Concept
Banking in Switzerland
Related concepts (9)
Economy of Switzerland
The economy of Switzerland is one of the world's most advanced and a highly-developed mixed economy. The service sector and Political stability and Economic stability has come to play a significant economic role, particularly the Swiss banking industry and tourism. The economy of Switzerland has ranked first in the world since 2015 on the Global Innovation Index and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg.
Offshore bank
An offshore bank is a bank that is operated and regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres.
Switzerland during the World Wars
During World War I and World War II, Switzerland maintained armed neutrality, and was not invaded by its neighbors, in part because of its topography, much of which is mountainous. Germany was a threat and Switzerland built a powerful defense. It served as a "protecting power" for the belligerents of both sides, with a special role in helping prisoners of war. The belligerent states made it the scene for diplomacy, espionage, and commerce, as well as being a safe haven for 300,000 refugees.
Swiss neutrality
Swiss neutrality is one of the main principles of Switzerland's foreign policy which dictates that Switzerland is not to be involved in armed or political conflicts between other states. This policy is self-imposed and designed to ensure external security and promote peace. Switzerland has the oldest policy of military neutrality in the world; it has not participated in a foreign war since its neutrality was established by the Treaty of Paris in 1815.
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Whereby banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities.
Nazi plunder
Nazi plunder (Raubkunst) was the stealing of art and other items which occurred as a result of the organized looting of European countries during the time of the Nazi Party in Germany. The looting of Jewish property beginning in 1933 in Germany was a key part of the Holocaust. Nazis also plundered occupied countries, sometimes with direct seizures, and sometimes under the guise of protecting art through Kunstschutz units. In addition to gold, silver, and currency, cultural items of great significance were stolen, including paintings, ceramics, books, and religious treasures.
Bergier commission
The Bergier commission in Bern was formed by the Swiss government on 12 December 1996. It is also known as the ICE (Independent Commission of Experts). Founded in a decade when Switzerland had come under recurring criticism for its behaviour during World War II, particularly with respect to its relations with the Nazi government in Germany, the commission was established by the Swiss Parliament and headed by Jean-François Bergier, an economic historian.
St. Gallen
St. Gallen is a Swiss city and the capital of the canton of St. Gallen. It evolved from the hermitage of Saint Gall, founded in the 7th century. Today, it is a large urban agglomeration (with around 167,000 inhabitants in 2019) and represents the center of eastern Switzerland. Its economy consists mainly of the service sector. The city is home to the University of St. Gallen, one of the best business schools in Europe. The main tourist attraction is the Abbey of Saint Gall, a UNESCO World Heritage Site.
Tax haven
A tax haven is a term, sometimes used negatively and for political reasons, to describe a place with very low tax rates for non-domiciled investors, even if the official rates may be higher. In some older definitions, a tax haven also offers financial secrecy. However, while countries with high levels of secrecy but also high rates of taxation, most notably the United States and Germany in the Financial Secrecy Index ("FSI") rankings, can be featured in some tax haven lists, they are often omitted from lists for political reasons or through lack of subject matter knowledge.