8 Reasons Celebrities Prefer Using Swiss Banks

Why do celebrities and the rich like Swiss banks so much? Let’s just say that the Swiss economy is one of the most stable economies in the world. The Swiss trust their banks and why not? Switzerland is one of the richest countries and financial centers in the world.

1- The history of Swiss banks:

Swiss banks were established in the mid-19^th century, some were privately owned while others were run by the state. Ever since their inception Swiss banks have maintained their neutrality to the point that there are laws preventing disclosing a client’s identity. 

2- Swiss banks and confidentiality

Swiss banks do their utmost to protect their clients’ privacy and maintain their confidentiality. Disclosing any client’s bank statement or information is a crime which makes Swiss banks a very safe place for rich people to keep their money.

3- New rule implemented by Swiss banks

Swiss banks did not use to require proof of the source of income from their clients but due to the rise in corruption, fraud, and tax evasion cases as well as terrorism (and also due to pressure from other countries) Swiss banks have implemented a new rule that allows them to refuse any clients or funds that are under suspicion.

4- Low interest, high security

 Even though the interest rate in Swiss banks is very low this is offset by the high level of security and secrecy.

Here are some other benefits to having a Swiss account:

1. Low taxes: the Swiss banking system is absolved from paying taxes.
2. Account numbers: each client has their own unique identification number which is only known by the bank’s general manager and the authorized account manager only.
3. Digital security: Swiss banks take encryption to a whole other level.
4. Compensation: in case natural disasters or fire takes place the bank will automatically compensate the client.
5. Stable currency: the Swiss Franc is one of the most stable currencies in the world with an almost negligent inflation rate. This is due to being backed up by the gold reserve by almost 40%.
6. Very strong economy: the Swiss economy is very stable. You can invest all your money in Swiss banks with zero risk.
7. Ease of opening an account: anyone can open a Swiss bank account. It’s not just limited to the rich.
8. Stable economic system.

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