Swiss bank accounts is an alternative that you can consider when you investigate Swiss annuities.
The world has changed a lot. There was a time when Swiss bank accounts were considered to be operating in the shadows because of the legendary Swiss Privacy Laws.
All that has changed. No Swiss bank would touch your money if all your assets are not tax compliant in the jurisdiction where you operate. Swiss banks know that they need to comply and provide information on their clients' assets and bank accounts when queried by non Swiss tax authorities.
But Swiss bank account portfolios, managed by an experienced and licensed investment advisor, remain one of the most solid investments you could make.
I had Swiss bank accounts for almost thirty years. During this time I had to operate bank accounts for business and personal use in all the sophisticated banking countries of Europe and North America. I can assure you the service levels and products of Swiss banks are simply in another class.
There is a downside to Swiss accounts. At the moment interest rates on deposits are virtually zero. There are not as many investment opportunities denominated in Swiss Franc, compared to investments in other currencies, for you to invest in. But the Swiss Franc remains strong relative to other currencies. It is as solid as gold. In fact, it must be backed at least by 40% in gold reserves by Swiss law. At the current gold price levels the Franc is backed by gold reserves many times over.
Inflation is not a factor in Switzerland. We lived in Switzerland for eleven years and during that time my rent stayed exactly the same. During a recent visit to Switzerland I noticed that the price of many products and services remained at the same level it was during our stay in Switzerland.
If you don't have contacts in Switzerland, where do you start? How do you open bank accounts and build a relationship? During my working career I made Switzerland my hub for business travel. A short bus ride from Zurich Kloten Airport is the small town of Bülach. Bülach developed during the past twenty years into a buzzing financial and banking center. All the larger Swiss banks are represented in Bülach. Bank officials go out of their way to accommodate you and to make you feel welcome.
At the time I preferred the personal contact eye to eye, but I think today you could open an account and build a relationship with a Swiss bank via the Internet.
I had the same Swiss portfolio manager for thirteen years. If you would prefer my personal referral, I can put you in contact with him. Please remember that I am not a financial advisor. I cannot be held responsible if your relationship with him doesn't work out for you. Use our Contact Us page to request a referral.
Oh yes, unfortunately most Swiss banks don't deal with residents of the United States of America. I was told that the reporting requirements of the IRS make any such relationship impractical and unprofitable. The are, however, still Swiss annuities available.
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