why rich people keep their money in Swiss accounts?
Well, there are 3 reasons:
Number 1 - You can carry unlimited cash into Switzerland without needing to declare at customs. Switzerland allows it legally. While in case of other countries, there is a limit on how much cash one can carry without declaring it. For example, if you take more than 10k euros into EU countries, you will have to declare it at customs. Since there is no such restriction by Switzerland, mostly the black money used to be taken to Switzerland and was kept in Swiss accounts.
Number 2 - The Swiss Banking Law of 1934 prevents the swiss banks from disclosing any information regarding an account without account holder’s permission. The only exception is if a government agency ask for info, they will have to give it. So money is kept confidential.
Number 3 - Switzerland is a war neutral country. They were neutral during world war 1 and 2. So their economy is more stable than other countries.
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