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Swiss Bank Accounts

Posted by Logan Marshall on August 25 in 0. PreBusiness Considerations |

The legality of Swiss bank accounts.

The Swiss Bank Account has been the fascination of virtually everyone in the world for decades. As with many things that are shrouded in secrecy everyone wants to know everything about them. Featuring in spy novels, films, and even second world war history when Swiss bank accounts were known to have harboured Hitler’s millions the Swiss Bank Account is something that everyone knows about but knows very little about.

Most recently, of course, Swiss bank accounts were found to be holding funding for Osama Bin Laden and his campaign of terror and governments around the world try everything they can to force Swiss banks to give out information, but since 1934 Swiss laws have dictated that all bank accounts are to remain anonymous and details can not even be given out during criminal investigations. Contrary to what many say it is legal to have a Swiss bank account although it is obviously still illegal to avoid paying taxes through the use of a Swiss bank account.

Build your wealth with a Swiss bank account.

One of the major attractions of a Swiss bank account is the fact they offer a much greater return on investment. This is because they are not as heavily regulated as they are in other countries like the USA. They are able to take slightly more risk and, therefore, offer you greater interest rates into the bargain. Swiss bank accounts do not impose taxes on any income that is earned abroad and this means if you live in the USA and use a Swiss bank account you won’t need to pay any taxes associated with your savings.

Why Swiss bank accounts?

Traditionally Swiss bank accounts were virtually the only offshore option that a person had, however in recent years this has actually changed. In fact, the Cayman Islands has overtaken Switzerland with regards to the highest offshore investments. Many countries now offer offshore banking and most have several things in common. Running a bank in these countries attracts lower overheads reducing the level of interest they need to charge you. Tax implications are almost always non existent for money earned abroad, again offering your greater savings. Many of these countries have privacy laws in place that means they will not share your bank account details or transaction details with anyone.

Many people have considered using Swiss bank accounts as an offshore investment opportunity, but some baulk at the idea for fear of breaking the law but the fact that remains that it is just as legal to have an offshore account as it is a domestic account so you might as well make the most of it, even if it’s only so you can loudly state ‘I’ll transfer the funds directly from my Swiss account’.

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