👉Switzerland Economic Report : Banking , Neutrality and Geographic Location

Switzerland has a stable, prosperous, and high-tech economy. It enjoys great wealth, being ranked as the wealthiest country in the world per capita rated by many organizations. Despite its small size, Switzerland is the: 9th Largest economy by nominal GDP. 36th largest country by purchasing parity. 12th Largest Exporter. Leader in Economic Freedom. Most Competetive Economy in the world. Europe’s most innovative country. Leader in the Manufacturing Sector. Switzerland's most important economic sector is manufacturing. Manufacturing consists largely of the production of Chemicals, Chemical substances. Health, medical and pharma goods, watches, scientific instruments, and musical instruments. The largest exported goods are chemicals (34% of exported goods), machines and electronics (20.9%), watches, and other precision instruments (16.9%). Swiss luxury watches are well known and famous throughout the world. The service sector – especially banking and insurance – is another important industry for Switzerland. Switzerland is considered as a safe haven. People across many countries tend to deposit huge amounts of money in Swiss banks- since Switzerland is considered as a tax haven. Apart from this, tourism is one of the major industries in Switzerland. Switzerland is well known for its snowy mountains, calm villages, green landscape, and swiss cottages. Tourists are drawn to Switzerland's diverse landscapes as well as activities. Most interesting are the Alpine Climate and landscapes, in particular for skiing and mountaineering. Tourism accounted for an estimated 2.6% (16.8 billion Swiss Francs) of Switzerland's GDP. Welcome to The Atlantis Report. Why is Switzerland so successful? Geographic location. Switzerland is literally at the heart of Europe, in between 3 major economies in the world: Germany, France, and Italy. She can become a hub, an intermediary for those neighbors. Switzerland also has mix cultures with four language groups, so Swiss can get along very well with their neighbors. And you can find countries like Belgium and the Netherlands are doing quite well, too. Neutrality and peace. Neutral Switzerland hasn't been through major destruction for a very long time due to war. This gave privileges to her development in the long term. Switzerland was not an outstandingly successful country before WWI. And Switzerland can trade with everyone, USSR or the US, even having contacts with North Korea now. Robust financial and industrial sectors. Swiss financial facilities benefited from Swiss confidential laws and Swiss political positions. What's more important is that Switzerland has many world-leading industrial companies. Of course, the people, the culture, the education, etc. are also the factors behind. Switzerland profits very much from its neutrality and would never leave this status. It is probably the safest country in the world. There were no bigger incidents for hundreds of years, no man-made catastrophes, no war, no problems with terrorism, no danger of any kind by natural disasters. It has 3.6 million armed militiamen who have their weapon ready at home, even considering to attack would be a suicide wish. Hitler mentioned that once (actually, there was a plan to invade Switzerland with around 700000 men but was never really intended). It is said that during the first world war, the German monarch threatened to send half a million troops against a quarter million Swiss; the Swiss responded by: No problem, we'll shoot twice and go home. Why did I mention that? Switzerland serves as the perfect country to have political dialogues with Ambassadors from all around the world. Pretty all worldwide and important organizations have their headquarters in Switzerland because of the mentioned safety and neutrality reasons. This is in modern politics an extremely important thing. No country would want Switzerland to become unneutral. They need it to exchange money, deposit their money safely even in case of war, do diplomacy with enemies on neutral soil where they can be sure they can go home safely, and as mentioned before for all the organizations like World Health Organization and the red cross, etc.). Also, Switzerland is the most important protective power in the world. For Switzerland is this pretty lucrative, thousands of rich diplomats who live here and spend the money of their countries here. Rich worldwide organizations that pay taxes here. Millions of currency which countries and people deposited here. For example, Swiss freezes $1bn in Gaddafi, Mubarak, Ben Ali assets. The Swiss franc is one of the safest currencies around, and many countries have deposits in Swiss francs (Safe-haven currency), And other reasons. The foreign policy of the Swiss Confederation can be considered set in three concentric circles. The first, represented by the four neighboring countries (Italy, France, Germany, and Austria), in which the quality and frequency of relationships are equal to the geographical-cultural contiguity. The second, consisting of the vast European area and which embraces both the privileged relationship (but suffered in the troubled path of approach) with the member countries of the European Union and that with the three countries of the European Economic Area (particularly intense, for obvious reasons, relations with Liechtenstein, those with Iceland and Norway more diluted). The third, coinciding with those countries in the rest of the world where Swiss interests are most relevant, especially economic ones. Based on the priorities set by the Federal Constitution of 1.1.2000, Swiss foreign policy focuses on humanitarian aid, development cooperation, conflict prevention, support for the rule of law, and environmental commitment, as well as, of course, on the protection of Swiss economic interests abroad. In June 2005, Switzerland joined the Schengen agreements, negotiating their practical implementation in order to maintain occasional border controls, and claiming a possible right of termination. On 12 December 2008, the Confederation entered the Schengen area as the 25th country. Since 2006, Switzerland has intensified cooperation with the United States, by signing a document "Memorandum of understanding establishing a framework for intensified cooperation," which defines, in particular, the modalities for more effective political coordination on the numerous dossiers under discussion. Between the two countries. The Federal Council has recently developed the Swiss foreign policy strategy for the years 2016-2019, based on three main axes: relations with the EU and EU / AELE member countries; relations with global partners, primarily the G20 countries; International peace and security and sustainable development and growth. Other issues traditionally dear to Swiss diplomacy are the commitment to international peace and security and the protection of human rights. Bern also looks at the global context and pays specific attention to new terrorist phenomena (including cyber-terrorism), the development of international law, the implementation of international humanitarian law, disarmament, and non-proliferation. Lastly, sustainable development, growth and prosperity, environmental protection, and the fight against climate change are the further important lines of conduct for Swiss diplomatic action to be implemented both multilaterally (primarily in the UN) and through targeted policies. Sectoral, following the "Agenda 2030 on sustainable development" and the "message on international cooperation 2017-2020" with five areas of priority intervention (food security, climate and mitigation and adaptation policies, water, health, migration, and development). Switzerland is a member of 27 UN organizations, contributes to the budget of another ten and participates, now also with units equipped with its own armament, in some international peacekeeping forces (e.g., Kosovo); It is a member of the Council of Europe (1963), the OSCE (1975) and the Stability Pact for South-Eastern Europe (2000); since 1997 it has participated in the NATO "Partnership for Peace." The Confederation has applied for a seat on the Security Council for the 2023-2024 period. Finally, economically, the country joined the international financial institutions in 1991, has participated in GATT since 1966, and is a member of the WTO; it is part of EFTA, but, unlike Norway, Liechtenstein, and Iceland, it is not associated with the European Economic Area. Switzerland is indeed much smaller than the UK for example, but I would not call it more ethnically homogeneous. In terms of languages, Switzerland is not dominated by one language - there are significant numbers of primarily German and French speakers, not to mention Italian and Romansch, with four official languages. Switzerland has a slightly larger fraction of Muslims (5%) than the UK (4.5%, but 5% for England). Switzerland also has a unique mountain landscape that historically prevented invasions, lead to a unique history, and helped the Swiss specialize in high-margin businesses early on - banking, luxury goods, precision manufacturing, and weapons. All of those specializations are still alive and kicking. Switzerland didn’t try to become an empire, didn’t initiate overseas wars, didn’t try to rule the waves. Instead, Switzerland made sure that their investments were safe. Hence, the result. The Swiss emphasis on calm security and their mindset of preserving long-term investment. A country the size of Switzerland can avoid world wars by being neutral, whereas established world powers are usually forced to take sides (emerging world powers China and India are exceptions that prove the rule). But long-term planning through world wars isn’t particularly straightforward. Not to mention the loss of life and wealth. A country the size of Switzerland can pick and choose its favorite business without upsetting the world’s demand and supply. The UK often didn’t have such a luxury. Switzerland used to be known for allowing people to conduct banking anonymously, resulting in the old term of “Swiss Bank Account.” Which just meant it was money you kept hidden. This however attracted a lot of criminal financial activity, because who wants to keep their money hidden more than money launderers, drug dealers and tax evaders. Switzerland received a lot of pressure from other economically developed countries that if it wanted to continue being a part of the world’s economically developed economy of the 21st century, it needed to get over its fondness for secrecy when it came to financial transactions. So Switzerland and its banks changed their ways and decided it was more beneficial to become a part of the global economy rather than risk being isolated, and they started sharing financial reporting information with other countries. Which obviously made Swiss bank accounts, not so attractive for tax evasion any more. The whole Swiss secret bank account thing is actually quite an urban myth. Swiss bank accounts are not totally secretive. And you cannot call up a bank, give them a pass code, and have millions transferred worldwide instantly. They operate just like a normal private banking account, where every instruction from the client over the phone would have to be followed and backed up with a written instruction. Under Swiss law a bank or its officers cannot disclose the identity of a customer unless it is ordered to do so by the Swiss Courts of Law. Also under Swiss law the Court cannot order a bank to disclose a client's identity and details unless the said client has committed or is suspected of committing an offence defined as criminal under the Swiss laws. Since tax evasion, or tax minimisation as it is called in Switzerland, is not a crime in Switzerland, the said client's identity must be kept secret if, say, the US government asks the Swiss bank for details of his account because of tax evasion. That's what brought the Swiss bank account it's reputation of being secretive and impenetrable. If the client is suspected of money laundering, fraud, drug trafficking etc. - crimes also under the Swiss laws - his identity and details of the account would be disclosed. So, a Swiss bank account is not so secret afterall. When one opens an account one has to furnish his passport and address proof all the same. The KYC and due diligence rules all would apply as well. The only difference is that with Swiss bank accounts you would get, in place of an account number, a code name which is made up of a 4–6 digit number and a word of your choice. Eg. 8888 Superman or 8428 Banker. The actual account number is used in the bank's internal computers. These code names are used on all records and communications regarding and with the client, including his bank statements, instead of his name and address. These statements also do not carry the address of the bank where the account is held. Usually they only carry a logo of the bank. When addressing the bank one needs to quote his codename, just like you would tell the operator your account number in phone banking. But in telephone conversations with the client the banker still would call the client by his real name as usual. There's no “Hi, Mr. 8888 Superman… ” as in the movies. These measures do offer some sort of secrecy to the client, but saying that, they are not impenetrable. If required by law, his identity would be revealed nevertheless. To open an account, one needs to drop by a branch or representative office of the Swiss bank located all over the world because, as aforementioned, his passport and residential proof will have to be presented and the KYC rule requires the banker to actually meet the client at least once. The minimum deposit for opening a Swiss bank account was US Dollar 1 million some years ago. I think it had gone up to the range of US Dollars 5–10 millions nowadays. However, chances are that if you walk into a Swiss Bank nowadays to open an account with 10 mil you probably would be rejected because with all the Internet billionaires sprouting up in recent years this amount is not very significant at all. There has been pressure from other countries for the Swiss government to ban the use of codenames but the Swiss government refused and persisted. The reason behind is quite sinister - imagine you have a Swiss bank account with millions in deposit. You die one day without telling your family about the account. And no one else knows about this account or the codename. This was The Atlantis Report. Please Like. Share. And Subscribe. Thank You.













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