A growing number of wealthy Americans are opening bank accounts in Switzerland as part of the “de-Americanization” of their portfolios, according to investors and banks. Swiss banks have reported a surge in interest from high-net-worth Americans looking to open investment accounts in recent months, motivated by factors such as a desire to diversify away from the weakening dollar, Switzerland’s stable economy and legal system, and concerns about political uncertainty in the U.S.
Some individuals are also motivated by politics, seeking to protect their assets in the face of perceived decline in the rule of law in the U.S. under the Trump administration. Others are interested in purchasing physical gold in Switzerland, known for its gold storage and refineries. Additionally, some are seeking residency or second citizenship in Europe and plan to buy property as a backup plan.
Opening a Swiss bank account for U.S. residents is straightforward but must comply with strict U.S. disclosure laws. While major U.S. banks cannot open Swiss accounts for clients, they typically have referral relationships with Swiss companies registered with the SEC that can accept U.S. investors. Swiss banks like Vontobel SFA and Pictet have reported an increase in requests from U.S. clients for account openings.
The process of opening a Swiss bank account is now highly regulated and more common, with many Americans realizing the importance of diversifying their portfolios away from all U.S. dollars. Wealthy individuals are increasingly turning to Switzerland for its stability, neutrality, and reputation as a financial hub.
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