Rich Americans flock to Swiss banks fearing US risks

Now, American wealth is going to Switzerland. As per US media report, a growing number of wealthy Americans are opening bank accounts in Switzerland as part of the “de-Americanization” of their portfolios, according to investors and banks. Swiss banks say they have seen a surge of interest and business from high-net-worth Americans opening investment accounts in recent months.“It comes in waves,” said Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm. “When [former President Barack Obama] was elected we saw a big wave. Then Covid was another wave. Now tariffs are causing a new wave.” Gabris said different clients have different motivations for opening an account. Many want to diversify away from the dollar, which they believe will weaken even further under the weight of the soaring U.S. debt. Switzerland’s neutral politics, stable economy, strong currency and reliable legal system are all a draw, read the report.
Others are motivated by politics and what they see as a decline in the rule of law in the U.S. under the Trump administration. Others still are opening Swiss accounts to buy physical gold in Switzerland, which is famous for its gold storage and refineries.Gabris said many are also looking for residency or second citizenships in Europe and want to buy property. “It’s a plan B,” he said.
Opening a Swiss bank account is fairly straightforward but has to comply with strict U.S. disclosure laws. While the major U.S. banks can’t open Swiss accounts for clients, most have referral relationships with a handful of Swiss companies that are registered with the SEC and are allowed to accept U.S. investors. “Many Americans are realizing that 100% of their portfolio is in U.S. dollars so they’re thinking.The value of the U.S. dollar has weakened relative to other major currencies this year, falling more than 8% this year and reached a three-year low on Friday. Maybe I should diversify,” Gabris said.