollars, which they believe will become even more weak under the weight of the growing American debt. Switzerland’s neutral politics, stable economy, strong currency and reliable legal systems are all a draw. Others are inspired by politics and they see as a decline in the rule of law in the US under the Trump administration. Others are still opening Swiss accounts to buy physical gold in Switzerland, which is famous for its gold storage and refineries. Gabris said that many people are looking for residence or other citizenship in Europe and want to buy property. “This is a plan B,” he said. Opening Swiss bank account is quite straightforward, but strict American disclosure laws have to be followed. While major American banks cannot open Swiss accounts for customers, most have referral relations with a handful of Swiss companies that are registered with SEC and are allowed to accept American investors. Wantobel SFA, the largest Swiss bank registered with SEC for American customers refused to comment. Swiss Private Bank Pictate said it had seen “significant utterances” in the requests of customers of its Swiss-based unit Pictate North America advisors, which is registered with SEC. While opening Swiss bank account decades ago, there may be a mark of tax evasion, today it is highly regulated and more wider, complete with tax forms and reporting. “Many Americans are aware that their portfolio is 100% of US dollars, so they are thinking, ‘maybe I should diversify,” Gabris said.
Swiss flag in Swiss, Geneva Lake, Switzerland.
Athanasios gioumpasis/getty picture
A version of this article first appeared in the CNBC’s Inside Wealth Newsletter along with Robert Frank, a weekly guide for a high-apene investor and consumer. Sign up To achieve future versions, directly on your inbox.
According to investors and banks, they are opening bank accounts in Switzerland as part of their portfolio’s “de-Americanlision”.
