Indians have ‘few deposits’ in Switzerland, more in Singapore and Hong Kong: Swiss banks

New Delhi, June 18: Swiss banks, considered to be the most favoured banking destination of those holding unaccounted wealth, claim there are ‘few deposits’ from Indian in the Alpine nation. The Geneva-based Association of Swiss Private Banks said Indians prefer other global hubs based in Asia, including Singapore and Hong Kong, for stashing their wealth abroad.

According to the association’s manager Jan Langlo, Indians find it more logical to store wealth in a proximite global hub, rather than opening accounts in the Swiss banks. “There are also rather few deposits of Indian residents in Switzerland, as opposed to Singapore or Hong Kong for instance. It is simply more practical for them to open an account in an Asian financial centre than in Switzerland,” Langlo told PTI.

The statement of Swiss bankers’ grouping comes a day after Switzerland ratified itself to the global framework for automatic exchange of tax information (AEOI), with over 40 jurisdictions including India. As per the agreement, Swiss banks would share information of all Indian account holders with New Delhi, on the condition of confidentiality.

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