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Finance
Bankgeheimnis
Bank Secrecy
Simple Definition
The famous Swiss law protecting client privacy. HOWEVER, for foreign residents, it is effectively dead due to Automatic Exchange of Information (AEOI).
Why this matters to Expats.
Myth vs Reality. The Swiss taxman knows everything about your Swiss accounts. And if you are American/European, your home country knows too. "Secret Accounts" are a Hollywood trope now.
Actionable Intelligence
Data Exchange: Switzerland automatically sends data to the IRS (USA) and EU tax authorities every year.
Privacy Remains: Your neighbor or boss cannot find out your balance. Privacy exists against private individuals, just not against the State.