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Tuesday December 7, 2004 Previous | Next
Dear Yahoo!:
What's so great about having a Swiss bank account?
Debra
Orange County, California
Dear Debra:

There's a lot of information about Swiss bank accounts floating around the ether -- most of it from businesses interested in your money. To acquaint yourself with the ins and outs of Swiss banking, we suggest you read an excellent article by Holden Lewis at BankRate.com. Mr. Lewis does a thorough job of puncturing several myths about the famous "numbered bank account" of spy thriller lore. For another no-nonsense take on the issue, consult Cecil Adams of the Straight Dope.

The Swiss banking industry is notoriously private. While there is no such thing as a completely anonymous account, Swiss banks are prevented by national law from divulging account information to third parties, unless ordered by a Swiss court. Such third parties could include the IRS. Did we mention that tax evasion is illegal?

Some Swiss bank account "expediters" actually promote the tax evasion element. This is pretty remarkable since it's so blatantly against the law. Historically, Swiss bank accounts have also attracted money from dubious origins -- self-employed Colombian plumbers, say, or recently deposed third-world despots.

 
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