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.



They are one of the oldest countries to engage in offshore banking and certainly the most famous. Whenever we think of offshore or foreign bank accounts Switzerland will almost always come to mind.

Their traditions of bank secrecy have been established since the Middle Ages. Swiss banks are well known for their stability and strict adherence to client privacy and protection of assets and information. All of the Swiss banks are regulated by the Federal Banking Commission (FBC). In 2003 about 1/3 of all offshore accounts were estimated to be in Swiss banks. There was some decrease in this number in 2002 as Swiss banks have been enforcing stricter regulations.

The Bank of International Settlements has its headquarters in Basil. Many foreign banks that are operating in Switzerland are managing 870 billion Swiss francs as of May 2006. The Federal Banking Commission an independent agency associated with the Swiss government supervises most of the activities of the Swiss Banks. This includes investment funds and security markets.

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

1. Always check the services provided by the bank carefully before hand. Be sure to pick the one that suits your requirement the most and which provides swift and efficient global transfers in minimum time.

- 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.

- The banking sector and the economy as a whole should be stable enough. This is imperative in view of your economic safety.

You should always know the various schemes provided by the offshore banks so that you can take advantage of the one which suits you the most. For example, there are offshore trusts and companies along with offshore banks which you can invest in. Thanks to technology you have the option of searching for all the information of your ideal offshore bank and trust over the internet.

It is best advised to verify the bank and country in which you want to invest in. You should always research on the laws, rules and regulations of the country's government before investing in it. By knowing all the details of the investments and trusts you will benefit by getting the best deal.