Swiss banks and investment firms have reported a significant rise in the number of US citizens looking to open accounts. Amid the uncertainty caused by US President Donald Trump's new economic policies, Americans are looking to Switzerland as a safe harbour for their assets.
In the last few weeks, several private banking and investment companies in Switzerland have reported a significant increase in the number of clients looking to set up accounts, especially those which are compliant with US tax rules. The Financial Times found that amid the uncertainty caused by the Trump administration, wealthy people from across the world are turning to the alpine nation for security.
Josh Matthews, the co-founder of the Zurich and Geneva-based wealth management firm Maseco, told the FT that the last time he saw so much interest from American clients was during the financial crisis of 2008, adding that was currently in the middle of helping a family move 5 to 10 million US dollars out of America. This time, he said the reason for the interest was the “uncertainty of a Trump presidency”.
Swiss private bank Pictet also confirmed that they have seen a “significant uptick” in the number of requests from America. Alpen International also reported a high number of enquiries, with founder Pierre Gabis noting that many of the requests were from Americans with international backgrounds. “Certainly that has been a pattern in the past few months… Since the election, there have been some anti-Trump clients and many are driven by fear,” he explained.
Ever since he retook office in January 2025, Donald Trump’s unpredictable approach to tariffs, and foreign and domestic policy has reduced confidence in the American economy and the US as a partner. Though there is no indication that the Republican president will raise taxes, especially on wealthy Americans, his moves have led to instability in the stock market, hurting everything from investments to pension funds.
Since the conclusion of the Second World War, Switzerland has been seen as a “safe haven” for the wealthy and their assets. Swiss neutrality, the strength of the economy and the stability of the government make it a prime place to invest amid global uncertainty.
In recent years, this has been evidenced by the strength of the Swiss franc. Following the Russian invasion of Ukraine and the inflation and economic instability reported in the eurozone in 2022, 2023 and 2024, investors flocked to the currency in droves. As a result, the franc reached parity with the euro in the summer of 2022 and is now more valuable.
However, the hurdles for wealthy Americans and Swiss companies remain stark. Since 2008, American authorities have clamped down on Swiss banks, which were accused of hiding US assets to help their owners avoid paying taxes. Since 2013, Swiss banking secrecy has been permanently weakened, with firms now forced to comply with US tax rules and share account information with the American authorities.
That being said, if a Swiss bank of wealth manager is registered with the SEC in the United States, they can help Americans open accounts and manage assets. “You’ve had a trend of Swiss banks setting up US-registered entities where clients would bank assets in Switzerland but [be] covered by bankers in the US,” one anonymous wealth manager told the FT.
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