Rising Number of Wealthy Americans Open Swiss Bank Accounts Amid US Economic Concerns

A growing number of wealthy Americans are turning to Swiss banks to diversify their investments, driven by concerns over the US economic outlook, political instability, and the long-term effects of a rising national debt, CNBC reports.

Swiss financial institutions have reported a notable increase in inquiries and account openings from high-net-worth individuals in recent months.

Switzerland’s appeal lies in its reputation for political neutrality, economic stability, a strong currency, and a dependable legal system. These attributes make it an attractive option for those looking to protect and grow their wealth outside the US, according to financial experts and bankers. Additionally, Switzerland’s long-standing tradition of offering privacy and security in banking remains a significant draw for many investors.

This trend, known as the “de-Americanization” of portfolios, has emerged in waves over the years. Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm, explained that this pattern can be linked to certain events.

“When [former President Barack Obama] was elected, we saw a big wave. Then Covid was another wave. Now tariffs are causing a new wave,” Gabris said.

These factors reflect shifting perceptions about the future of the US economy and its stability.

The motivations for opening a Swiss bank account are diverse. Some clients are looking to hedge against what they believe is a weakening US dollar, influenced by the country’s rising debt levels. Others are concerned about the political climate in the US, with some viewing a decline in the rule of law as a growing risk. For others, the move is linked to tangible assets, such as buying physical gold, which Switzerland is famous for storing and refining. Gabris also noted that some Americans are seeking Swiss residency or second citizenships, viewing it as a “Plan B” should their domestic situation change.

While the process of opening a Swiss bank account is relatively straightforward, it must comply with US tax reporting requirements. Swiss banks are highly regulated and adhere to strict transparency rules, meaning that American clients are required to file the appropriate disclosures with the US government, ensuring that their accounts are fully compliant. US banks, though unable to open Swiss accounts directly, often maintain referral relationships with Swiss institutions that are registered with the US Securities and Exchange Commission (SEC). These institutions, such as Vontobel SFA and Pictet North America Advisors, are allowed to handle accounts for US investors.

Historically, Swiss bank accounts were sometimes associated with tax evasion, but today, they are highly regulated and mainstream, with an increasing number of Americans recognizing the value of diversification. Gabris explained that many investors are rethinking their portfolios.

“Many Americans are realizing that 100% of their portfolio is in US dollars, so they’re thinking, ‘Maybe I should diversify,'” he said.