Swiss bank UBS Group is experiencing a surge in business as wealthy Americans open overseas accounts, seeking to diversify their portfolios and mitigate the risks associated with volatile US financial markets. According to CNBC, a growing number of high net worth individuals are choosing Switzerland for its secure gold storage facilities and stable economy.
Contrary to the past perception of Swiss bank accounts being associated with tax evasion, UBS and other Swiss banks comply with strict disclosure laws in the US and other countries. Many Swiss banks are registered with the US Securities and Exchange Commission (SEC) and require their overseas clients to complete tax forms.
Wealthy Americans are drawn to Switzerland’s neutral politics, stable economy, and reliable legal system, which makes it an attractive destination for foreign investors. However, UBS stock has declined 5% this year, despite having a Moderate Buy rating from 11 Wall Street analysts, with an average price target of $38.03, implying 36.11% upside potential.
Source: https://www.tipranks.com/news/business-booms-at-swiss-bank-ubs-group-ubs-as-wealthy-americans-open-accounts