Swiss banks say they have seen a sharp increase in interest and account openings from wealthy Americans in recent months as part of a strategy dubbed “de-Americanization” of portfolios. Switzerland’s political neutrality, the strength of its economy, the strength of its currency and the reliability of its legal system are attractive factors for these clients.
Pierre Gabris, CEO of Alpen Partners International, a Swiss financial advisory firm, told the media, “When former President Barack Obama was elected, we saw a significant wave of account openings by wealthy American citizens. The same phenomenon occurred during the Covid pandemic. Now, the tariffs are causing a new wave of openings by U.S. customers.”
Gabris explained that clients have different motivations for opening an account in Switzerland.
“Many want to diversify their investments by moving away from the dollar, which they believe is destined to weaken further due to growing U.S. government debt. Others are driven by political motivations and the perception of a decline in the rule of law in the United States under the Trump administration. Still others open Swiss accounts to buy physical gold, taking advantage of Switzerland’s reputation for its deposits and refineries.”
According to Gabris, today it is rather easier to open a bank account in Switzerland than in the past. However, it is necessary to comply with U.S. regulations on transparency. Although major U.S. banks cannot directly open accounts in Switzerland for clients, many of them maintain referral relationships, through which they refer clients to investment opportunities with Swiss companies authorized to accept U.S. investors.
As the CEO of Alpen Partners International puts it, “A growing number of U.S. investors are realizing that their entire portfolio is exposed to the U.S. dollar, so they are beginning to consider currency diversification strategies.”
