Wealthy Americans move money to Swiss banks amid US uncertainty
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Wealthy Americans are increasingly moving money to Swiss banks, seeking stability, dollar diversification, and asset protection amid US uncertainty.
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A person holding an umbrella stands in front of a screen of Swiss bank Credit Suisse with the words "Part of the UBS Group" at Zurich's Paradeplatz on Monday, June 3, 2024, in Zurich, Switzerland. (Michael Buholzer/Keystone via AP)
Amid rising political and economic instability in the United States, a growing number of wealthy Americans are moving money to Swiss banks in an effort to protect their assets and diversify away from the US dollar, NBC News reported. Swiss financial institutions report a notable surge in interest from US clients who are seeking more stable and secure options abroad.
Financial experts point to increasing demand for offshore accounts as Americans look to “de-Americanize” their portfolios. Pierre Gabris, CEO of the Swiss advisory firm Alpen Partners International, said these movements tend to occur in waves. “When [former President Barack Obama] was elected, we saw a big wave. Then, COVID was another wave. Now tariffs are causing a new wave,” he explained.
According to Gabris, the motivations behind opening Swiss bank accounts for US clients vary widely. Many are reacting to what they perceive as a weakened US dollar, burdened by mounting national debt and fiscal volatility.
Political instability is driving offshore wealth strategies
Some Americans are also prompted by political anxieties and a belief that the rule of law has eroded in recent years. Gabris noted that this concern has intensified under the Trump administration, fueling a broader interest in foreign financial safety nets.
“There’s a growing number of people looking at residency or second citizenships in Europe, and buying property here,” he said. “It’s a plan B.”
Switzerland remains a preferred destination due to its political neutrality, economic resilience, and strong legal system. The appeal is further enhanced by the strength of the Swiss franc and the country’s reputation for reliable wealth preservation. “Many Americans are realizing that 100% of their portfolio is in US dollars, so they’re thinking, ‘Maybe I should diversify,’” Gabris added.
In addition to financial diversification, some clients are drawn to Switzerland’s world-class gold infrastructure. The country’s reputation for secure gold storage and refinery facilities has made it a hub for those interested in owning tangible assets outside the US.
Swiss Bank account regulations for US citizens
While opening a Swiss bank account requires full compliance with US tax and financial disclosure laws, the process remains accessible. US banks are not permitted to offer direct Swiss accounts, but they often work through referral partnerships with Swiss firms registered with the US Securities and Exchange Commission (SEC).
Vontobel SFA, believed to be the largest SEC-registered Swiss bank for US clients, declined to comment, as per the report. However, Pictet, another private Swiss bank, confirmed a “significant uptick” in inquiries through its American arm, Pictet North America Advisors.
Unlike past decades, when offshore accounts were often associated with secrecy and evasion, today’s global banking environment is tightly regulated. Americans are required to provide complete tax documentation and report any offshore holdings, making these strategies legal and transparent.
