Swiss Banks – A Safe Heaven for Money from Around the World

Switzerland is not only well-known for chocolate and its watch-making industry. It is also famous for its unique banking and financial system. Banks play an important role in Switzerland’s economy. Swiss banks have been considered to be the most secretive in the world for many centuries. About a third of all money held outside a person’s home country – hundreds of billions of dollars – is deposited in Swiss banks.

Banking in Switzerland goes back to the 18th century. In the past , not only rich people but also authoritarian regimes and dictators have secured their money in Swiss banks. Foreigners who live in unstable and troubled areas also tend to keep money in secure Swiss banks instead of their own. During World War II German Nazis deposited much of the country’s wealth, especially money and gold taken away from Jews , in Switzerland.

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