Swiss Bank Account - Safety Fears Growing

Worldwide focus on UBS has given Swiss bank account holders cause for concern. Executives from the Swiss bank have been indicted by the US government for helping 17,000 high net worth US clients avoid taxes. It is also alleged that the US treasury has been secretly tracking transactions between Swiss financial institutions. Using tools designed to combat terrorism, they have apparently tapped into 'remotegate', a system used for international transaction clearances. Wary of their privacy, smart investors are fleeing Swiss banks in droves, and putting their money in cheaper, more confidential banks and countries.

For David Finzer, CEO of offshore banking house Capital Conservator, this comes as no surprise. Capital Conservator is fielding more and more calls from clients who are worried their personal details may be revealed. Although most of these calls originate from the US, Europeans have also expressed concern.

For these the most dangerous development in recent years has been the EU Savings Tax Directive, which obliges the Swiss government to impose a 35% withholding tax on the offshore accounts of EU citizens, or hand over personal details to their home government.

Investors are not only concerned about privacy. Another issue has been the cost. Private banking starts upward of USD 500,000 while wire transfers, stock purchases, currency trading, precious metals and other investments are all obtained at a premium in the notoriously expensive country.

Despite the fees, there is no guarantee of liquidity. The example of the US financial crisis has weighed heavily on the minds of offshore investors with Swiss accounts. The US crisis was managed with a bailout. Due to the size of the banking industry relative to its economy, the Swiss government could not hope to finance such a bailout if a similar set of circumstances were to occur.

According to Finzer this has led to interest from even the Swiss themselves, lured by the prospect of greater financial security at Capital Conservator. Offshore accounts at the banking house, based neither in the EU nor in traditional tax havens, are not influenced by the Patriot Act or EU Savings Tax Directive. They are also 100% liquid, as the fee based institution does not invest or lend deposits. On receipt of correct and complete identification it is possible to open an offshore account within minutes. Knowing that their money and details are secure is of paramount importance to investors, says Finzer – ‘We are so safe and private, even the Swiss bank with us!’

Capital Conservator

Address:
Calle Pereira de la Luz 1185
CP 11300
Montevideo, Uruguay

Telephone to our offices via:

United Kingdom +44 (208) 12-30-559
United States +1 (813) 774-6661
Toll-free US & Canada 1-888-348-3193
Hong Kong +852 (8199) 9774
New Zealand +64 (9) 889-0833
Brazil +55 (11) 3717-1323
Hungary +36 (21) 252-3215
Uruguay +598 (2) 628-5492

Press contact: Patrick Winters
Email: pwinters@capitalconservator.com

About Capital Conservator:

The Capital Conservator Group has a decade of experience in helping people to achieve privacy and security offshore. After 20 years as a consumer of offshore Banking Products, CEO David Finzer decided it was time to create an account dedicated to the needs of the offshore client. Offshore accounts at Capital Conservator offer unrivaled privacy, speedy wire transfers and a dedicated customer service team. Best of all, investments can be managed anonymously.

Website: www.capitalconservator.com

This release was published on openPR.