A growing number of Americans have been opening bank accounts in Switzerland as part of the de-Americanizing of their portfolios in response to U.S. President Donald Trump's economic policies, including tariffs on imports, CNBC reported, citing investors and bankers.
The interest from high-net-worth Americans comes in waves, said Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm. “When [former president Barack Obama] was elected, we saw a big wave. Then, COVID was another wave. Now tariffs are causing a new wave.”
He said different people have different motives for opening accounts in Switzerland and many are worried that the U.S. dollar would weaken under the U.S. debt and choose to diversify away from the American currency and rely on Switzerland's stable economy, strong currency and reliable legal system.
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Others are motivated by political reasons and what they regard as a decline of the rule of law under Trump. Others still choose to open accounts and purchase Swiss gold. They may also seek residency or citizenship in Europe and are interested in investing in real estate.
Swiss bank accounts were seen as connected in past decades to illicit tax evasion, but are now highly regulated. Opening accounts for Americans is straightforward, but they must comply with U.S. disclosure laws.