Summary:
A Financial Times article published on March 24, 2025, reports a notable surge in wealthy Americans transferring assets to Switzerland in response to rising uncertainty around the potential return of Donald Trump to the U.S. presidency. Private banks, wealth managers, and family offices in Switzerland are seeing increased demand from U.S. clients seeking to diversify their holdings and safeguard wealth overseas.

The trend includes both Americans residing in the U.S. and those already living abroad. Financial advisors and institutions cited “uncertainty around a Trump presidency” as a primary reason for the shift, comparing current interest to levels last seen during the 2008 financial crisis. Clients are particularly focused on setting up Swiss-based accounts compliant with U.S. tax law, specifically through institutions registered with the U.S. Securities and Exchange Commission (SEC).

One wealth manager described helping a U.S. family move between $5 million and $10 million into Swiss accounts. Pictet North America Advisors, the SEC-registered arm of Geneva-based private bank Pictet, reported a significant uptick in demand from both new and existing American clients.

Due to U.S. regulations—particularly the Foreign Account Tax Compliance Act (FATCA)—Americans cannot simply open Swiss accounts without going through specialized, compliant channels. FATCA requires foreign financial institutions to report U.S. account holders to the IRS, leading many Swiss banks to either avoid U.S. clients entirely or establish separate SEC-registered entities to manage them transparently.

Wealth advisors also report that many clients are looking to diversify away from the U.S. dollar and are weighing residency options abroad. Some clients are described as having international backgrounds—such as Israeli or Indian roots—and are more inclined to explore cross-border financial strategies.

While not all wealth management firms reported a spike in U.S. clients, those that specialize in international and compliant asset transfers noted growing interest in Switzerland. This resurgence is occurring despite Switzerland’s evolving political position following global events like Russia’s invasion of Ukraine.

The article places this trend in the context of Switzerland’s enduring reputation as a leading global center for cross-border wealth management, despite past controversies involving tax evasion. Since 2013, Swiss banks have increased transparency and adapted their operations to meet U.S. legal standards.

Original Article Link: https://www.ft.com/content/f8c70670-5f6b-4d58-af2c-1d9d1d5436dd
Source: Financial Times
Date: March 24, 2025