Wealthy US citizens are opening Swiss bank accounts en masse in an effort to diversify their investment portfolios and reduce dependence on the dollar. About this informs NBC News.
The key factors that make Switzerland attractive to American investors remain its political neutrality, stable economy, strong national currency and reliable legal system. Some clients see risks in the weakening of the rule of law in the USA, while others open accounts to further invest in gold or purchase real estate in European countries.
Pierre Gabris, CEO of Alpen Partners International, explains that similar waves of interest arise in response to significant events:
“When former President Barack Obama was elected, we saw a big wave. Then Covid was another wave. Now the tariffs are causing a new wave.”
The procedure for opening accounts with Swiss institutions follows US disclosure requirements and includes tax reporting. Pictet bank officials said their SEC-registered division Pictet North America Advisors is seeing a “significant trickle” of inquiries.
“A lot of Americans realize that 100% of their portfolio is in US dollars, so they think, ‘Maybe I should diversify.’ That’s Plan B,” – added Habris.
