What are the best countries to open an offshore account? Part 3
Now we will talk about a country that’s very well-known for offshore accounts, Switzerland. I don’t think there’s anyone who has not heard or read about Swiss bank accounts. The phrase is everywhere, from spy novels to news articles about famous people. It may have a notorious reputation in pop culture, but in reality, Swiss offer one of the best advantages for international banks.
Switzerland: The asset protection specialist
The reason why Switzerland gets a bad rap in pop culture is that it’s really a very good place to hide your money. They have very strict laws on privacy and this includes their banking laws. Banks cannot give clients’ information to anyone and they can face jail time plus fines if they do. The only exception to this rule is when criminal offense cases are involved.
They have the best asset protection schemes that disassociate your funds from your country of origin and therefore from its taxes and courts. Although this option is possible, this is not advisable and thus we will also not dig deeper into this topic. If you wish to take this option, do it at your own risk as some countries will not allow such dealings even if done outside your country of origin.
Switzerland is not just about such dealings. It has a lot to offer legally while still protecting your money and your privacy. The country is also considered a low-risk investment. Their government and economy are one of the most stable in the world. They impose minimal or no taxes on your earnings and they guarantee depositors receive their legal claims in the event of a bank failure.
As long as you’re fully aware and follow the banking and taxation laws in your own country when it comes to maintaining an offshore account, then you will not have a problem opening an account in Switzerland.
In this situation that you’re considering to open an account in Switzerland, using an international account for your multi-currency money transfer needs.