Why choose Swiss Bank?

Created by the Swiss Banking Act of 1934, which led to the famous Swiss bank, the principle of bank secrecy is always considered one of the main aspects of private banking. It has also been accused by NGOs and governments of being one of the main instruments of underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGT Group) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world."[2] The Swiss Parliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.[3][4]

http://en.wikipedia.org/wiki/Bank_secrecy


Swiss bank secrecy has gone back to the middle ages.

1/3rd of all worldwide funds that are "offshored", are in Swiss banks.

They help people keep private about their money, evade taxes, etc.

How come the normal Americans don't deposit their money into a Swiss bank?

How come the normal Americans don't deposit their money into a Swiss bank?

Is there any particular reason for why most wealthy people from all over the world choose the Swiss bank?

How come the normal Americans don't deposit their money into a Swiss bank?

Is there any particular reason for why most wealthy people from all over the world choose the Swiss bank?

Back in the day, Mobsters & the elite would stash their cash in Swiss Banks to avoid taxation on the Capital Gains and Interest income. UBS Bank is the largest Swiss Bank. However, the IRS where my friend worked for 16 years has as of August 20th, 2009 mandated with the US Department of Justice that all Swiss Banks disclose their client list. Each Swiss banker will be given a 30 day period of amnesty to come clean. This Amnesty ends on September 23rd, 2009. So, the answer to your query is "TAX AVOIDANCE"

Every US citizen who has a bank account overseas, with more then $10,000, MUST file form TD F 90-22.1

In this form you most disclose all your foreign bank accounts to the IRS!

So if you think it helps you opening a forgein bank account remember you have to replrt them!

Daniel32

If thay don't file this form they face criminal charges.