What is so special about banking in Switzerland?
2006-08-09 07:59:09 · 28 answers · asked by kathy6500 3 in Business & Finance ➔ Other - Business & Finance
It's a neutral country, and large sums do don have to pay taxes and even if the money came from illegal ways there's no way to "confiscate" the money. (Well it can be done, but it's a hassle)
2006-08-09 08:02:11 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Lol, it's more a term than an actual bank account in Switzerland. Although Switzerland is the most popular country offering it, many countries will offer bank accounts to clients with "No questions asked" and they don't report the dollar amount to the United States. The US can never look into these accounts, so if you have a demand to keep money hidden, these are the spots to put it.
2006-08-09 15:03:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Banks in Switzerland allow Numbered accounts. What that means is you can open an account that is numbered only no cross reference with any name or other identifying information. Basically they are used by people to hide money from Governments, etc.
2006-08-09 15:09:13 · answer #3 · answered by fjrnj 3 · 0⤊ 0⤋
The Financial and banking laws in Switzerland are so secure and restricted. No government can reach your funds there.. even the local government itself.. so say you are a thief and wanted to put some money away.. and be sure nobody will touch it.. this is the place.
Also, Switzerland is the most safe and stable country in the world.. this is another important factor.. you won't be worried about civil war, outside war, interruptions or Terrorists ( at least yet) and this is because of their neutral position from most of the political problems.. which means you know your money is in safe place..
2006-08-09 15:06:27 · answer #4 · answered by guy_from_there 3 · 0⤊ 0⤋
We it use to be that Swiss banks would hide from the US and other country who had money in their banks so any money and interest (for an American) could be protected there from the prying eyes of the IRS. It was also possible to hide illegal moneys that you had and even the Nazis used the Swiss banking system to legitimize fund they had taken from their victimes. Most of these protections do not exist anymore.
2006-08-09 15:04:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The swiss banking system is one of the oldest, trusted, and secretive organization in the world. If you want to put money where nobody speaks of it, it's the place.
2006-08-09 15:02:28 · answer #6 · answered by trafficer21 4 · 0⤊ 0⤋
in Switzerland, your bank account is protected for the full amount. and Switzerland is usually a neutral country during global conflicts (although they were known German sympathizers during WW2). so you'll always have your money.
in the US, your bank account is protected up to $100K.
2006-08-09 15:05:04 · answer #7 · answered by Lovely78 3 · 0⤊ 0⤋
They watch movie too much they thought Swiss Banks seriously hold their depositor's accounts confidential. It is better to hide your money in Cayman Island.
2006-08-09 15:04:40 · answer #8 · answered by Petals 2 · 0⤊ 0⤋
It protects there money from U.S. probes. For instance lets say that you are married to a millionaire. Then a month later you guys are getting divorced. You want to take him for half of what he has, but he has no money in the U.S. banking system and so you cannot touch the money. Thats a very simple example of how it works anyways.
2006-08-09 15:03:17 · answer #9 · answered by QB 3 · 1⤊ 0⤋
Because it is so cool to say, "Hang on, I need to wire some money in from my Swiss bank account."
2006-08-09 15:03:16 · answer #10 · answered by Anonymous · 1⤊ 0⤋
Control, the IRS can seize your bank account in the US or its possessions but since Switzerland is not a possession they cant touch it.
2006-08-09 15:04:12 · answer #11 · answered by Tom H 3 · 0⤊ 0⤋