Banks

British depositors flee to Switzerland

Summary

British holiday makers ‘the great escape’ from Verbier (Switzerland) – BBC News – 28th December 2020 Description video: Hundreds of British tourists ‘escape’ quarantine in Swiss ski resort and flee in the night.\n\na) John Hopkins world map (real time stats […]

British holiday makers ‘the great escape’ from Verbier (Switzerland) – BBC News – 28th December 2020

Description video:
Hundreds of British tourists ‘escape’ quarantine in Swiss ski resort and flee in the night.\n\na) John Hopkins world map (real time stats and clickable map features): \nhttps://coronavirus.jhu.edu/map.html\n\nb) There is now a Coronavirus (Covid-19) playlist on this channel:\nhttps://www.youtube.com/watch?v=frGyZ30Aq6o\u0026list=PL93gCV9Iym3dh_FjdQ_2pum9Vk–oTdyF

British depositors flee to Switzerland

Swiss private banks are seeing a surge in British clients who are moving their assets offshore to avoid the fallout of Brexit.

According to a spokesperson for the asset management department of a large international bank in Switzerland, the number of accounts opened by British citizens has tripled in a few months..

Credit institutions do not disclose information about their clients, but sources said that most of the accounts were for high net worth individuals wishing to move some assets to a safe area.

British pound sterling has lost 17-18% against the dollar and euro since the UK vote on EU membership in June 2016. Just a few weeks before the UK’s exit deadline, the conditions for the withdrawal and the possible consequences for the country’s economy are still unknown..

A source in the Swiss asset management department of the Second World Bank said wealthy Britons were particularly afraid that the Labor Party, led by Jeremy Corbin, would win the next election and change tax policy..

Swiss banks such as UBS and Credit Suisse are some of the world’s largest asset managers, contributing in part to Switzerland’s economic and political stability. The Swiss franc is often called the safest investment in times of uncertainty.

Statistics compiled by the Bank for International Settlements (BIS) show Brits had transferred nearly $ 19 billion in Swiss deposits at the end of March.

British depositors flee to Switzerland

Luxembourg is also an attractive offshore market for wealthy Britons. The volume of their investments totals about $ 14 billion.