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Why Do The Rich and Famous Love the Swiss Banks So Much?

The Swiss economy is hands down one of the most stable economies in the world. This is the reason that the rich and famous love to bank with the Swiss banks and are easily regarded as one of the most lucrative investment propositions for the investors. Let’s find out why Switzerland continues to top the charts as far as the economies around the world are concerned. It is mainly because Switzerland continued to remain neutral as far as the various events in the world are concerned which built up the economy to reach its highest level.

Swiss banks first burst into the economic scene in the 19th century. These were concerned with a particular canton (region) or linked with several private financial and credit institutions. Let’s find out the real reason that the Swiss Banks are their go-to banks for the rich and famous.

Lack Of Taxes

The entire Swiss banking system is exempt from taxes, this helps them to save a lot of money as they do not have to pay the taxes. As they start investing in the offshore medium, the person who deposits the money cuts down on the risk that his money can be directed towards the provision of taxes, and in some cases can also get his/her money back.

The Confidentiality That Swiss Bank Offers

The banking secrecy that the Swiss banks maintain so well manages to help retain the best-kept secrets of the customers. This banking secrecy thought was first regarded as an alien concept at first. It was first brought to the forefront by Switzerland in 1934, but yes it has a historical basis that can take you back to the 18th century. The law first came into existence during the time of Adolf Hitler, when Hitler threatened the bankers to know about the rich German names with bloated bank accounts. Hitler came to know about these names and went ahead and killed all the Germans. The Swiss took heed of this event and passed a law in this regard. Violating the secrecy law led to a punishable offense. This law allows a leeway, only when a criminal case is lodged against the depositor.

The Concept of Digitized Accounts

In Switzerland, each depositor has a name number whose name is known by only the head of the bank, and several managers have ready access to the accounts. This makes it easy for large companies to make large purchases via Swiss banks, no wonder more and more companies are willing to make large money deposits via the Swiss bank.

Data Protection

As far as modern technology is concerned, although the electronic cash is not behind the seven seals in some of the ancient buildings in Swiss banks, there is a way to protect them as well as their paper alternatives. The process is known as the megabit information encoding technology.

Your Money is Compensated in The Event of a Natural Calamity

If the event that your bank catches fire or is at crossfires because of a natural calamity, your entire money will be returned in full, there will be no questions asked on that.  All the rules on such ‘conditions’ are listed in your agreement with the Swiss Banker’s Association. These provisions may finally help you to douse all your worries in the event of a natural calamity or any other unforeseen calamities.

You Get Protected by The Safest Currency in the World

The Swiss Franc is widely regarded as one of the safest currencies in the world. This currency boasts of zero inflation and therefore the currency gets backed up by at least 40% of gold reserves that happens in the least time.

Protection From a Stable Economy

Switzerland boasts of a stable economy. Whatever may be the economic condition affecting the rest of the world, The Swiss economy rises above such problems that ail the other countries. It just reiterates the fact that your money is safe with the Bank. You don’t have to worry about the unstable economy affecting the rest of the world.

You Can Open an Account Too!

Swiss accounts are not reserved for the rich and the famous only. The only two requirements you need are that you have to be an adult and come with a valid passport. Some banks may require a little more credentials than that, say an identity proof and a minimum deposit, but they are not certainly reserved for the super-rich.

Should you open an account in the Swiss Bank? It might seem tricky at the beginning, but once you know the essentials, it’s super-easy. Try talking to a bank rep today.

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