Banks

British depositors flee to Switzerland

Summary

UK tourists flee quarantine in Swiss ski resort Description video: Hundreds of Britons spending the holidays in the Swiss ski resort of Verbier fled the village to avoid quarantine rules put in place by Switzerland’s government after the discovery of […]

UK tourists flee quarantine in Swiss ski resort

Description video:
Hundreds of Britons spending the holidays in the Swiss ski resort of Verbier fled the village to avoid quarantine rules put in place by Switzerland’s government after the discovery of a new strain of the coronavirus in the United Kingdom.\n \nSubscribe: http://smarturl.it/reuterssubscribe\n\nReuters brings you the latest business, finance and breaking news video from around the globe. Our reputation for accuracy and impartiality is unparalleled.\n\nGet the latest news on: http://reuters.com/\nFollow Reuters on Facebook: https://www.facebook.com/Reuters\nFollow Reuters on Twitter: https://twitter.com/Reuters\nFollow Reuters on Instagram: https://www.instagram.com/reuters/?hl=en

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.

British depositors flee to Switzerland

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 intended for wealthy citizens wishing to transfer 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 that 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.