Every day more and more Swiss banks say “no” to US business. This year alone 7 Swiss banks that we regularly did business with told us that they will be kicking out all US clients and not accepting any new business.
This alarming trend continues. Even banks that are SEC compliant are not accepting any new business waiting to see what sort of a new tax treaty the governments of the US and Switzerland will reach.
The few private banks that still accept business from the US have significantly increased their minimum deposit requirements (most to US$1 million and above).
Soon Americans will not be able to have foreign bank accounts. Foreign trade and investment will cease, and our economy will take another beating. But who cares about such things if in the meantime the US Treasury is collecting higher tax revenues from Americans with foreign accounts.
