Is it legal to hide money in a Swiss bank account?

Answer by  PDAman (16)

It is legal to place money in Swiss bank accounts, so long as you follow the laws of Switzerland and also the laws of your country of residence. Some countries, like the U. S. , can tax money even in foreign accounts. Consult a lawyer and/or certified public accountant for your particular situation.

Answer by  flamiss22 (5081)

It all depends on your definition of hiding. A person can legally have a Swiss bank account if you follow procedures and open it legally and pay any taxes that may accrue. However if you open one secretly with the intent of hiding money illegally from anyone then it may be considered illegal and you may get in trouble.

Answer by  pjsfb (221)

Any finds that are transferred out of the country are now tracked. Also large cash withdrawals and anything out of the ordinary is supposed to investigated by all US and Canadian banking employees. Any finds in another country in your name, should be reported including foreign income.

Answer by  patti (29325)

Because of the stability of the Swiss government, banks there offer superlative security and protection. It is perfectly legal to open a Swiss bank account to protect assets. It is not legal to "hide" assets, launder money or avoid taxes. Swiss banks do cooperate in criminal investigations.