Switzerland

Switzerland lies in Central Europe with France in the eastern side and Italy in the northern side. The Map of Switzerland indicates the exact geographical location of the country. The Switzerland Map points out the climatic variations, heterogeneous topography and natural vegetation of the country.

Switzerland is spread over total area of 41,290 sq km. The country holds a multi-ethnic and multi religious population of 7,554,661. German, Italian, Romansch and French are the officially recognized languages of Switzerland. The capital of Switzerland is Bern. The Switzerland vacation offers the tourists with a wonderful opportunity to enjoy the natural splendor of the place.

Economy

Switzerland Economy is sound and one of the most advanced and prosperous in the world. Despite ample deficiency in its natural resources, the country virtually has the highest per capita income and wages in the international economic scenario.

Switzerland Economy comprises three main sectors - agriculture, industry and service. Only 10 percent of the Swiss population is engaged in farming activities that receives maximum support from the government. In fact, the Swiss agricultural segment is the primary sector in Switzerland Economy.

Swiss industries accommodate as many as 40 percent of the total population of Switzerland. This is considered as the secondary economic sector of the country. This sector is primarily involved in exporting most of their manufactured products to foreign destinations. In turn, the country earns huge foreign revenues that lead to the overall improvement of the economic conditions of Switzerland.

About 50 percent of the people in Switzerland are engaged in the tertiary sector of Switzerland Economy called services. Areas like assurances, banking and tourism are included in this sector. Banking has gained maximum importance in Swiss economy and has recently come up with online banking facilities to enhance commercial activities in the country.

Extensive trading activities are the secret of the success of Swiss economy . The country's income is generated from the extensive exports activities that are possible only when raw materials are imported from abroad to manufacture finished products. The Swiss trade and investment policies all are liberal in nature, but it has a fiscal policy which is conservative. The well-developed business laws act as protectors to these commercial policies that help in the overall growth and development of the country's economy.

Switzerland is responsible for highest contributions in the field of total inland production and foreign trade and commerce. These form the basis of the country's successful business market which in turn, improve the living standards, educational quality, overall productivity and healthcare system of Switzerland. The country is considered the best among al European countries in all these respects, which bring down the inflation and negates possibilities of unemployment.

Economy of Switzerland has a worldwide reputation. The different types of industries like, shipping, freighting, banking and insurance accommodate a major part of the population and earn good amount to make the nation economically independent.

Offshore Banking in Switzerland

Switzerland is one of the most economically-thriving nations. In fact, the country's gross domestic product is the largest in the world. Switzerland is considered one of the world's largest offshore financial service center with 500 banks, two of which are big banks and the rest smaller banks. The Swiss financial service industry is renowned for stability, confidentiality, protection, and security of their clients' information and assets. It is one of the favored offshore banking centers that the country holds about 35% of the world's private assets.

Since the 1980s, the country has adopted considerable measures in order to reorient the Swiss banking system so that their banks are catering more to larger companies. Banks are more focused on providing sophisticated bank service to larger accounts rather than their conventional small-to-medium size accounts. There has been a common misconception that people can store unaccounted wealth safely in Swiss banks. This may be true to a certain extent, but Switzerland has been taking measures in order to establish its financial service industry to be against money laundering and organized crimes.

The Federal Banking Commission or FBC, created under the Banking Law of 1934 and amended on 1999, regulates the creation and operation of the banking sector of the country. It controls the regulation of deposit, although the control and supervision of banking activities does not include securities trading or bonds issuance. A bank must secure a license with the Federal Banking Commission in order to operate and maintain business. The rules and regulations implemented by FBC merely echo the stern provisions of the Banking Law. There is a great emphasis placed by the law and FBC's regulations on confidentiality of information and safety of assets, although there are exceptions to implementation of secrecy rules especially in cases of money laundering and organized crimes. This is the primary appeal of Switzerland to investors, companies and depositors.