Why Swiss private banks and independent wealth managers remain the preferred cross-border partners — and how to work with them compliantly.
Why Cross-Border Wealth Management Matters
Switzerland serves clients who reside, work, and invest in multiple countries. For high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), cross-border wealth management enables a single, coordinated approach to custody, advice, execution, reporting, and succession — even when assets and family members span multiple jurisdictions.
Clients choose Switzerland for three reasons: stability, expertise, and access. Stability refers to political predictability, robust regulation, and strong investor protection. Expertise means deep experience in multi-jurisdiction portfolios, private markets, and complex structuring. Access reflects Switzerland’s open-architecture ecosystem, where managers can select best-in-class funds, mandates, and co-investments for the client’s goals.
What “Cross-Border” Means in Practice
“Cross-border” simply means that the client, the adviser, and the booking centre are not all in the same country. Typical examples include a UK-resident client advised by a Swiss relationship manager, or a Middle East-based client with assets booked in Switzerland and investments in global markets.
In practice, this model touches four areas:
- Client coverage: how and where the adviser can interact with the client (e.g., meetings in Switzerland, travel to the client’s country, or video calls).
- Licensing perimeter: what the adviser may say or market abroad (e.g., reverse solicitation, execution-only, or advice for professional clients).
- Booking and custody: where assets are held (Swiss custodian, multi-custody set-up) and how transactions settle.
- Reporting and tax: what statements and disclosures are required for the client’s home jurisdiction?
For clients, the aim is simple: obtain high-quality advice and execution with clear documentation, transparent fees, and strong governance, without breaching local rules.
Relatively “Easier” Markets for Swiss Wealth Managers
Some countries are more receptive to cross-border services from Switzerland, especially for professional or accredited investors. The list below reflects common market practice and public guidance at a general level. It is not legal advice; specific cases may differ.
United Kingdom
The UK offers a clear regulatory framework. Swiss firms can typically interact with professional clients or service UK clients via reverse solicitation (client-initiated). Advice and execution are usually delivered from Switzerland, with meetings in the UK handled cautiously. The UK’s openness and the depth of its financial market make it a natural partner for Swiss wealth managers.
Monaco
Monaco is a long-standing wealth hub familiar with Swiss private banking. Clients often maintain relationships with both Monegasque and Swiss institutions. Cooperation is pragmatic, especially for professional clients with existing Swiss ties.
Nordics (Sweden, Norway, Finland, Denmark)
Nordic jurisdictions are generally receptive to cross-border services for professional clients and established relationships. Processes are orderly, and clients are accustomed to international booking models, including assets held in Switzerland.
United Arab Emirates (UAE)
Dubai (DIFC) and Abu Dhabi (ADGM) are significant hubs where Swiss institutions have a strong presence. Many HNWIs/UHNWIs prefer booking in Switzerland while living or working in the Gulf. Client meetings frequently take place in the UAE and Switzerland, with a focus on adhering to local marketing regulations.
Singapore
Under the MAS framework, Swiss firms commonly serve accredited investors from abroad. Singapore and Switzerland are complementary hubs for clients who split time between Europe and Asia, particularly for private markets and family governance.
Luxembourg
Luxembourg is an EU financial centre with long experience in cross-border arrangements. Many clients utilise Luxembourg funds in conjunction with a Swiss booking centre, taking advantage of open architecture and institutional share classes.
Medium-Complex Markets
Some EU countries allow cross-border servicing only under strict conditions. Common themes include restrictions on active marketing without a local licence, the need to classify clients as professional, and reliance on reverse solicitation.
- Germany: careful approach to in-country meetings and active solicitation; structure coverage from Switzerland where possible.
- France: cautious environment for prospecting; execution-only and client-initiated advice more feasible.
- Italy and Spain: similar to France; local partnerships or onshore entities are often required for marketing.
- Hong Kong: feasible for professional investors; marketing is tightly regulated, so documentation and process discipline are essential.
Restrictive Markets
Some jurisdictions are challenging to navigate without a local licence or a registered entity. Examples include the United States and Canada, where regulations are strict and vary by federal/provincial level, and China, which is highly restrictive for direct cross-border private banking. In these cases, clients are typically serviced from Switzerland on a limited basis or through affiliated onshore entities.
Benefits for Clients
- Single point of coordination: one team orchestrates multi-jurisdiction portfolios, managers, and reporting.
- Open architecture: access to external managers, funds, and co-investments that fit the client — not just the in-house shelf.
- Multi-custody resilience: assets can be held with several custodian banks and consolidated for oversight.
- Fee transparency: more precise lines for custody, advisory, discretionary, and performance fees; better negotiation power for UHNWIs.
- Continuity: consistent strategy across life events (relocation, business exits, philanthropy, and succession).
Key Risks and How to Manage Them
- Licensing perimeter: know what can be said or marketed abroad. Use client-initiated (reverse solicitation) when required, and document it properly.
- Suitability and documentation: ensure risk profiles, mandates, and product disclosures match the client’s jurisdiction.
- Tax reporting: align statements with the client’s reporting needs; clarify who prepares which documents.
- Data privacy: handle cross-border data with care; agree on secure channels and consent for information sharing.
- Travel rules: if advisers travel, follow local constraints on meetings, events, and materials.
A Simple Operating Model for Cross-Border Clients
- Define the coverage model: where discussions occur (Switzerland, client’s country, video), and who may attend.
- Clarify booking and custody: single Swiss custodian or multi-custody model with consolidated reporting.
- Use open architecture: select managers, funds, and mandates that match the client’s objectives and constraints.
- Formalise governance: mandate letters, investment guidelines, and review cycle (e.g., quarterly).
- Track costs: disclose fees by category and pass on any third-party rebates when applicable.
- Mobility plan: what changes if the client relocates or gains tax residency elsewhere?
FAQs – Cross-Border Wealth Management
Can a Swiss wealth manager serve me if I live abroad?
Often, yes, especially for professional or accredited investors, and where the client initiates contact. The detail depends on your country of residence and the services required.
Do I need to visit Switzerland to open or maintain an account?
Many clients start with a visit to Switzerland. Thereafter, reviews can be conducted via video and held periodically in person, either in Switzerland or, where permitted, in your country.
Which countries are generally easier for Swiss cross-border coverage?
Commonly: the UK, Monaco, the Nordics, the UAE, Singapore, and Luxembourg — particularly for professional or accredited investors.
Can I keep assets at more than one bank?
Yes. Many HNWIs and UHNWIs use multi-custody and receive consolidated reporting for a single view of positions, risk, and performance.
How do fees work for cross-border clients?
Fees are typically itemised (custody, advisory or discretionary, transactions). Larger portfolios may access institutional pricing. Transparency and clear documentation are essential.
What happens if I move to another country?
Your adviser should reassess suitability, documentation, and reporting. Often, the mandate continues, but meeting locations, product access, or on-the-ground coverage may change.
Conclusion – Start with Clear Rules and the Right Markets
Switzerland remains a leading hub for cross-border wealth management because it combines stability, open architecture, and deep expertise in multi-jurisdiction planning. Clients get access to global ideas, professional governance, and the option to consolidate multi-bank portfolios. The best outcomes result from a disciplined approach: choose receptive markets, document client-initiated contacts where necessary, align reporting with the home country, and maintain transparent fees.
Next step: If you are considering a cross-border set-up, start with a short discovery call to map your jurisdiction, custody, and reporting needs. From there, agree on a written mandate and review cycle that fits your objectives.
Related reading: Open Architecture in Swiss Wealth Management · Discretionary vs Advisory Mandates · Custodian Banks for Independent Managers · Consolidated Wealth Reporting
Disclaimer
This article is provided for general informational purposes only and does not constitute legal, tax, or financial advice. Rules for cross-border wealth management vary by jurisdiction and client category. Readers should not rely on this content as a substitute for obtaining individual advice from qualified legal, tax, or regulatory professionals. VAPA and its contributors accept no liability for any decisions taken based on this information. Always consult an authorised adviser in your country of residence before entering into cross-border banking or investment arrangements.
