Home Immigration Banking in Singapore vs. Switzerland

44 COMMENTS

  4. Switzerland lost its credibility when the Swiss Banks immediately gave details of the accounts of Americans when requested by the American government.
    As a result of that, people moved their accounts and financial affairs to Singapore.

  6. Can’t speak for Singapore but Swiss Banks & culture is definitely not a service oriented culture. I think it’s not that the Swiss are lazy or uninterested it’s just they are not keen on customer service.

  10. Appreciate the direct information. You are absolutely right about "brand " value…I have been disappointed so often about a "brand" I have lost count. I'm an informed person who doesn't want to get snowed. Again, very much appreciate the information.

  17. Swiss Banking privacy and secrecy have been in force since as far back as banks can trace their origins, and officially codified as part of Swiss laws, with severe criminal penalties for any violations, since the Swiss Banking Law of 1934. This law was enacted as a direct result of French Socialist-fervor pressure, and German Nazi attempts at intrusion. The Swiss take their clients’ confidentiality quite seriously. Swiss bankers are under strict fiduciary obligation (much like U.S. “attorney-client privilege”) to maintain any information about a client’s account strictly confidential, with the only exceptions being strictly-provable criminal inquiries–and even these are quite rarely granted. This reflects the long-standing tradition of Swiss personal privacy, and any violation of banking secrecy constitutes an offense that by law requires public prosecution and results in official criminal proceedings. Needless to say, these are among the strictest banking confidentiality laws in the world.
    Another item worthy of note is that an accusation of tax evasion alone is not sufficient to force a Swiss bank to lift its veil of secrecy. This is because failure to report income or assets is not considered a criminal offense in Switzerland, it is considered a misdemeanor, and hence does not fall under the “provable criminal activity” or criminal intent exceptions that would allow the veil to be lifted. As such, neither the Swiss government, nor any other government, can obtain information about a depositor’s account without first convincing a Swiss judge that a serious crime (felony) has been committed by the depositor that would be punishable by the Swiss Penal Code.
    That being said, as a U.S. citizen trying to open a bank account in Switzerland, you may be met with some reluctance. if not outright disdain, by the Swiss banking authorities. Not that they dislike you personally because you're an American, but rather they might view you as not worth the extra trouble because of the predatory rules and practices of the U.S. Treasury Department that follow all Americans regardless of where they park their money. IRS regulations keep on getting more draconian year by year, and, unless you're among the super-rich, the Swiss bankers might consider you as simply not worth the headache vis-a-vis the extra paperwork and compliance rules that accompany you as a U.S. citizen. Sad, but true.

  25. In Switzerland, park the money in a Cantonal (public) bank: the deposits have unlimited State guarantee (this means that you lose your money only if the Canton, not just the bank, goes bankrupt… not gonna happen in Zürich). Apart from the one in Geneva canton, they don’t have the 100k limit as private banks (UBS, JB, CS, etc.) do.

  27. There's that joke about Swiss banks where the teller says it's no shame to be poor when someone tries to quietly deposit a million… It's all quite discrete over here. Private bankers do tend to manage assets indeed, and sometimes do lose money… There's a certain way of life here (like it or not) that somehow still tends to work: low inflation of only a few percents while other countries…

  28. Yes sure, Singapore…..but you will be dealing with Singaporean employees, managers who have only rules in their totally conditioned minds.
    No flexibility, no vision, no real customer view but rather company indoctrination, limited product offers for investment, extreme burocrazie to the level of stupidity.
    With a medium Swiss bank you will get personal friendly service together with intelligent flexibility.

  30. Singapore and Switzerland are both "brand" countries for banking. Anyone looked into something less mainstream, preferentially stable and isolated? Something like Australia or New Zealand? If so, please write it here, would be glad to have more info on it. Thanks

  36. Long term? I would rather hold an account in Singaporean dollars. The Swiss will suffer the same energy crisis as their European neighbours in the coming months/years which will have serious repercussions on their industry and consequently it will affect the strength of their currency. + Their largest banks such as Credit Suisse and UBS have recently had to reshuffle their leadership after billions in losses on leveraged finance.

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