The US Real Estate Equity Release Solution for Swiss External Asset Managers, Independent Asset Managers, and Private Banking Professionals, and the Referral Partnership That Rewards You for Solving Your Clients' Most Persistent Cross-Border Financing Problem
Für Schweizer externe Vermögensverwalter, unabhängige Vermögensverwalter, und Privatbankiers, die Lösung für US-Immobilien-Eigenkapitalfreisetzung, die Ihre internationalen Kunden benötigen
Pour les gérants de fortune indépendants suisses, les gestionnaires d'actifs externes et les professionnels de la banque privée — la solution de libération de capitaux immobiliers américains dont vos clients internationaux ont besoin
Switzerland manages more internationally mobile high-net-worth wealth than any other country in the world. The Swiss wealth management ecosystem, from the major private banks in Zurich and Geneva to the thousands of licensed external asset managers and independent asset managers operating across Switzerland's financial centres, serves a client base that is uniquely globally diversified, uniquely sophisticated, and uniquely positioned to have accumulated significant US real estate equity alongside their broader international investment portfolios.
And within that client base, there is a problem that every Swiss external asset manager, independent asset manager, and private banking professional encounters with a consistency that makes it one of the most persistent and most frustrating gaps in the Swiss wealth management service offering: the client who owns significant US real estate, needs to release equity from that property, and finds that neither the Swiss private banking system nor the American lending system can serve them efficiently and without unacceptable conditions.
The Swiss private bank imposes an AUM condition, requiring the client to consolidate investment assets as the price of cross-border lending. The US bank requires a Social Security Number, a FICO credit score, and US-format income documentation that the Swiss client simply does not have. The client is trapped between two systems that were not designed for their situation. And the Swiss EAM, IAM, or private banking relationship manager, who knows the client, understands their financial position, and wants to solve the problem, has no solution to offer.
Global Mortgage Group is that solution. And this article explains how Swiss wealth management professionals can deliver it to their clients, and earn a competitive referral fee for doing so.
This guide is designed to reach the full breadth of Switzerland’s professional wealth management community, from FINMA-licensed independent asset managers in Geneva and Zurich to private banking teams across Basel, Bern, Lugano, and Lausanne.
The Swiss Wealth Management Ecosystem and the US Real Estate Problem
Switzerland's wealth management landscape is one of the most diverse and most professionally sophisticated of any country in the world. It is also one of the most systematically affected by the US real estate equity release gap, because Switzerland's client base is disproportionately international, disproportionately mobile, and disproportionately likely to hold US real estate as a component of a globally diversified high-net-worth portfolio.
The Swiss private banking community: the major institutions
The major Swiss private banks: UBS Private Banking, Julius Baer, Pictet & Cie, Lombard Odier, Vontobel, EFG International, Union Bancaire Privée, Mirabaud, Edmond de Rothschild Suisse, Banque Syz, Reyl & Cie, Piguet Galland & Cie, Gonet & Cie, Bordier & Cie, Compagnie Lombard Odier, and their peers, collectively manage trillions of Swiss francs in client assets for internationally mobile high-net-worth individuals from across Europe, Asia, the Middle East, Latin America, and beyond.
These institutions have a consistent and well-documented approach to cross-border lending against US real estate: they will consider it, but almost universally subject to the AUM condition, the requirement that the client consolidate a significant portion of their investment assets with the lending bank as a condition of the cross-border mortgage facility.
For clients who accept the AUM condition, the major Swiss private banks can provide a solution. But a significant proportion of Swiss private bank clients, particularly those with established investment management relationships outside the lending bank, those with complex multi-bank or multi-manager structures, and those whose investment philosophy favours diversification of manager relationships — will not accept the AUM condition. These clients need an alternative. GMG is that alternative.
The external asset manager and independent asset manager community: Switzerland's most important referral source
Switzerland's external asset manager (EAM) and independent asset manager (IAM) community, also known as Externe Vermögensverwalter
(EVV) or Gérants de Fortune Indépendants (GFI) in the Swiss regulatory framework, is the most important and most underutilised referral source for US real estate equity release in the world.
Since the implementation of FINMA's new licensing regime under the Financial Services Act (FinSA — Finanzdienstleistungsgesetz, FinDG) and the Financial Institutions Act (FinIA — Finanzinstitutsgesetz, FIAG) from 1 January 2023, Switzerland's independent asset managers have been required to obtain FINMA licensing, implement comprehensive compliance frameworks, and operate under ongoing prudential supervision. This regulatory modernisation has produced a community of approximately 2,000 to 3,000 licensed and regulated independent asset managers, firms ranging from boutique two-person operations to substantial multi-portfolio managers with billions of CHF in assets under management — who collectively represent one of the most significant concentrations of internationally mobile high-net-worth client relationships in the world.
The Swiss EAM and IAM community has several characteristics that make it the ideal referral partner for GMG's US real estate equity release programme:
Client base alignment: Swiss EAMs and IAMs serve precisely the client profile that GMG's equity release programme is designed for, internationally mobile, high-net-worth, globally diversified, with investment portfolios and real estate positions spanning multiple jurisdictions including the United States.
Product independence: Unlike private bank relationship managers who are constrained to offer only their employer's product shelf, Swiss EAMs and IAMs are actively seeking specialist solutions they can bring to clients. An EAM that can offer US real estate equity release, through a trusted specialist partner, differentiates itself from competitors who cannot.
No AUM competition: Swiss EAMs and IAMs typically custody client assets at one or more Swiss private banks: Pictet, Lombard Odier, Julius Baer, UBS, and others are the most common EAM custodians. They do not compete with GMG for AUM because they are themselves not custodians. The referral relationship is structurally non-competitive.
Regulatory framework: FINMA-licensed Swiss EAMs and IAMs operate under a regulatory framework that is compatible with the referral fee arrangements that GMG offers, subject to the client disclosure requirements under FinSA's inducement rules (Interessenkonflikte und Retrozessionen, Article 26 FinSA).
The cantonal bank private banking community
Switzerland's cantonal banks, Zürcher Kantonalbank (ZKB), Banque Cantonale de Genève (BCGE), Banque Cantonale Vaudoise (BCV), Basler Kantonalbank, Aargauische Kantonalbank, St. Galler Kantonalbank, Luzerner Kantonalbank, and their peers — serve a significant and often overlooked segment of the Swiss high-net-worth market. Cantonal bank private banking clients frequently have international investment portfolios and US real estate positions that the cantonal bank itself is not equipped to finance cross-border. GMG provides the cross-border financing capability that cantonal bank private bankers can offer to their internationally mobile clients.
Swiss family offices
Switzerland has the highest concentration of single family offices per capita of any country, with Geneva and Zurich particularly dense with family offices managing generational wealth for Swiss, European, Middle Eastern, and Asian ultra-high-net-worth families. Swiss family offices whose investment mandates include US real estate frequently encounter the equity release gap when the family needs capital against a US property position. GMG's equity release programme, combined with our understanding of the offshore trust and foundation structures that Swiss family offices commonly use, makes us the natural financing partner for the Swiss family office community.
Swiss fiduciaries and Treuhänder
Switzerland's fiduciary professional community, the Treuhänder firms that administer trust and foundation structures, manage international estate planning mandates, and advise on cross-border wealth structuring, frequently manages client structures that hold US real estate. The Swiss Treuhänder who identifies a client trust or foundation holding US real estate where the beneficial owner needs capital is a natural GMG referral source.
Swiss law firms and tax advisors
Swiss law firms and tax advisors with international wealth management practices, particularly those in Geneva and Zurich who advise on US cross-border tax, international estate planning, and the legal structuring of US real estate holdings, are consistent sources of US real estate equity release referrals. The Swiss tax advisor who is helping a client optimise the holding structure for a US property is the same advisor who will be asked whether equity release is possible against that property.
The Swiss High-Net-Worth Client's US Real Estate Equity Release Profile
Swiss wealth management professionals encounter the US real estate equity release situation in specific and recurring forms that reflect the characteristics of the Swiss high-net-worth client base.
The private banking AUM condition rejection
The most common Swiss EAM referral scenario: a client has approached one of the major Swiss private banks, or the client's existing private bank has offered cross-border lending against their US property, and the bank has imposed an AUM consolidation condition. The client has rejected the condition. The EAM or IAM who manages the client's investment portfolio is asked whether there is an alternative. GMG provides that alternative, with no AUM requirement, no AUM condition, and no interest in the client's investment portfolio.
The complex holding structure
The Swiss high-net-worth client's US real estate is held through a structure, a Liechtenstein Anstalt or Stiftung, a BVI company, a Cayman trust, a Jersey discretionary trust, a Luxembourg SOPARFI, or a combination of these — that the Swiss private bank will not lend against or that adds complexity that the bank's compliance team uses as a reason to decline. GMG lends against these structures, subject to beneficial ownership due diligence.
The undeclared or low declared personal income
The Swiss high-net-worth client holds wealth primarily through a Swiss AG, GmbH, or Familiengesellschaft holding company structure. Their declared personal income — on the Swiss Steuererklärung, is modest relative to their actual economic capacity. US mortgage underwriters who assess only the personal income produce a loan amount that is entirely disconnected from the client's actual wealth. GMG's asset-led assessment looks at the property value and the exit strategy — not the Steuererklärung.
The long-held appreciation
The Swiss high-net-worth client purchased US real estate — in Aspen, in Manhattan, in Miami, in Los Angeles — in the 1990s or early 2000s, frequently during periods when the Swiss franc was strong against the dollar, at prices that now seem historically low. The property has appreciated dramatically and the equity has never been released. The Swiss EAM who identifies this situation and introduces the client to GMG delivers genuine and material value.
FinSA Compliance and the Swiss Referral Fee Framework
Swiss EAMs, IAMs, and private banking professionals operating under FINMA licensing are subject to the Financial Services Act (FinSA) inducement rules — specifically the requirement under Article 26 FinSA to disclose and, in most cases, pass on to clients any inducements (Retrozessionen) received from third-party financial service providers.
GMG's referral fee arrangement is structured to support Swiss wealth management professionals' compliance with their FinSA obligations. The formal GMG Referral Partner Agreement — provided to all Swiss referral partners — includes the disclosure language and the fee documentation that the Swiss EAM or IAM needs to comply with their FinSA inducement disclosure requirements.
GMG does not provide legal or compliance advice on FinSA obligations. Swiss EAMs and IAMs should discuss their specific FinSA compliance requirements with their compliance officer or external legal counsel before entering into a referral arrangement.
Key points for Swiss EAMs and IAMs:
FinSA Article 26 requires disclosure: The referral fee must be disclosed to the end client, the amount, the payer, and the basis of calculation, unless the client expressly waives the right to receive the fee.
Referral fees may be retained or passed on: Swiss EAMs and IAMs may retain the referral fee if they comply with the disclosure requirements. If the client does not waive receipt, the fee must be passed on to the client.
GMG provides the documentation: The GMG Referral Partner Agreement and the referral fee confirmation documentation are structured to support the Swiss EAM's FinSA compliance requirements.
FINMA-licensed EAMs and IAMs only: GMG's Swiss referral partner arrangements are available only to firms that hold a valid FINMA licence as an asset manager under FinIA or that are otherwise authorised to provide financial services under Swiss law.
The GMG Equity Release Product: What You Can Offer Your Swiss Clients
Equity release against US residential and commercial real estate:
- Loan size: USD 500,000 to USD 100,000,000+
- Term: 6 to 24 months
- LTV: Up to 65–70% of independently appraised US market value
- Interest: Retained or rolled up — no monthly payment obligation
- No AUM condition — no requirement to move or pledge investment assets
- No US credit history required — no Social Security Number required
- Swiss franc, euro, and multi-currency income considered within asset-led assessment
- Swiss AG, GmbH, and Familiengesellschaft corporate structures — accommodated without restructuring
- Liechtenstein Anstalt, Stiftung — specialist legal assessment provided
- BVI companies, Cayman trusts, Jersey trusts, Luxembourg SOPARFIs — all considered
- Security: Aspen (highest Swiss buyer concentration), Manhattan, Miami, Los Angeles, Hawaii, and all major US premium markets with significant Swiss high-net-worth ownership
- Timeline: Indicative term sheet 24–48 hours; drawdown 10–20 business days
America Mortgages long-term products for Swiss clients who want permanent US financing:
- Foreign National Mortgage, long-term US mortgage for Swiss nationals assessed on Swiss income
- DSCR Mortgage — investment property mortgage assessed on US rental income
- EXPat Mortgage — for Swiss-American dual nationals living in Switzerland
All products available across all 50 US states.
Contact Donald Klip — Establishing a Swiss Referral Partner Relationship
If you are a Swiss external asset manager, independent asset manager, private banker, fiduciary professional, family office advisor, or legal or tax professional who serves internationally mobile high-net-worth clients with US real estate positions and you want to discuss a referral partnership with GMG, contact Donald Klip directly.
Email: [email protected]
Phone: +65 9773-0273
Website: gmg.asia
America Mortgages: americamortgages.com
To receive the GMG Referral Partner Agreement, including the FinSA-compatible disclosure documentation, email [email protected] with the subject line "Swiss Referral Partner Enquiry" and a brief description of your firm, your FINMA licence type, and your client base.
To discuss a specific client situation on a no-names basis before making a formal introduction, call or email Donald Klip directly. We provide preliminary feasibility assessments for specific client situations without requiring client identification.
GMG is headquartered in Singapore and is available for video conference meetings with Swiss wealth management professionals at any time convenient to the CET time zone. In-person meetings in Switzerland can be arranged on request.
