MOUNT PILATUS AND LAKE LUCERNE, SWITZERLAND
SPECIAL ADVERTISING SECTION
It has traditionally been viewed as a haven for high-net-worth individuals, and as such
Switzerland has always proved a popular banking hub. But in light of new regulation and the
increasing attractiveness of other global centres, is this market in danger of losing its edge?
Anastasia Hancock reports
THE necessary introspection that follows a global financial crisis means that clients are savvier than ever when it comes to the issue of jurisdiction.
While high-net-worth individuals have historically had no
shortage of tax-friendly centres jostling for their business,
the range of potential financial hubs is only widening.
Banks, too, are increasingly considering the comparable
merits of certain markets as they adjust to a heightened
regulatory atmosphere. Where does this leave the relative
popularity of the traditionally very attractive Swiss market? New hubs such as Singapore are increasingly attracting attention from the world’s most desirable clients. Can
the Swiss market hold its own?
Clients are keener than ever to make sure they’re invest-
ing their money in the right places – and with liquidity
at a low, every penny counts. Newly popular hubs such
as Singapore and Hong Kong have done their utmost to
capitalise on this, and the much-hyped exodus towards
these centres is hard to miss. They have swiftly reared
their heads as viable competitors to well-established
markets such as Switzerland, especially in terms of
financial service providers. Challenging tax conditions,
such as revised tax treaties with the US, UK and
Germany and other regulatory issues, have only served
to further the struggle.