"Clients Are Coming in Waves"... Switzerland Thrilled as Wealthy Americans Lead a 'Great Asset Exodus'

Wealthy Americans Move Assets to Switzerland
Rising Anxiety over Trump's Tariff Policies

Amid heightened trade friction triggered by President Donald Trump's imposition of tariffs, there are signs that wealthy Americans are moving their assets to Switzerland.

On April 18 (local time), CNBC reported that Swiss banks have recently detected this trend and have increased consultations and business with wealthy Americans regarding changes in investment accounts and capital flows.

The underlying factors include financial market instability stemming from a weaker dollar, the risks associated with tariffs, and increased uncertainty due to the U.S. federal deficit. Many are concerned about having 100% of their asset portfolios in dollar-denominated assets and are seeking to diversify and spread their investments into other currencies.

Pierre Gabris, founder of Alpen Partners, a financial investment advisory firm based in Switzerland, told CNBC, "American clients are coming in waves." He added, "We saw big waves when former President Barack Obama was elected and during the COVID-19 pandemic, and now tariffs are creating a new wave."

Swiss Franc Yonhap News

CNBC also pointed out that there is growing anxiety that the rule of law in the United States could erode under the Trump administration. Gabris said, "Many people are seeking residency or second citizenship in Europe," adding, "Some also hope to purchase real estate as an alternative."

The relatively stable political and economic environment in Switzerland is another reason wealthy Americans are turning their attention there. Although Switzerland faced controversy over its neutrality following Russia's invasion of Ukraine, it is still regarded as one of the world's safest havens for asset protection.

However, U.S. citizens must comply with strict procedures required for opening overseas accounts under the Foreign Account Tax Compliance Act (FATCA). In addition, foreign banks are required to report U.S. account holders to the Internal Revenue Service (IRS).

Since 2008, U.S. authorities have imposed billions of dollars in fines on dozens of Swiss banks for facilitating tax evasion by Americans. Since 2013, Swiss banks have strengthened transparency in fund management and complied with U.S. tax laws, sharing information about American account holders with the IRS.