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Swiss economy is very stable for past so many decades. The investments are highly safe and enjoy high degree of safety. The highest level of personalized service is also an added attraction. The banking affairs are maintained at highly professional level with assured returns, and the disclosure of source of income is not much a constraint for the depositor even for exorbitant amounts. Mainly a paradise for the black money holders, even though they are adjudged as bankrupt in their homeland!!. But the ethical aspect...it seems to be a question to be justified.
Thanks Aya for your invitation.
The ultimate purpose of people investing through their Swiss bank accounts is due to stringent Swiss Banking Secrecy laws, which does not disclose the customer information to the outside world. Unless their customer is been convicted for unlawful activities and the customer information is been requested through regulatory and lawful channels.
The second reason is that Swiss accounts allows you to maintain investment accounts in USD or SGD or any other international currencies by using collective fund schemes to invest in the International Capital Markets and Securities, which give high returns. They also allows their customer to leverage on their Deposits and borrow funds at cheaper rates in the same currency for investing in high returns investments in the emerging markets.
These type of accounts are most convenient for Ultra High Net Worth Individuals (UHNWI), who have more than sufficient funds to invest for few years and forget about the returns, which may or may not be capital protected depending up on the risk appetite of an individual.
The KYC regulation does applied to all customers and while some banks, just to earn more revenues attract wrong people (drug dealers, money launderers, politicians) to hide their illegitimate funds and evade taxes in their local countries. The banks are not allowed to facilitate the ML or terrorist funding activities in anyways, when they found guilty were subject to huge financial fines. Please check about loose controls in HSBC, BNP, SCB, Citi, RBS, Barclays and UBS, who paid huge financial fines to US regulators in last couple of years.
Swiss banks follow all the rules and regulations laid by the regulatory bodies or BASEL rules which are actually in favour of banks and their customers.
Maintaining confedentiality, thorough background checks while KYC's to onboard new clients, Control checks in every process/subprocess being performed etc...
Security, Integrity and Behaviour are the major factors
Really a good question Aya and interesting answers from all professionals..so no more explanation..thanks for the invitation.
This is true the economy is stable from decades that may be the one reason of foreign investments in banking,
- No disclosure of income or money came from
- Easily transfer to any country without any restriction
- Attractive rate of returns
I agree with Mr VENKITARAMAN answer
They give security to the black money of the peoples.
Swiss banks are banks with high guarantees and is a refugefor business, providing highprofit ability for investorsand banks it safecan savemoneyand have the ability they derive from it knownas the conditions required when you openthe account has laws Which makes it profitableis the volume ofcommercial transactions which is a stable country in security, political
Well explained by all experts
