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Paulo Roberto de Almeida
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Is France Preparing to Invade Switzerland?
By Bob Bauman JD, Offshore and Asset Protection Editor
The Sovereign Investor
Dear Paulo Roberto,
For the third time in 25 years, the people of Switzerland have overwhelmingly voted to maintain their conscription army. On September 22, 73% of voters from 26 Swiss cantons rejected a referendum that pacifists and left-wing parties advocated to abolish mandatory military service, which requires part-time army service from each male citizen between the ages of 18 to 34. Women may serve voluntarily. To believe Swiss military officials, that army may be needed to defend against an invasion by France. Days after the referendum, it was revealed that the Swiss army earlier in August had conducted a military exercise/war game based on a hypothetical invasion by a bankrupt France trying to get back their “stolen” money hidden in Swiss bank accounts. Taking into account recent events, should the Swiss be more wary of France … or U.S. Attorney General Eric Holder? |
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Beginning in the 1930s, Swiss banking practices and laws ensured complete privacy – and, thus, secrecy – for clients, regardless of nationality or the laws of the client’s home country. That era effectively came to an end a few days ago, when the governments of the U.S. and Switzerland struck a deal that allows some Swiss banks to pay fines to avoid or defer prosecution for their U.S. customers’ tax evasion.
As longtime readers will know, this reform process was promoted because of a 2009 lawsuit by Eric Holder’s U.S. Department of Justice against Swiss banking giant UBS for helping Americans keep assets in undisclosed Swiss accounts. The threat of U.S. lawsuits even destroyed the oldest bank in Switzerland, Wegelin & Co., founded in 1741. Holder forced change on the reluctant Swiss, and the unintended consequence of his strong-arm tactics is probably to their benefit. The reality is that the bullying U.S. could have frozen Switzerland out of the global financial system had it not complied. The uncertainty caused by that possibility effectively ruled Switzerland out as a recommended destination for offshore banking. A global survey by PricewaterhouseCoopers found that the major attraction for a private bank’s new customers is its reputation. Fortunately, in spite of the UBS scandal, Switzerland’s solid financial reputation still allows this alpine nation to serve as “banker to the world.” Indeed, these days, good judgment and reliability are banking traits more sought after than ever before. Even considering its many recent international difficulties, Switzerland remains as one of the best all-around asset and financial havens in the world.
The Gold Standard in Asset Protection
For centuries, the Swiss have acted as banker to the world, acquiring a reputation for integrity and financial privacy. It is also an attractive residence for wealthy people to reside, which may explain why Switzerland is home to nearly 10% of all millionaires in the world.
All these Swiss reforms have produced what Sovereign Society Executive Publisher Erika Nolan has rightfully called “a silver lining” for Americans banking in Switzerland. Freedom Alliance members received a July special report explaining this new world of private banking. My considered opinion of Switzerland is that it remains the best place for investment management, U.S. tax-deferred annuities and life insurance – all aspects of sound asset protection. In these services and many others, the Swiss excel. The Sovereign Society respects U.S. tax laws and U.S. reporting requirements. We also value financial privacy, a concept that died in America with the PATRIOT Act. Switzerland still offers a statutory guarantee of privacy for law abiding and tax paying persons from all nations. The Sovereign Society has existing arrangements with reputable, independent, SEC-registered Swiss asset managers who are able to place American accounts at leading Swiss banks. Switzerland may be neutral in politics, but it’s far from flavorless. The fusion of German, French and Italian influence has formed a robust national culture, and the country’s alpine landscapes have enough zing to reinvigorate even the most jaded traveler. My two youngest children, Vicky and Jim, and I will never forget traveling by car from Dijon, France, to Geneva on a frigid, snowy January morning, in awe of the hundreds of rainbows produced by snow showers falling from a million tree branches as the sun arose. Goethe summed up Switzerland succinctly as a combination of “the colossal and the well-ordered.” You can be sure that your clean, impressive train will be on time. The tidy, “just-so” precision of the Swiss is tempered by the lofty splendor of those landscapes. There’s a lot more here than just trillions of dollars and euros. The Confederation of Switzerland and its people are survivors, and rich ones at that. This nation manages nearly one-tenth of the world’s offshore cash and assets, over US$4 trillion for people all over the world, and they have done this successfully for centuries. Despite two World Wars, for 215 years, as European empires rose and fell, Switzerland’s official neutrality, defense of its sovereignty and banking prowess have created a world-recognized island of financial stability.
Faithfully yours,
Bob Bauman JD Editor, Offshore Confidential
The Sovereign Investor
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