Swiss Bank Account

To most people having a Swiss Bank Account is something for the rich, crooks, dishonest government officials or a way of "hiding away one's ill-gotten gains." Yet many legal people hacve such account. Although it is still the case that dictator seems to have been found with a swiss bank account.

The Swiss currently charge a hefty 35% tax on interest earned in Swiss accounts but Americans get 30% of that tax refunded by showing they're not Swiss residents. To claim the refund there is a catch 22. You must identify yourself, which of course give up your secrecy. If you maintain the account in Swiss francs, and the franc increases in value relative to the American $ , you may also be liable for a capital gains tax when you withdraw the money and convert it back to United States dollars. If you sustain losses from any decrease in value they are usually not deductible.

There are no USA restrictions on having Swiss bank accounts, but current IRS regulations require you tell them what foreign accounts you have when you file your annual income tax return. If you answer yes, the Internal Revenue Service requires more paperwork.

The truth is Swiss banks welcome accounts from foreign residents all over the world - especially the "West," and a vast number of average Americans have accounts all over Switzerland.

The "big five" Swiss banks are:

The Credit Suisse Group (SWX:CSGN, NYSE: CSR) is a financial services company, headquartered in Zürich, Switzerland. It is the second largest Swiss bank, behind UBS AG. Credit Suisse was founded in 1856 under the name Schweizerische Kreditanstalt. The bank was recently reorganized into 3 divisions, Investment Banking, Private Banking, and Asset Management. In 1940, it opened its first branch outside of Switzerland, in New York City. In 1988, it gained a controlling stake in The First Boston Corporation, hence the name of its investment banking unit Credit Suisse First Boston. In 1993, Credit Suisse Group bought Schweizerische Volksbank. In 1996 the two retail banks were merged and renamed to Credit Suisse. During the dot-com boom in 2000 Credit Suisse acquired the investment bank Donaldson, Lufkin & Jenrette (DLJ) and its e-commerce software portfolio. DLJ Direct, the software was later sold off to the Bank of Canada.
The Union Bank of Switzerland

UBS is the world's largest wealth manager, a top tier investment banking and securities firm, and a key global asset manager. In Switzerland, UBS is the market leader in retail and commercial banking. UBS, headquartered in Zurich and Basel, is present in all major financial centers worldwide. UBS's financial businesses employ over 70,000 people worldwide.
The Bank Leu (AG) in Zurich
The Swiss Bank Corporation in Basel
The Swiss Volksbank in Berne

Credit Suisse First Boston (CSFB) is a bulge bracket New York City based investment banking and financial services firm. It is a division of the Credit Suisse NYSE: CSR group and has started operating under the Credit Suisse name since 16 January 2006.

The firm caters for three different categories of clients: institutional, investment banking, and investment management clients.

An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include some or all of

strong privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)
less restrictive legal regulation
low or no taxation (i.e. tax havens)
easy access to deposits (at least in terms of regulation)
protection against local political or financial instability

In 2001 An independent tribunal set up to identify dormant accounts in Swiss banks, has awarded $10m to the relatives of Holocaust victims. The Independent Claims Tribunal, which was working on identifying the account holders for the previous four years, found over 200 accounts belonging to those who died under the Nazi regime. A total of $40.6m was paid out to all claimants - only a quarter of which is specifically for the heirs of Holocaust survivors.

In 2002 it was found that officials in Serbia discovered that close associates of the former Yugoslav president, Slobodan Milosevic, held nearly $6m in secret Swiss bank accounts. The Swiss authorities, who handed over the information to Belgrade, refused to disclose the names of the nine account holders, but the Serbian Finance Minister, Bozidar Djelic, said all were in Mr Milosevic's inner circle.

In 2003 Swiss authorities froze bank accounts worth $1.5m belonging to two associates of the Liberian leader.

In 2005 Switzerland was to start taxing money deposited in its banks by European Union citizens. The move is part of the legendary financial centre's fight to protect its tradition of tight banking secrecy. The EU wanted Switzerland to pass on data on EU citizens to stop them avoiding tax, eventually settling for a withholding tax instead. But the deal - reached in 2004 after 15 years of negotiations within the EU - still leaves loopholes wide open.

http://www.swissbanking.org Swiss Bankers Association: The SBA is the leading professional organisation of the Swiss financial centre. Its main purpose is to maintain and promote the best possible framework conditions for the Swiss financial centre both at home and abroad. The Swiss Bankers Association (SBA) was founded in 1912 in Basel as a trade association and today has nearly 370 institutional members and approximately 9,850 individual members. The Association’s Office employs a staff of more than 50. 13 commissions and associated working groups deal with key issues affecting the industry. Serving on these commissions are some 440 representatives of various banking groups as well as specialists from the SBA.

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