What is Swiss private banking?
private banking are financial services available to consumers in the form of banking and investment products. Swiss private banking is simply a type of bank and investment account held at the Swiss bank. Switzerland has a long banking tradition that puts a high priority on confidentiality.
However, this high priority of confidentiality and privacy has led to a misunderstanding that foreigners can hide their money from the US government and the Internal Revenue Service (IRS) at the Swiss bank. This is simply not true, because there are regulations that foreign clients, including those from the US, must observe to open and maintain a Swiss private bank account. For example, Switzerland is a financial center of the world because it has many company headquarters in the country. Banking customers come from all over the world, including the US, Europe and Asia to take advantage of investment and money management.
While a citizen of any country can open and maintainThe Swiss private bank account, tax rules and the legal laws of the country of residence still apply. For example, if a US citizen opens a Swiss account of private banking and invests money in US securities via an account, these investments must still be reported to the IRS in the US
In return, a banking institution or a financial institution holding an account may ask the holder of the account to sign forms testifying to the fact that the account holder is responsible for showing his tax agency and confirmed that he owes IRS. Another main idea of a Swiss bank account is that there is an increased feeling of secrets and it is an account that can hide identity and hide the stash of money that is legally inviolable.
It is also not. IF, for example, a US citizen has a legal situation in the US or a case concerning a financial matter, can involve the Swiss bank account in court proceedings.For example, if a US judge issues an order for the name and address of the bank account holder associated with the Swiss bank account, which will be detected in divorce proceedings, the Swiss government and the bank must adhere to the order.
In short, the Swiss private banking account corresponds to the private banking account in the US.