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Switzerland is one of the most stable economies in the world making it one of the most popular countries for offshore banking. Their stable political status has helped their economy. They have remained neutral even in through two World wars. This has resulted in them being able to develop their banking systems. 5.6 % of their working population is in the banking industry. They are one of the oldest countries to engage in offshore banking and certainly the most famous. Whenever we think of offshore or foreign bank accounts Switzerland will almost always come to mind. The confidentiality of Swiss banks has been established from the middle ages. They are popularly known for their stability and strict faithfulness to client privacy and protection of assets and information. All Swiss banks are regulated by the Federal Banking System, (FBS). Due to strict government regulation, in 2002 there were less than one third of the total offshore bank accounts in Swiss Banks. However, in the year 2003, over one third of offshore bank accounts all over the world were said to be in Swiss banks. The Bank of International Settlements has its headquarters in Basil. Many foreign banks that are operating in Switzerland are managing 870 billion Swiss francs as of May 2006. The Federal Banking Commission an independent agency associated with the Swiss government supervises most of the activities of the Swiss Banks. This includes investment funds and security markets. Here are some points to keep in mind when you plan to use an offshore bank: - Check out the services that are on offer. And it is worth knowing that there are some services that will take care of your global resource relocations effectively and efficiently. - Also check that you are getting the maximum tax benefits from your offshore bank and that they have stringent privacy measures. Secrecy is essential and you can usually obtain a secret bank account. 3. The country in which you want to invest in should be politically and economically stable. They should be responsive to foreign investments and accounts. 4. For your financial security, you should be sure that the banking institution and the economy of the country are stable. Take advantage of the many different aspects of offshore banking. For instance there are offshore trusts and investment companies as well as banks. Try to get some expert advice before you invest. There is a lot of information online and you would do well to take advantage of it before you start doing any offshore investments or banking. When you know what you are doing you can take full advatage of the many aspects of offshore banking. The golden rule of offshore banking is to thoroughly check the country you wish to create your account in and be sure to stock up on information about the different kinds of investment options that are available to you. Just before you actually take the plunge, find out all about the nature of the law structure in the country, so that you can derive the maximum benefit that an offshore account can offer you.
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