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SWISS BANKS – THE OFFSHORE PIONEERS IN FINANCIAL PRIVACY

Almost all investors’ first option is the Swiss Bank when they think about offshore havens. They are the best when it comes to asset protection because they are in this field for the longest period of time, when compared to any country.

The Swiss banks are the most preferred in the world because they offer protection, consistency, stability and privacy to clients’ data and assets. The tradition of keeping bank records a secret began in the medieval times in Switzerland and was made a law in 1934. According to some reports almost 1/3rd of the offshore funds are held in the Swiss banks. The Credit Suisse and UBS AG are the 2 biggest banks which are said to be holding over fifty percent of the deposits of Switzerland.

The Swiss law grants secrecy of the banking information. However, it is not unlimited. All the accounts in Swiss banks are linked to an individual and the judge may give an order which lifts the secrecy of the banking data for the said individuals. The law in Switzerland has different meanings for tax fraud and tax evasion. When individuals don’t declare their earnings it is tax evasion. However, if individuals file duplicate tax documents then it is a criminal offence.

The Swiss Banks passed the “Money Laundering Act” to stop money laundering from other countries. Several individuals from around the world including its own country men deposit their cash in Swiss Bank Accounts and evade tax.

In the years 2001 and 2002, when the Italian government offered not to punish those people who have evaded tax by depositing them in Swiss Accounts, an astronomical sum of thirty five billion Euros came back into the country. In 2003, there was a similar incidence that took place in Germany. This is the reason why the entire world community, including the United States are pressurising the Switzerland government to make more transparent banking laws.

However, totally anonymous bank accounts are illegal in Switzerland also. You have to submit all the documents which are needed when you open a local bank account. The major difference between Swiss Accounts and other accounts is that the personal data of the account holder is restricted only to the senior most bank officers in Swiss Banks but, it is not the case with the regular bank accounts. When there is a criminal offence against an individual then his bank account can be accessed with such ease as the regular bank account.

In short, any person who would want to keep legally earned money in a secure and safe off – shore haven should consider Swiss Banks as their first choice. But, because of the high profile of the Swiss Banks, they may compromise on privacy. If you are looking for complete privacy then you can consider one of the banks in countries like Guernsey Islands, Caicos and Turks.

Swiss Banks are able to maintain such privacy because Switzerland has distanced itself politically from the rest of the world.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.