Ultra-rich Americans rush to open Swiss bank accounts for fear of economic unrest and worries, their money will be targeted by Donald Trump.
Increasing uncertainty and fears for possible restrictions on moving money abroad means that the rich convey hundreds of millions of dollars from the US.
Robert Paul, co-head of private customers at the British asset management company London and Capital, said The Telegraph: 'These are big pieces of money. We have had five cases for the past three or four weeks and the amounts have been $ 40 million, $ 30 million, $ 30 million, $ 100 million and $ 50 million. '
He added: “I expect to have this at least again, if not anymore.”
Paul said the outlet that his customers take money from the American brokerage accounts and the opening of bills in Switzerland and the Channel Islands of Jersey and Guernsey.
Josh Matthews, co-founder of Maseco, who offers welfare management for Americans abroad, said that the last time he had seen this kind of interest during the financial crisis when rich Americans feared for failures of the US.
It is happening now, he told the Financial Times, because of 'the uncertainty of a Trump presidency'.
The Trump administration has proposed widespread rates for important trading partners, which caused unrest on the stock market and has worried many managers.
Ultra-rich Americans rush to open Swiss bank accounts for fear that their money will be the target of Donald Trump
Paul told De Telegraaf that the richest Americans want some money that is not in the US.
“There has been fear about capital controls and money movement. Why it is increased in the past four weeks is because the rhetoric chops and changes fairly quickly.
“Many of these are discussions about the Ultra-Rijk dinner parties,” he told the outlet.
Capital controls have been taken by a government to regulate the money flow to and from a country.
Although Trump did not immediately discuss that these measures are being imposed, investors are concerned about the volatility of his policy making.
At the last minute, the president made sudden changes at the last minute and delayed rates.
Judi Galst, the director of private customers at Henley & Partners in New York, said that at least a quarter of her customers asked to move money from the country because of the new administration.
'I hear a lot about Switzerland and Liechtenstein. I spoke with someone at a Swiss bank who told me that they had opened 12 accounts for Americans for the past two weeks, “she told the outlet.
She said that many rich Americans are worried that it is not in their best interest to keep all their assets in the US because of the potential negative impact of rates and federal cuts on economic growth.
Robert Paul, co-head of private customers at the British asset management company London and Capital, said that his customers get money from American real estate accounts and open accounts in Switzerland and the Channel Islands of Jersey and Guernsey
The Trump administration has proposed widespread rates for important trading partners, who have caused unrest on the stock market and have delivered and delivered from many business leaders
Switzerland is the world's top destination for cross -border asset management, but Americans cannot easily open an account due to strict regulations
Ollie Marshall, director of the British purchasing of real estate purchasing Prime Purchase, told the Telegraph that he thought it was mainly Democratic Party sponsors who were concerned about a form of financial retaliation.
“Of course there is no evidence that the administration is still actively focusing on it, but the government's policy is so extreme that they can be right to worry about it.”
Pierre Gabris, founder and managing partner of Alpen Partners from Zurich, told The Financial Times that he had seen many investigations.
“Certainly, that has been a pattern in recent months,” he said. “Since the elections there have been a few anti-Trump customers and many are driven by fear.”
Swiss Private Bank Pictet confirmed to the exhaust valve that it had seen a 'significant increase' of the question at the Swiss Entity Pictet North America Advisors, which is registered with the Securities Exchange Commission (SEC).
Switzerland is the world's top destination for cross -border asset management, but Americans cannot easily open an account due to strict regulations.
But if a Swiss Wealth Manager in the US is registered with the SEC, it can help customers open accounts and manage their money abroad.
It comes after billionaires Jamie Dimon and Larry Fink both started to express their concern about the impact of Trump's policy on the American economy.
JPMorgan Chase CEO Dimon Earlier this month, warned that the uncertainty about rates is 'not a good thing' for business.
Colleague billionaire Fink, CEO of investment management company BlackRock, also said this month that the volatility of policy changes is already harming the economy.
