Anyone here have a Swiss bank account?

[oldhippie]

9. I've had one in the past, though not now .....

I had a Swiss Franc savings account with UBS back in the 80's. I didn't have it to evade taxes, or do anything illegal. It was duly reported on my tax return and I paid the tax on the interest (both US and Swiss tax.) I had it for currency diversification and as a hedge against US monetary turmoil.

There are a number of legitimate reasons to have an offshore account. It is not only used to evade taxes. It provides diversification and investment opportunities not available in the US market. For the wealthy it provides access to global wealth management expertise. If I was a multi-millionaire (I can dream) I would have a percentage of my investment assets offshore as a hedge.

There are a number of resources that you can find to provide info on legitimate uses of offshore accounts. Here is just one I am reading now:

Fundamentals Of Offshore Banking: How To Open Accounts Almost Anywhere [Kindle Edition]
Walter Tyndale (Author)

It is true that many here do not have enough assets to make investing anywhere, much less offshore, a viable alternative. But some here do have enough wealth to make it something to consider. Just because one does not have the assets, or the knowledge, to understand why it can be a legal and legitimate investment choice, does not make it illegal or immoral.