What Are the Advantages of Swiss Bank?

707 Words3 Pages
Why people use Swiss bank account? It is undeniable that Swiss bank account is the destination for a lot of millionaires, criminals, government officials and celebrity to deposit their money as it is regarded as the world’s safest safe of dirty money. Anyone who wishes to hide ill-gotten wealth or protect one’s asset from ex-spouses, Swiss bank is where they put their money in. Besides, people who live in the country with unstable government and bank usually turn to Swiss banks because of the security and privacy. Swiss Bank is also available to everybody and lots of average people have Swiss bank account. Swiss banks are very careful about protecting customer’s privacy and can be certainly counted amongst the safest in the world. Basically, Swiss bank allows anyone to deposit money into an account without having a name attached on it. According to Article 47 of the Swiss Federal Banking Act of 8 November 1943, The bank officers or employees are not allow to reveal any account holder information to anyone, including to the Swiss government. Bank employees will face criminal charges if they revealing bank or consumer’s information. They will be in jail for six months and fine of up to 50,000 Swiss francs. Besides, Consumers have an option of suing the bank for damages. Swiss banks are very careful about protecting customer’s privacy and can be certainly counted amongst the safest in the world. Privacy is a major concern if some individuals have money and don’t want other people to know about. Yet, it might not be the main purpose for some people who want Swiss account. Switzerland has a reputation for its stable economy and infrastructure for several years and the country live in peace since 1505. The Swiss franc is considered one of the world’s best currencies with zero inflation and hold at least 40 percent of gold reserves. More than

More about What Are the Advantages of Swiss Bank?

Open Document