Banks

British depositors flee to Switzerland

Summary

HOW WE MOVED FROM THE UK TO SWITZERLAND & First Impressions! Description video: It’s been two weeks since we moved to Neuchâtel in Switzerland. Today’s video is the story of how we moved here all the way from the UK […]

HOW WE MOVED FROM THE UK TO SWITZERLAND & First Impressions!

Description video:
It’s been two weeks since we moved to Neuchâtel in Switzerland. Today’s video is the story of how we moved here all the way from the UK with some footage from our journey and first impressions of living in Switzerland. Enjoy!\n\nSubscribe for videos about Switzerland, moving and living here.\nFollow us on Instagram: https://www.instagram.com/our_swiss_adventure\nOur Komoot account: https://www.komoot.com/user/1071121729412\nFor any inquiries or collaborations: [email protected]\n\nMusic from: Youtube Audio Library\n\n#Switzerland #UK #Vlog

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..

British depositors flee to Switzerland

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.

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