How are banks treating Swiss expatriates in the US?
Sarah Mastantuoni: In the past Swiss citizens who moved abroad had no reason to liquidate existing bank accounts. Often these are savings or securities acquired over the years. It is still best to manage these funds through an account in Switzerland. The tax policy of the US administration hits indeed not only US citizens but also other residents, foreigners including Swiss expats. As a result of the pressure Swiss banks are losing interest in US clients. But the impact is also felt by Swiss living in the US. Our organisation had a few complaints. The new policy affects everybody, not just those who failed to declare their assets.swissinfo.ch: What kind of complaints? S.M.: There are expats who find themselves in a real quandary. Notably people who own or have inherited property and who often also have taken out mortgages in Switzerland. In many cases Swiss banks closed their accounts or called in their mortgages. What’s this? Organisation of the Swiss Abroad swissinfo.ch: What do you
