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Swiss Private Banks

Swiss Private Banking has come under fire for the UBS scandal and IRS probes into tax evasion by wealthy Americans.

Will Swiss private banks still protect bank secrecy? What other alternatives are out there?

The signs coming from the Swiss government over bank secrecy look promising. Faced with the prospect of UBS revealing financial records, the Swiss government promised to seize the confidential information before it could be handed over to US Authorities!

It’s not in Swiss interest to break bank secrecy. It’s not in the interest of Swiss Private Banks to do this either, because they will lose some of their most valuable private clients.

Having said that, the Swiss still must play a game of give and take. Bank Secrecy is not “over” - but overt tax evasion is. While the Swiss would previously turn a blind eye to all tax issues except tax fraud (e.g. forging a signature on a tax return), they will now exchange information in cases where the foreign government has good evidence of suspected tax evasion - without “automatic” exchange. It will still be hard for foreign governments to pursue this line of attack unless they have a definite target.

This tells us if you are not breaking tax laws at home, if you are not laundering drug-money or financing terrorism, Swiss bank secrecy will stand strong for you.

But Swiss Banks are now wary of taking on American clients because the tax evasion issue is still too “hot”, especially under the Obama administration. They are wary of being held responsible for the tax liabilities of American clients, when an 800lb gorilla lurks across the pond ready to take legal action.

Alternative Private Banking

Many private Swiss banks work on an “introduction” basis. A financial professional, lawyer or current client will “introduce” a client to the bank. Without such an introduction its very difficult to open an account, especially if you don’t live in Switzerland! Yet paying for the “introduction fee” can cost many thousands of dollars.

For those that still require the best bank secrecy and personal service the world has to offer, Private bank accounts at “Capital Conservator” are an excellent alternative.

This private banking service holds your private bank account in a Swiss Trust Company. Swiss Trust laws are separate from standard Swiss Banking Laws, and the confidentiality of a Swiss Trust is much harder to break. Even in a DIRECT attack on Swiss banking, Swiss Trust privacy is not affected.

They have a dedicated private banking arm that caters to an exclusive group of wealthy clients. I’m hearing from the inside that for the next couple of months only you can join WITHOUT an introduction. After this its going to be by reference ONLY. I’m pretty sure this isn’t going to last, and its one of the only zero-introduction Swiss private banking services out there. You can cut out the middle man and save yourself thousands of dollars if you act quickly….

Heres the link to the private bank account

Heres the private banking area of their website.