The Swiss banking alternative is more private than a Swiss bank account

Swiss Banks and Swiss Private Banking are recognized as the last resort for high net worth individuals, used by the rich and famous, sports stars and major corporations. Despite recent attacks on offshore banking in Switzerland, Swiss private bankers still maintain a decades-old reputation for confidentiality and security.

The Swiss cities of Zurich and Geneva are world famous for the private banking services they offer, not to mention many other smaller cities that manage wealth on the scale of global financial centers.

What distinguishes Swiss banking?

Your reputation for banking expertise and, of course, bank secrecy law. Swiss banking secrecy, codified into law by the Swiss Banking Act of 1934, has brought billions of dollars into Swiss banks – wealth fleeing corrupt governments, excessive taxes and the threat of frivolous litigation.

A frequently overestimated number is the amount of “black” money in Swiss bank accounts. Only a small fraction of the money in Swiss banks has criminal origins. The truth is that most investors like to bank in Switzerland for their safety. When it comes to putting wealth in a safe place, the Swiss franc and Swiss banking are preferred 99% of the time.

However, bank secrecy in Switzerland is not as strong as it used to be. For years, large corporations have known that relying on bank secrecy in any jurisdiction is a recipe for disaster. This is why they no longer bank or incorporate solely in one country. When it comes to HNWIs, the exact same rules apply.

Unfortunately, traveling to distant tax havens and setting up multiple trusts and offshore companies is enough work for a tax accountant, regardless of beneficial ownership. What many are really looking for is a way to simplify all this, a private bank account that keeps their identity secret and their money safe.

An increasingly used solution is international trust banking. When you bank with an offshore trust company, you can make large transfers without hassle or excessive paperwork. Clients can send transfers and make private investments on behalf of the trust company so that their identities remain confidential. Best of all, trust company law is separate from bank secrecy laws, protecting your identity regardless of changes in bank secrecy, wherever you choose to bank.

If you are looking to invest while keeping your identity confidential, or simply looking for a secure alternative to Swiss banking, Trusted Banking could be your solution.