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Here's my point of view as a Swiss citizen: Many of us tend to see banking secrecy as just another check and balance. The Swiss government is supposed to be the

Here's my point of view as a Swiss citizen: Many of us tend to see banking secrecy as just another check and balance. The Swiss government is supposed to be the employee of its people, not the other way round. Banking secrecy gives a tool into people's hands against overly aggressive taxation. For Swiss this has worked well, in general the tax revenue is just fine and taxes are kept reasonable. I'm fine if it gets cut for foreigners though - Switzerland isn't responsible for the checks and balances of foreign citizens towards their nation.

brianwawok 10y ago
But historically you have made a lot of money off these foreigners. Will that matter to lose the business?
- m_mueller 10y ago
  somewhat, but (a) I think this transition is mostly complete already and the Swiss economy has survived it so far, (b) banking in Switzerland is about 8% of GDP, not significantly more than in many other developed countries and (c) a big chunk Swiss banking revenue is AFAIK still in the domestic market. Will it show up somewhere in a spreadsheet? Certainly. Will it destroy Swiss banking or Switzerland as we know it? Most probably not. [1] That being said, if 2008 has taught us anything, it's not to underestimate greedy bankers and their favourite puppy 'leverage'. [1] Some small private banks specialised on this sort of business may go under though.