WHY SWITZERLAND?
Switzerland has long served as a magnet for the
money of wealthy foreigners who perceive the world as
buffeted by over-taxation, over-regulation and
political turmoil. They are attracted, of course, by
the confidentiality and discretion that have been a
hallmark of Swiss bankers since the French Revolution,
when they offered financial refuge to French
aristocrats.
Banking in Switzerland, a land of few natural
resources, has been immensely lucrative. Operating in a
country less than half the size of Maine, Swiss banks
control more than $400 billion in assets, making the
country the third-largest financial center in the
world.
For people with money to protect -- whether a
little or a lot -- Switzerland is traditionally
considered the world's safest repository. These days,
the Swiss can give Americans many reasons to leave
funds in Switzerland But the promise of total secrecy
in financial matters remains one of the greatest
attraction of Swiss banks.
