Stability to aid Switzerland in fight for offshore cash

Stability to aid Switzerland in fight for offshore cash

Switzerland’s skill and stability will help the country maintain its position as one of the worlds’ most popular places for foreign money, private bankers said.  A global tax crackdown and tighter regulation have weakened the Alpine nation’s appeal to the wealthy in recent years, threatening its position as the world’s largest offshore cash center with roughly 2 trillion Swiss francs ($2.22 trillion) in assets.  A survey last year predicted Singapore would dethrone Switzerland as early as 2015 as the world’s top center for managing international funds, but UBS’s head of private banking said Switzerland’s strengths went beyond its tax-haven appeal…

Link to Reuters Article