News @lemmy.world mesa @lemmy.world 20h ago

More rich Americans are opening Swiss bank accounts fearing U.S. risks

www.cnbc.com More rich Americans are opening Swiss bank accounts fearing U.S. risks

Swiss banks say they have seen a surge of interest and business from high-net-worth Americans opening investment accounts in recent months.

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~~rich Americans~~ tax evaders
My friend has dual citizenship (Switzerland & USA) because his mom is from the USA, but he has always lived in Switzerland. One of his bank accounts got closed when they found out he wasn't just Swiss, but had US American citizenship too. I guess this is another case of things that only work if you're rich.

He's getting so annoyed with the USA's tax overreach. He can't get banking easily, can't do the standard retirement savings, because they usually invest in bonds and using "foreign" bonds from the perspective of the USA's IRS would cost him extra and he has to file taxes. Apparently even getting rid of US American citizenship is expensive and slow, and they don't offer the "Service" in the embassy in Switzerland, he'd have to go to Paris.
- That's not about the rich, most banks these days just don't want to service US citizens without a premium, because it puts a lot of bureaucracy on them. Blame the US government.
  
  Well they didn't want my friend because he wasn't worth the trouble. But apparently rich Americans are opening accounts here without significant issues. So I'm seeing a clear difference based around the amount of assets someone has.
  
  It is the land of the the free. But IRS will hunt you down regardless of where in the world or perhaps planet in the universe you reside.
When rich people no longer feel their money is safe in their own country? Red flags for economic stability
Come on, were were about ten years away from the centennial.
How loyal to their homeland they are. Don't ever forget rich people are traitors to their country and people. May that stain never leave them and haunt them until they pass.
- Wish I could remember the penalty for treason... It'll come to me (or them).
Any guide on how I could open one up? As part of my diversification of my $600 USD
- Well sheeit. Look at Mr. Moneybags here. Care to spread that wealth around? When we eat the rich, you'll be on my plate.
- I think the minimum deposit for most of them to even talk to you is $10,000 or $100,000. I realize that's a big range, but I can't remember if there were 4 or 5 zeroes when I did some cursory research. Either way, too rich for my blood.
  
  IIRC you can open an account in the Post with CHF 1. You don't need to be a resident but at least in the process of becoming one.
- Yeah same. Why not? The shitheads in office do it to hide their money so why not us when we want to make sure they keep their dirty mits off what's ours
Other options. Singapore or Dubai.
The more everything changes...

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