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.



Switzerland is one of the pioneer countries to introduce offshore banking to the world. It is the most famous country offering offshore banking. Whenever we think of offshore banking or foreign bank accounts, we immediately connect or think of Switzerland.

Switzerland has quite a legacy of privacy standards in banking operations, dating back to the Middle Ages. Swiss banks are renowned for their rock-solid stability and their rigid pursuit of customer and information privacy and ensuring the safety of resources. All Swiss banks are controlled by the Federal Banking Commission (FBC). In the year 2003, about one-third of all offshore accounts were believed to have been held in Swiss banks. A year before that, in 2002, this number was much less as banks then were following stringent rules.

As per records, in May 2006, many foreign banks operating their branches in Switzerland managed about 870 billion Swiss francs each. The Swiss government, in association with the Federal Banking Commission which is an independent agency administers or controls most of the activities, such as investments, funds, and security markets in Swiss banks.

Here are some points to keep in mind when you plan to use an offshore bank:

- Check what sort of services they can offer you. Especially take care that they will handle your global transfers quickly and efficently with a minimum of hassle.

- 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.

- The political situation should be stable in the country and they should be friendly 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.

Reap the benefits of the various facets of offshore banking. There are for example, offshore investment companies, trusts as well as banks. Rope in some expert guidance before you actually invest. The Internet is a veritable minefield when it comes to looking for information in this regard and it is good to scour the web a bit before you put in your hard-earned money into any offshore banking or investment ventures. When you have the facts in hand, you can secure the benefits that offshore banking has up its sleeves.

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.