Wealthy investors are looking to “diversify away from the dollar,” according to a new NBC report.
The outlet claims these investors “believe [the dollar] will weaken even further under the weight of the soaring U.S. debt.”
One country that's drawing them away is Switzerland because of its “neutral politics, stable economy, strong currency, and reliable legal system.”
According to NBC, Swiss banks claim “they have seen a surge of interest and business from high-net-worth Americans opening investment accounts in recent months.”
The move was deemed a “de-Americanization” of wealthy portfolios by the bankers and investors that NBC spoke with.
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“It comes in waves,” Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm, told NBC.
Gabris noted other investment waves came after [former President Barack Obama] was elected and during COVID.
The CEO told NBC that wealthy people are also “looking for residency or second citizenships in Europe and want to buy property. ‘It’s a plan B,’ he said.”
The outlet added that major U.S. banks can’t open Swiss accounts for clients.
However, “Most have referral relationships with a handful of Swiss companies that are registered with the SEC and are allowed to accept U.S. investors.”
According to the Financial Times, “Since 2008, U.S. authorities have cracked down on dozens of Swiss banks for helping Americans avoid paying taxes using the country’s bank secrecy rules.”
Swiss banks adapted to U.S. tax rules by increasing transparency in 2013.