The Central European country of Switzerland has been know for decades as a tax haven and offshore banking destination for the rich and famous. Coining the term “Swiss Banking” Switzerland is perhaps the most famous and well known tax haven in the world.

Covering only 15,940 square miles and surrounded by  Germany, Liechtenstein, France, Italy and Austria, the landlocked country of Switzerland is most known for fantastic skiing in the Swiss Alps and for “Swiss bank accounts”.

Switzerland first came to the world’s attention after WWII, when the country’s banking secrecy laws were found to have helped keep the government of Nazi-Germany from gaining control of many fortunes belonging to German-Jews.

Switzerland has 4 official languages consisting of German, French, Italian and Rhaeto-Romanic, with German being the most prevalent among its more than 7 million people.  While German is the most popular language, English, French and Italian  also used in matters of finance.

At almost $40,000, Switzerland has one of the highest GDPs in the world, proving that its citizens are some of the highest payed and most prosperous.  Of course in a country whose economy is built around a reputation as one of the premier banking capitals of the world, this should come as no surprise.

The official currency is the Swiss Franc(CHF), which has an exchange rate of 1CHF=.934 cents.

Trade exports contribute to Switzerland’s prosperity, but it is its banking industry, long known for its high standards, liberal investment policies and conservative monetary policies, that have  helped Switzerland establish a reputation that has brought in investments from around the world.

Switzerland’s laws have a basis in civil law.  The government is a federal republic with a Presidential office.  7 department heads make up the Presidential office, which is similar to the U.S. Cabinet.  These department heads are elected every 4 years by the full assembly.  There is a  Supreme Court and 2 houses in the Federal Assembly. The Federal Assembly is made up of  the National Council’s 200 members  who are elected every 4 years, and the State Council which  has 2 members for each of the 26 catons they represent.

Switzerland has been seen for many decades as the leader in offshore tax havens and offshore banking.  That reputation has come about because of an investor friendly tax code, and a banking system based on some of the most comprehensive privacy regulations in existence.

Zurich is the capital city in Switzerland and is also the heart of the commerce in the country. From here, myriads of Swiss banks do their business in the excess of 1.3 trillion pounds a year. The financial sector of Zurich makes up nearly 70% of the entire countries economy, with offshore banking at the core of that number. Backed by ironclad secrecy and privacy laws, Switzerland has maintained a neutral political position and a powerful spot on the world offshore scene. If you are a non EU resident, then there are many reasons why you would want to consider opening a Swiss bank account.

Englishman Peter Macfarlane is an author and lecturer on offshore finance, investment, due diligence and wealth creation matters. After fifteen years advising high net worth clients on offshore asset protection structures such as companies, trusts and private interest foundations, he decided on a career change and now mentors individuals who are interested in creating, preserving and growing wealth in a secure offshore environment. Peter defines wealth in the broadest sense, believing that money is worthless if you don’t have health and happiness. He is now joint editor of The Q Wealth Report, a publication dedicated to publishing freedom, wealth and privacy information for a select audience. He offers a free sample copy to readers of EzineArticles. You can visit The Q Wealth Report for more guidance on private offshore banking.