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Furthermore, after Switzerland ratified the Foreign Account Tax Compliance Act agreement with the United States, because of concerns regarding their tax liability (the U.S. taxes its citizens regardless of whether they are resident in the U.S. or not) some Swiss banks have gone so far as to close accounts held by US citizens, and to ban the ...
Some Swiss banks supplement the number with a code name such as "Cardinal", [5] "Octopussy" [6] or "Cello" [6] as an alternative manner to identify the client. [7] However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful origins of their assets. [8]
Barclays Bank (Suisse) SA, Geneva; Barclays Capital, Zurich Branch of Barclays Bank PLC, London; HSBC Private Bank (Suisse) SA, Geneva; IG Bank S.A., Geneva; Lloyds Bank plc, Londres, succursale de Genève, Geneva *Standard Chartered Bank (Switzerland) SA (No offices anymore in Switzerland)
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That's a remarkable number considering the fact that it has become much harder to open a private Swiss bank account since the U.S. government's push against UBS two years ago to try to nab tax ...
The Federal Supreme Court of Switzerland frequently sides with Swiss citizens and protects the country's banking secrecy laws. On January 6, 2014, the Swiss Federal Administrative Court blocked a transfer of client information to the American IRS by Julius Baer for not satisfying disclosure parameters outlined in the Banking Law of 1934. [13]
The law, coupled with a stable Swiss currency and international neutrality, prompted large capital flight to private Swiss accounts. During the 1940s, numbered bank accounts were introduced creating an enduring principle of bank secrecy that continues to be considered one of the main aspects of private banking globally.
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