Have you been wondering why all rich people keep their funds in Switzerland? Legal tax avoidance, bank secrecy, multi-currency accounts, an efficient legal system, and political and economic stability are only some of the reasons many select the country for offshore incorporation.
Swiss banks are some of the world’s safest and manage nearly 30% of all cross-border assets. A major contributing factor is the high level of protection a Swiss offshore corporation enjoys.
This post discusses how to legally protect your assets using a Swiss offshore company.
Protected Bank Information
Did you know that if a Swiss banker reveals a customer’s information without approval, they could face several months in jail?
Swiss banking secrecy is extremely stringent and exists for data protection and financial privacy. The Federal Banking Commission (FBC)—the Swiss banking regulatory agency—ensures ethical activities.
It’s true that your tax information can be accessed by your home country’s tax authorities. However, this bank information is not disclosed to other homeland authorities—making Switzerland a great offshore banking country.
Assets Placed Under A Foreign Legal Entity
When your bank account is placed in the name of your foreign company, you are given an additional layer of protection.
This is because if a legal entity outside your country holds your assets like real estate, car collection, yachts, royalties, etc., it’s difficult for an asset tracking lawyer to deal with a foreign jurisdiction and access your personal assets.
Business owners protect their assets and minimize the risk of liability by keeping their assets under their offshore company and not their own name. In the case of a divorce, their personal assets are preserved.
Legal Entity And Banking Secrecy
If you earn your income from legal means, you should open a Swiss bank account. Companies limited by shares have the name of their shareholders protected from the Swiss commercial register.
A legal entity in combination with stellar banking secrecy offers Swiss offshore company owners with an excellent method to preserve their assets.
Switzerland is undoubtedly one of the best countries to set up an offshore company in. Not only are your assets nearly impossible to locate, but your banking information is also placed under strict confidentiality too. However, selecting the right private jurisdiction is key to enjoying additional streams of income and mitigated tax claims.
Get in touch with Mikkel Thorup to find out about how to reduce corporation tax bill and ideal offshore markets for you and your business. To apply for a complimentary consultation and see if offshore incorporation is right for you, click here.