As concerns mount over US debt and its political landscape, the ultra-wealthy are shifting their money overseas.
Some wealthy Americans have recently decided to relocate their wealth due to the uncertainty the Trump administration brings to the US financial landscape. This uncertainty has benefited Swiss banks, as the number of Americans seeking to open banking and investment accounts has risen in recent months, according to reports by CNBC and The Financial Times.
The trend follows the introduction of new tariffs, which are causing turmoil and confusion in global markets, prompting the wealthy to seek economic alternatives. Transferring assets to Switzerland is not a new option; however, there are methods to ensure compliance with both US and Swiss regulations. Switzerland is an attractive financial option due to its favorable economic laws, ease of transfer, and robust financial security.
Why Switzerland?
Swiss banks have a well-established reputation for offering strong financial stability, asset protection, and client confidentiality. While the recent surge in Swiss account openings is notable, it is not entirely new. Historical periods of turmoil in the US have also seen Americans move their money to Switzerland, with today’s interest rates comparable to those of the 2007-2008 financial crisis.
“It comes in waves,” remarks Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm. “When [former President Barack Obama] was elected, we saw a big wave. Then, COVID was another wave. Now tariffs are causing a new wave.”
Diversifying Assets
There are differing motives for moving money, but a common consensus is that currency diversification is a key consideration. The value of the US dollar has weakened relative to other currencies in 2025, falling more than 8% this year and reaching a three-year low in recent weeks. “Many Americans are realizing that 100% of their portfolio is in US dollars, so they’re thinking, ‘Maybe I should diversify,’” Gabris told CNBC.
“Many Americans have questions about moving assets to Swiss banks with more international backgrounds, such as Israeli or Indian roots,” Gabris told The Financial Times.
Banking in Switzerland
According to information from the U.S. Embassy in Switzerland and Liechtenstein, while there are relatively straightforward ways for U.S. citizens living in Switzerland to open accounts, navigating the process from abroad presents complex, though legally compliant, issues. Opening a Swiss account typically requires assistance to ensure compliance with US regulations that aim to prevent Americans from evading taxes due to Swiss banking rules.
That said, Swiss financial institutions have become more comfortable covering US customers in recent years, following a period of dealing with tax issues that had cost Swiss banks billions of dollars in fines, the head of a small US-based wealth management business told The Financial Times.
Transferring assets to a Swiss account is viable so long as US and Swiss financial regulations are complied with. Those with the most economic loss are seeking safeguards to protect their wealth. While this is common, seeking help in the process is advisable to ensure compliance and a smooth transition of funds.
