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Combining Investments, Industry News and a Swiss Perspective

Resources about Offshore Banking

Updated Regulations for Swiss Deposit Protection Thumbnail

Updated Regulations for Swiss Deposit Protection

In the complex world of finance, the safety and security of our investments are paramount. This is especially true in the case of a bank's bankruptcy, where the lines between a bank's assets and those of its clients can become blurred. To address this issue, new regulations have been introduced in Switzerland, specifically targeting the custody business. These regulations, which came into effect last year, on January 1, 2023, seek to enhance investor protection and align Swiss law with international standards. So, what are these new regulations all about, how do they affect you as an investor, and how do they defer from the U.S. regulation? Let's break it down.

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Switzerland as a Beacon of Stability in a Multipolar World Thumbnail

Switzerland as a Beacon of Stability in a Multipolar World

In a world characterized by shifting geopolitical dynamics and economic complexities, Switzerland's reputation as a premier center for wealth management has never been more fitting. The global landscape is transitioning from a bipolar order to a multipolar one, with major powers like the United States, China, Russia, and the European Union vying for influence. In this ever-evolving scenario, Switzerland, as a neutral player in global affairs, possesses unique strengths that position it as an ideal hub for international financial services. This blog post explores how Switzerland's financial center can thrive and further strengthen its position in this multipolar world.

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The Price of Privacy in Switzerland vs. Free Trading in the U.S. Thumbnail

The Price of Privacy in Switzerland vs. Free Trading in the U.S.

Switzerland and Liechtenstein stand firm on a fee-based trading model, prioritizing user privacy, while the US, exemplified by Robinhood's 'free' trading, monetizes user data. Free trades in the US often compromise user privacy, contrasting with the privacy-centric approach in Switzerland and Liechtenstein, where paying fees ensures data control. This debate urges investors to weigh 'free' offerings against safeguarding personal data and financial independence. Moreover, paying trading fees in these regions often guarantees a higher standard of service, acknowledging the adage 'you get what you pay for.'

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Consultation Period: Swiss Transparency Register for Beneficial Owners Thumbnail

Consultation Period: Swiss Transparency Register for Beneficial Owners

In the pursuit of global financial integrity, the concept of beneficial ownership registers has gained prominence. These registers serve as centralized databases divulging information about the ultimate beneficiaries behind corporate entities. By shedding light on individuals with significant control or benefit from a company, these registers promote transparency in ownership structures. Aimed at combating money laundering and illicit financial activities, the implementation of such registers aligns with broader global efforts to enhance financial transparency. Switzerland, amidst this global discourse, distinguishes itself through meticulous efforts to optimize the register's implementation. This involves addressing concerns regarding data security, simplifying registration processes, and alleviating burdens on smaller businesses. Switzerland's commitment reflects a dedication to balancing transparency imperatives while safeguarding individual privacy and commercial interests.

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Do Swiss Banks Report to the U.S.? Thumbnail

Do Swiss Banks Report to the U.S.?

Switzerland, with its picturesque landscapes and renowned financial institutions, has long been associated with the concept of banking privacy and offshore wealth management. For decades, Swiss banks have been a preferred choice for individuals seeking to protect and grow their assets. However, recent shifts in global regulations and increased transparency demands have prompted significant changes in the banking landscape, particularly in relation to Swiss bank accounts held by U.S. citizens. As a Swiss-based wealth manager registered with the U.S. Securities and Exchange Commission (SEC), we aim to shed light on the intricacies of this evolving scenario.

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Offshore Banking: Advantages and Disadvantages Thumbnail

Offshore Banking: Advantages and Disadvantages

In today's interconnected world, the term "offshore banking" has gained considerable attention. Offshore banking refers to opening and maintaining a bank account in a foreign country, often chosen for its advantageous financial and legal systems. While the concept might seem mysterious to some, it's important to demystify it and understand its benefits and drawbacks.

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What is the Swiss Financial Market Supervisory Authority (FINMA)? Thumbnail

What is the Swiss Financial Market Supervisory Authority (FINMA)?

The Swiss Financial Market Supervisory Authority (FINMA) is a crucial entity in the Swiss financial landscape, tasked with safeguarding the stability, integrity, and reputation of Switzerland's financial industry. In a country renowned for its robust financial sector, FINMA plays a pivotal role in maintaining these high standards. One of its key responsibilities is regulating independent asset managers, ensuring they adhere to stringent guidelines and contribute to the overall safety of the Swiss financial industry.

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Swiss Bank Accounts for Americans: A Complete Guide Thumbnail

Swiss Bank Accounts for Americans: A Complete Guide

Switzerland has long been synonymous with financial stability, privacy, and exclusivity. Swiss bank accounts have captured the imagination of many, offering a safe haven for funds and a reputation for confidentiality. For Americans seeking to explore the world of Swiss banking, this guide provides a comprehensive overview of the process, advantages, requirements, and considerations.

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Update on Swiss Trust Proposal: Federal Council's Decision Thumbnail

Update on Swiss Trust Proposal: Federal Council's Decision

In a recent development that has garnered significant attention in Switzerland, the Federal Council convened to discuss the proposed Swiss trust. The proposal, which aimed to establish a Swiss trust mechanism for wealth and estate planning, faced considerable scrutiny and opposition. Given the aforementioned factors, the Federal Council has decided last week not to proceed with the proposed Swiss trust.

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Celebrating 20 Years of the Swiss Debt Brake: A Model of Fiscal Responsibility Thumbnail

Celebrating 20 Years of the Swiss Debt Brake: A Model of Fiscal Responsibility

In the realm of financial management, few policies have been as instrumental in maintaining fiscal prudence as the Swiss debt brake. Celebrating its 20-year anniversary, this cornerstone of Switzerland's economic stability has proven to be an exemplary model for the world. Its motivation and aim were clear from the outset: to avert structural imbalances in federal government finances, prevent soaring federal debt, and ensure a countercyclical fiscal policy. By accomplishing these objectives, the Swiss debt brake has contributed to Switzerland's reputation as a sustainable and safe destination for wealth management.

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The Role of Switzerland as an Offshore Wealth Management Hub Thumbnail

The Role of Switzerland as an Offshore Wealth Management Hub

In the ever-evolving world of international finance, Switzerland stands as an enduring symbol of stability and sophistication, earning its reputation as the ultimate offshore wealth management hub. Nestled among the majestic Alps, this picturesque nation has not only captured the imagination of travelers but has also secured its place as a global financial powerhouse. This article delves into the captivating aspects that have made Switzerland a beacon of trust for individuals seeking to safeguard and expand their wealth through cross-border wealth management.

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Why do People use Offshore Bank Accounts? Thumbnail

Why do People use Offshore Bank Accounts?

In a globalized world, financial landscapes have evolved, and the utilization of offshore bank accounts has become an intriguing phenomenon. These accounts, tucked away in distant jurisdictions, have gained both intrigue and controversy due to their association with privacy, international investments, and legal strategies. In this blog post, we will delve into the intricacies of offshore banking, popular destinations like Switzerland, and the reasons why individuals, particularly Americans, choose to open offshore bank accounts.

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Crossing the Atlantic to Financial Freedom: Swiss Banking for Americans Thumbnail

Crossing the Atlantic to Financial Freedom: Swiss Banking for Americans

In an ever-evolving global economy, defined by an ever-increasing debt ceiling, skyrocketing inflation, geopolitical tensions, and deep-seated political division, the quest for financial security has taken on a new level of urgency. As the foundations of the U.S. financial system quivers under the weight of uncertainty, astute investors are turning their attention to offshore banking for a shield against potential storms.

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Global Intelligence Letter's Expert Insights:  Why Did Credit Suisse Fail... and What Does it Mean for Swiss Banks? Thumbnail

Global Intelligence Letter's Expert Insights: Why Did Credit Suisse Fail... and What Does it Mean for Swiss Banks?

As the banking crisis in the U.S. rages on, our managing partner Jamie Vrijhof-Droese was asked to write an explanation of what is happening with the Swiss banking system for the Global Intelligence Letter. The article covers Switzerland's long banking tradition and major structural advantages, including its well-managed public finances, strong and stable currency, and very low debt levels. It discusses the fall of Credit Suisse and how WHVP approaches selecting the custodian banks we partner with. The article will help the reader understand why the Swiss banking system is still one of the world's largest and most popular wealth management sectors.

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Can Customers Still Trust the Swiss Banking System?  Thumbnail

Can Customers Still Trust the Swiss Banking System?

Ted Baumann, International Living’s Global Diversification Expert, and Jamie Vrijhof-Droese discuss the recent situation with the Credit Suisse bank, the effectiveness of the Swiss Financial sector management and regulatory structures, and if customers of the Swiss banking system can still have trust in the sector. If you’re interested in a safe nest egg outside the U.S. or even just exploring your options, you’ll want to hear what Jamie and Ted have to say.

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Miller on the Money: Are All Banks Going Broke? Thumbnail

Miller on the Money: Are All Banks Going Broke?

Managing Partner Urs Vrijhof-Droese was recently featured in the Miller on the Money article to discuss how the Swiss banking system is set up and how it runs. Shortly after the Fed bailed out the Silicon Valley bank depositors, Reuters reported that Credit Suisse failed: “ZURICH, March 20 (Reuters) – Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country’s gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil. …. The deal,…involves…a pledge from the Swiss government to absorb up to 9 billion francs in potential losses from the takeover.”

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Podcast: The U.S. Bank Crisis and Credit Suisse Thumbnail

Podcast: The U.S. Bank Crisis and Credit Suisse

On this podcast episode, the WHVP team sits down together to talk about the U.S. bank crisis and the merger between UBS and Credit Suisse. In addition, the podcast will cover the stability of the Swiss banking system and the differences between the U.S. and Swiss banking industries and systems, and what Americans can do to ensure they select the right banks to partner with. We hope you enjoy it!

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