New Anti-Trump Clients of Swiss Banks “Driven by Fear”
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In early April 2025, President Trump unveiled a sweeping set of new tariffs. Ranging from 10% to 50%, they target nearly every country and mark a return to trade protectionism on a massive scale. The White House calls them “reciprocal,” but make no mistake — the real cost will land on American households.
According to a blunt analysis by tax policy thinktank, The Tax Foundation, these tariffs would amount to the largest tax increase since 1982. In 2025 alone, they’d raise $258.4 billion in new revenue — roughly $1,900 per U.S. household. Over the next decade, that’s nearly $2.9 trillion in added taxes, mostly paid through higher prices on imported goods.
And it doesn’t stop there. The plan would cut US GDP by 0.7%, reduce after-tax incomes by 1.9%, and shrink total hours worked by over 600,000 jobs. All of this, and that’s before foreign countries hit back with their own tariffs.
Wealthy Americans are reacting by rushing their money offshore – namely to Switzerland.
Here’s why this matters and what it could mean for your own finances.
Americans Are Heading to Swiss Banks in Record Numbers
A new report from the Financial Times shows that many wealthy Americans are moving their money to Swiss banks. Banking experts, like Pierre Gabris, founder and managing partner of Swiss asset manager Alpen Partners, say they haven’t seen this much interest since the 2008 financial crisis, specifically from Americans who already have international backgrounds.
“That’s been the pattern in the past few months,” says Gabris, who notes a number of anti-Trump clients “driven by fear.”
This trend doesn’t surprise us. We’ve been helping Americans protect their wealth overseas for 40 years, and Switzerland has always been a top choice during uncertain times.
Why Switzerland? And Why Now?
Switzerland isn’t just popular because of political concerns. Swiss banks offer real advantages that become even more important when times are uncertain:
Stronger, Safer Banks
Swiss banks keep much more cash on hand than US banks do. While American banks often run on thin margins, Swiss banks maintain safe assets to handle tough times. This is why Switzerland remains the world’s favorite place for international banking.
Protection From Dollar Problems
Many people moving money to Switzerland want to own something besides US dollars. The Swiss franc has been one of the world’s most stable currencies for decades, often getting stronger when global problems arise.
In fact, it’s actually appreciated since the US dollar began moving away from the gold standard in 1971. Even more so, it’s held remarkable stability between 2000 and 2025.
How Can Americans Open Swiss Bank Accounts?
Despite what many believe, Americans can still open Swiss bank accounts, though it’s more complex than before. FATCA (a US tax law) requires foreign banks to report American account holders to the IRS.
The good news is that many Swiss banks have adapted by:
Ensuring investment departments are SEC-compliant.
Setting up systems that follow both US and Swiss rules.
Training bankers who know how to work with American clients.
Big Swiss banks like Pictet say they’ve seen a “significant uptick” in American clients. Smaller Swiss firms are seeing more interest too, thanks to what Josh Matthews, co-founder of UK-based wealth management firm Maseco, says is the “uncertainty of a Trump presidency.”
What This Means for Your Money
Even if you’re not super wealthy, this trend highlights important points for your own financial planning:
- Don’t keep everything in one place: Having all your money in one country, one currency, and one banking system is risky.
- Start early: The best time to set up international banking is before you urgently need it.
- Follow all tax rules: Any offshore banking must include proper reporting to US tax authorities.
- Get expert help: International banking has many complex rules that make professional guidance essential.
Our Take on This Trend
We’ve been helping Americans set up legitimate banking in Switzerland and other stable countries since 1984. What’s happening now is part of a pattern we’ve seen during every period of uncertainty.
While many people are motivated by current concerns, the smartest approach to international banking isn’t reactive but planned. Setting up these accounts should be part of a careful wealth protection strategy developed over time.
Our clients who approach international banking methodically, with proper reporting and planning, have much more financial security no matter what happens back home.
Is Swiss Banking Right for You?
Switzerland isn’t the only option for Americans looking to bank internationally. Depending on your situation, other countries might work better.
For some people, Canada’s deep ties to the US financial system and Austria’s openness to private banking for American clients position them as strong contenders for offshore strategies. Meanwhile, Americans with compelling ties to Mexico, Panama, or Costa Rica may find attractive opportunities in those markets as well.
How to Get Started with International Banking
If you’re thinking about international banking as part of your wealth protection plan, here are some first steps:
- Know what you want: Are you looking for currency protection, asset safety, investment options, or future living possibilities?
- Check your asset levels: Most Swiss banking relationships require significant deposits, often measured in the seven figures.
- Get your paperwork ready: Swiss banks need thorough documentation about who you are, where you live, and where your money came from.
- Work with experts: International banking rules are complex, so professional guidance saves time and prevents mistakes.
At The Nestmann Group, we’ve spent 40 years helping Americans set up legal banking relationships overseas. We focus on full compliance, realistic expectations, and plans tailored to your specific needs.
If you’d like to explore whether holding money internationally might be right for you, book a consultation with one of our Associates. With our decades of experience helping Americans protect their assets internationally, we can guide you through this process successfully.
Remember: Offshore banking isn’t about hiding money or avoiding taxes. It’s about smart diversification and protecting what you’ve worked for through fully legal international strategies.
About The Author
Need Help?
We have 40+ years experience helping Americans move, live and invest internationally…
Need Help?
We have 40+ years experience helping Americans move, live and invest internationally…
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