A common perception of the Swiss banking system is that of a secretive establishment used primarily by über wealthy foreigners for hiding assets and evading taxes. Such a belief is often due to movies that make reference to a banking system defined by numbered accounts, wire transfers to/from banks in exotic locales, high-tech security and plush “old money”-type offices.
While there is no doubt some truth to such stereotypes (see Liliane Bettencourt), the reality for the average bank account holder in Switzerland is far less exciting. Just imagine the typical Wells Fargo, BofA, Chase, etc. bank account in the U.S. and you’re probably not that far from the truth.
And if you’re an American, the account restrictions probably make Swiss bank accounts even less attractive than their U.S. counterparts. Thanks to all the recent controversy involving alleged tax evasion by U.S. citizens with Swiss accounts, the major Swiss banks seem to now be erring on the side of caution.
While there is no doubt some truth to such stereotypes (see Liliane Bettencourt), the reality for the average bank account holder in Switzerland is far less exciting. Just imagine the typical Wells Fargo, BofA, Chase, etc. bank account in the U.S. and you’re probably not that far from the truth.
And if you’re an American, the account restrictions probably make Swiss bank accounts even less attractive than their U.S. counterparts. Thanks to all the recent controversy involving alleged tax evasion by U.S. citizens with Swiss accounts, the major Swiss banks seem to now be erring on the side of caution.
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