Switzerland LLC - Swiss wealth management for US clients
As ICIJ, the International Consortium of International Investigative Journalists, pointed out in the introduction to their recently released list of offshore companies from the Panama Papers, "There are legitimate uses for offshore companies and trusts."
There are also legal, legitimate and compliant reasons for an offshore bank account and offshore wealth management. In recent years, "offshore" has become a dirty, albeit eight letter word. A better description would be "geographical or jurisdictional diversification". There are many reasons why investors hold, or would like to hold, a portion of their assets outside of their home jurisdiction and banking system. In many cases, internationally-active families and businesses require accounts outside their home country. Market, institutional and currency risk can diversified when a portion of an investor's investments are held in another jurisdiction to complement the strategy held at home...the proverbial "Don't hold all your eggs in one basket". It makes sense.
Where to go?
Today, the question is where to go for "LLC" legal, legitimate and compliant wealth management beyond your own borders. Afghanistan, Myanmar and Syria (just to name a few) are blacklisted by the FATF Financial Action Task Force as high risk and non-cooperative jurisdictions. But these are hardly your jurisdictions of choice. In the world's increasingly transparent environment, there's a jurisdiction which has learned from past activities and continues to shine as the global leader in private wealth management.
Solving the problems of the past and moving forward
As long ago as 2009 the Swiss financial center declared its commitment to complying with all taxation-related international standards. "Its goal is to in future acquire and manage only tax-compliant assets." states the Swiss Bankers Association on their website http://www.swissbanking.org/en/home.
Indeed, Switzerland has paid it dues in the wake of the crackdown on US tax evaders, but has come clean and - in good Swiss tradition - retains it's leading position as the preferred jurisdiction for international private wealth management, confirmed by Deloitte in their report: Switzerland remains number 1 in international private wealth management.
To name a few... Long-term political and economic stability is certainly a reason. Not being a member of the EU, saddled with their acute problems is another. Acknowleged Swiss neutrality keeps the country out of war. Topping the list as the best country to do business with (see the May 10 Forbes article) is well-earned. High standards of quality in services and service is ingrained in the highly-educated and internationally-experienced workforce within the financial industry.
How to get started? Who to turn to? Switzerland is not such a big country so finding out how to get started and who to turn to is easy, right? Well, as a matter of fact it is. For American investors, the search for a legal, legitimate and compliant solution and wealth manager has gotten easier. Swiss wealth managers, registered as an investment adviser with the SEC Securities and Exchange Commission in the United States are able to provide "Switzerland LLC" wealth management solutions to Americans domiciled in the US or abroad without any communication or visiting restrictions...it's all on the up-and-up.
Investors can learn about the Swiss wealth managers who have decided to dedicate themselves to US clients and check out their "heart and kidneys", to use a Swiss expression. The Swiss platform WHERE AMERICANS ARE WELCOME at http://www.americanswelcome.ch lists the Swiss wealth managers looking forward to providing advice, skill and service to the discerning American client with a forward-thinking, global view and a desire for jurisdictional diversification. The platform also lists other wealth management-related companies to help investors get established in Switzerland...and of course, to get their reporting obligations to the IRS and their taxes right.
Hmm...whatever the future may hold (who will be the next United States President?) it is always smart to gain a cutting edge and be prepared. As a concerned and future-oriented American, a step beyond your own borders may turn out to be one of the best decisions you ever made.
For questions and comments please contact:
Anne Liebgott, CEO - WHERE AMERICANS ARE WELCOME