A growing number of wealthy Americans are opening bank accounts in Switzerland as part of the “de-Americanization” of their portfolios, according to investors and banks.

Swiss banks say they have seen a surge of interest and business from high-net-worth Americans opening investment accounts in recent months.

“It comes in waves,” said Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm. “When [former President Barack Obama] was elected we saw a big wave. Then Covid was another wave. Now tariffs are causing a new wave.”

Gabris said different clients have different motivations for opening an account. Many want to diversify away from the dollar, which they believe will weaken even further under the weight of the soaring U.S. debt. Switzerland’s neutral politics, stable economy, strong currency and reliable legal system are all a draw.

Others are motivated by politics and what they see as a decline in the rule of law in the U.S. under the Trump administration. Others still are opening Swiss accounts to buy physical gold in Switzerland, which is famous for its gold storage and refineries.

Gabris said many are also looking for residency or second citizenships in Europe and want to buy property. “It’s a plan B,” he said.

Opening a Swiss bank account is fairly straightforward but has to comply with strict U.S. disclosure laws. While the major U.S. banks can’t open Swiss accounts for clients, most have referral relationships with a handful of Swiss companies that are registered with the SEC and are allowed to accept U.S. investors.

Vontobel SFA, believed to be the largest Swiss bank registered with the SEC for U.S. clients, declined to comment. The Swiss private bank Pictet said it had seen a “significant uptick” in requests from clients at its Swiss-based entity Pictet North America Advisors, which is registered with the SEC.

While opening a Swiss bank account decades ago may have carried a trace of elicit tax evasion, today it’s highly regulated and more widespread, complete with tax forms and reporting.

“Many Americans are realizing that 100% of their portfolio is in U.S. dollars so they’re thinking, ’Maybe I should diversify,” Gabris said.