How Hard Is It To Open a Swiss Bank Account?

No. Swiss banks have a history of dismissing applications originating in countries that have unusual tax regulations or a history of criminal economic activity. Such blacklists now tend to include the United States, on account of a federal law passed in 2010 called the Foreign Account Tax Compliance Act, which requires that Swiss banks submit sensitive information about their clients to the IRS, potentially violating Swiss privacy laws and imposing heavy costs of compliance. Those privacy laws are what make Swiss banks so attractive to foreign investors. (The country's stable economy and low rate of inflation are also plusses.) Romney closed his bank account in Zurich in 2010, the same year that that law was passed, although the lawyer who pulled the plug claims he did so because the account ?wasn?t serving any particular purpose.?

Source: http://feeds.slate.com/click.phdo?i=35692a596a6c474b8beaea8bcaa74dfb

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