Wealthy Americans are flocking to Swiss banks in search of financial stability and asset protection amid uncertainty under President Donald Trump’s second term. The number of Americans opening banking and investment accounts in Switzerland has increased significantly, with a notable spike this year.
Swiss banks have long been known for their strong financial reputation and confidentiality, attracting investors who seek to diversify their portfolios beyond the US dollar. With the value of the dollar weakening relative to other major currencies, many are reconsidering their asset allocation. Americans with international backgrounds, such as Israeli or Indian roots, make up a significant portion of these inquiries.
Opening an account in Switzerland can be a complex process for foreign individuals, requiring guidance to ensure compliance with US regulations and avoid tax evasion. However, Swiss financial institutions have become more comfortable handling US customers since dealing with past tax issues, which resulted in billions of dollars in fines.
Source: https://www.fastcompany.com/91319618/why-high-net-worth-americans-are-banking-in-switzerland