Wednesday, April 15, 2009

What makes Swiss Bank Accounts safe and secure?

Recently, discussions about Swiss Bank Accounts came into prominence in Indian media further to the revelation that Indian nationals have a whopping 1456 billion US dollars in Swiss Bank accounts. This means Indians have more money in Swiss Bank Accounts than the rest of the world combined. Leaving aside this story, let’s concentrate on Swiss Bank Accounts and what makes them safe and secure.

In many novels and films, we have seen intriguing stories associated with Swiss Bank Accounts, like in Bourne Identity, Da Vinci Code etc. Even though most of these actually don’t happen in a Swiss Bank Account, lots of people consider Switzerland to be a place where they can keep their money safe and secure. There are a few factors that make it so.

The Banking Act of 1934 was passed in Switzerland to prevent Swiss Banks from divulging depositor information to other countries during world war period, with which those countries tried to confiscate the assets owned by the customers of Swiss Banks, especially the Jews, in the name of “the good of state”. But then the Act stayed on and provided enough privacy to depositors of Swiss Bank Accounts.

Switzerland is a very stable country and it maintains a policy of neutrality with other countries. It maintained neutrality in both World Wars, is not a member of the European Union and was not even a member of the United Nations until 2002. That’s why many of the world organizations have their headquarters in Switzerland. Thus the country doesn’t have a need to succumb to pressures from international treaties and obligations. All these make its economy robust and the banking system highly stable.

Also, Switzerland is a tax haven for depositors of other countries. For nonresident depositors of Switzerland there are no taxes if they don’t reside in EU or don’t invest in Swiss companies, making it a promising place to put their money in.

Good Reads
- How Swiss Bank Accounts Work?


New Edge Credit said...

I don't think people keep their account in Swiss you have any view on this topic..??

Anonymous said...

but it is believed that lots of black money is resting in Swiss bank

Nikita Sharma said...

yup...thats true...

Debt Management said...

Interesting post I think Swiss banks give user complete privacy of their account and they operate these accounts on the name of third party.

marine workcomp said...

Significant post.I think Swiss bank gives us complete privacy regarding the account security.

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Joane Morris said...

Your relationship with your Swiss bank can be compared to doctor/patient confidentiality or the private information you might share with an attorney.
Swiss law forbids bankers to disclose the existence of your account or any other information about it without your consent.
Swiss banks are very careful about protecting your privacy.
The only exceptions to the Swiss banking privacy rule are criminal activities such as drug trafficking, insider trading or organized crime.


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They used to be safe.

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