Switzerland is traditionally viewed as an international hub for private banking. More than a third of worldwide private assets are estimated to be managed out of Swiss banks. Although the country’s appeal as a haven for wealthy individuals has been eroded in recent years as a reuslt of international pressure to combat money laundering, this trend has been somewhat recitfied by changes to withholding tax.
Nevertheless, private client work remains buoyant and Switzerland is also leveraging off its strong international ties to become the headquarters for an increasing number of companies and banks.
This Switzerland Special Report examines the country’s rise as a centre for commodities trading.
It also reviews the forecasted impact of proposed changes to trust law and new fund legislation, which is likely to fuel Switzerland’s development as a leading financial centre.