Is Swiss Banking Outdated?🇨🇭

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When someone says Switzerland the first thing that comes to mind is banks.
Swiss banks are known as the top banks in the world! They used to promise bank secrecy, safety, and returns on your money. All the wealthy people used to have money in Swiss bank accounts.
How about today? What changed when it comes to Swiss banking and are they still relevant today? Or are they completely outdated in this day and age?
I have clients enquire about Swiss banking all the time, and I've done a lot of things with these banks.
What are they good for nowadays, and when you should avoid them? How much money you need to have in order to be able to bank in Switzerland?
Today I'll cover all you need to know about Swiss banks, along with some tips if you're considering banking in Switzerland.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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[@awswitzerland]

Switzerland's resilience in times of crisis contributes to its long-term AAA-rating and its continued standing as the global leader for cross border private wealth management.

[@Bambotb]

Not with ww3 lol 😂

[@Topknot60]

Very good video, especially the explanation of 'is it worth it?'. A couple of questions: are you able to recommend or introduce to clients Swiss bankers (to avoid the downside of a random query to a web site)? Are you similarly able to recommend or introduce trustworthy gold custody services?

[@tinglestingles]

"Swiss banking conversations..." a glimpse into the romantic life of The Offshore Citizen!

[@chocmilkisgood]

Looooool

[@OffshoreCitizen]

Hahahahaha :D

[@Yasin_Affandi]

Thanks for sharing this wonderful video.

[@OffshoreCitizen]

Always our pleasure😄 What do you think about the topic?

[@Yasin_Affandi]

@@OffshoreCitizen It's very interesting. I wonder if there's any other country that matches d Swiss banks reputation. 😀

[@Виталийброневой-н1ю]

Hi, first of all I want to thank you for the great and helpful content, secondly, could you please make a new video about Wise (transferwise) because today I thought of creating an account, but I saw that their fees have completely changed, and I am not sure whether they are still worth using... especially considering the 0.4% fee is now from 15K euro and not 70K...

[@OffshoreCitizen]

You're welcome! We'll see what we can do👍

[@Виталийброневой-н1ю]

@@OffshoreCitizen thanks!

[@christheswiss390]

Well balanced and well differentiated information; describes the key issues fairly correctly. Good video. I think the stability of the country due to its direct democracy and its own, rock solid currency flies a bit too far under the radar in this clip. The political and economic success as well as the Calvinistic work ethics make Switzerland such a stable and sought after safe haven when other countries fall from one political extreme to another, or are even at risk of financial default every two or three years. The Swiss France has appreciated approx. 500% vs the US dollar over the past 50 years, and will continue this long-term trajectory for the next decades, as no fundamental changes are on the horizon. The US tried hard to kill off the Swiss banking system, because it wanted all those lucrative Afghan, Columbian, Mexican and Indonesian drug-lord and dictator funds for itself (after all, the CIA was literally printing the dollars by the ton and flying them to Afghanistan and South America to dole them out to the "friendly" drug-lords there) - and in fact, finally succeeded in repatriating them, because the Swiss government saw this business model as unfair, outdated and improper. Of course the US was EXTREMELY willing to step in, as we all know by now. 👏 But despite the US' best efforts to debunk the Swiss banking system, the Swiss economy stayed as strong as ever, the Swiss banks are re-defining their business model and as a direct result of discriminatory US laws will not accept any more american customers, anywhere in the world. Problem solved. All that dirty money now happily resides in the secretive US (Delaware, South Dakota, US territories and jurisdictions). 👏 As all major governments on the globe are printing money and raising debt like crazy and the hitherto exclusive american superpower is increasingly being challenged by china, Russia and India, instability in the world is growing and the wealthy will continue to entrust their wealth to Swiss banks more than ever. 👍

[@TkSebastian]

Which broker do u suggest for international investment .. is interactive broker the best ??

[@OffshoreCitizen]

Yeah generally they are preferred

[@Prometeo9]

Hi Mike. Im looking to open an account at Hamilton Reserve bank in St Kitts. Whats your opinion on this bank?

[@Diego-pc4rc]

Could you make a video on how exit taxes affect businesses that are formed in another country but have the control structure in the first country? For example a Canadian leaving Canada how controls the business but the company was formed in the UAE.

[@manfred116mr7]

Great vídeo !

[@OffshoreCitizen]

Thank you! Anything else you'd like to see?

[@merrykrichtsamt]

all you have to do is to buy SnP 500 via etfs, or also other types of etfs. They beat in terms of performance any wealth manager, who are pretty bad at their job. There are some online brokers in CH. Brokers in CH have to also be banks. There is no minimum deposit and you can open the account online in short amount of time. Thats all. Most of the private banks in CH should go out of business as they are totally useless. This is happening, some time is needed before all these useless institutions will be out of business.

[@beaubeau5935]

Thanks for this video

[@OffshoreCitizen]

Always our pleasure! Anything else you'd like to see?

[@beaubeau5935]

@@OffshoreCitizen Singapore banking? does your account get shut down if you fall below 350,000 SGD after opening? and are US LLC's able to trade stock CFD's? as residents and citizens of the US can't.

[@bradgrasl3483]

You mentioned Andorra, what happened with Andorran banks lately?

[@peaceonearth8693]

Good topic.

[@OffshoreCitizen]

Thanks! What's your opinion on it?

[@frenk3754]

Thanks again

[@OffshoreCitizen]

Always a pleasure! Anything you'd like to see next?

[@frenk3754]

@@OffshoreCitizen yes I would like to buy a boat.100% electric, I am looking for a country without VAT or import tax, and where I can also live where I do not pay income tax, live in the Netherlands and have looked at the whole inyernet but can't find anything

[@alfredhitchcock45]

Today it’s nonsense because you can just keep your money in crypto. I’ve been offered Swiss banking with free Amex card like what you’ve said. If you want investment or trading, there’s tons of brokers out there. You should be able to manage your own money. Leave banking to banking. Their investing side like you said is mediocre. So overall what’s the sense? Bragging rights

[@alfinal5787]

Crypto sounds good but it has serious issues. Crypto attracts gangs. They’ll do horrible things to you to give up the keys. And if you put it at some exchange/service/etc you are back to square one. If you still want to do it, LIE and say you have everything at a pension or 401k or something.

[@alfredhitchcock45]

They can’t even trace crypto in the 1st place so you don’t even have to lie

[@dexterspeights3484]

Governments around world can OUTLAW CRYPTO and you have nothing in the bitter end! At the end of the day you still have trade the digital money for real money - CASE CLOSED!

[@EnderViBrittania]

@@dexterspeights3484 You’re clueless, have fun staying ignorant and poor. Or do some real research and get clued in.

[@VERTICALWisdom]

Is part of your services helping us find and open a Swiss Bank for wealth preservation?

[@OffshoreCitizen]

It is! Are you interested in something like that?

[@VERTICALWisdom]

@@OffshoreCitizen We will be starting our structuring from scratch with you as soon as the project funding is deposited. A clean slate is always better.

[@OffshoreCitizen]

Looking forward to it!

[@OffshoreCitizen]

Yes part of how we help you is with setting up banking including Swiss banking

[@MichaelRosmer]

Yes for sure

[@ian7379]

I agree with you completely. Private banking is mostly about being able to do transactions like sending large wires to tax havens that a regular bank would not, or would make you jump through hours of hurdles. If you don’t have an international situation then a local national bank is fine.

[@OffshoreCitizen]

Exactly. What is your strategy?

[@ian7379]

@@OffshoreCitizen I have a private banking situation in the US. About a decade ago, my bank account in Switzerland was closed after 20 years because of FATCA and my US citizenship - so I have a proxy that holds money for me and pays bills. This way I don't have the reporting requirements to the IRS. But it was a painful transition and really pissed me off - helping me along my way to realizing that US citizenship is not worth it. Since I've never been a tax cheat, terrorist, or human trafficer I feel that these rules basically ensnare law abiding people and probably are easy to evade for the real criminals. More big brother overreach.

[@dexterspeights3484]

Swiss Banking was good in the 70's to 80's - Now it's overpriced Swiss Cheese compared to other countries who give you more privacy and options 4 less money!

[@OffshoreCitizen]

Lol What countries do you see as a better option?

[@theracer6882]

Please use a shotgun mic, this mic sounds bad. Makes you sound boring even when the content is interesting.

[@OffshoreCitizen]

Thanks for the feedback! Do you have any other suggestions?