As I have mentioned in many other posts, there is nothing wrong with using Swiss bank accounts or offshore entities. A recent front page article in the New York Times noted that Mitt Romney and his wife hold millions of dollars in a Swiss bank account and millions more in partnerships in the Cayman Islands. Their attorney, R. Bradford Malt, said that the Swiss bank account complied with all Internal Revenue Service reporting requirements, and that the family had paid all applicable taxes.
This is simply another reminder that it is perfectly appropriate for a U.S. citizen to hold funds outside the United States — as long as applicable U.S. taxes are paid in full. Even though holding assets offshore may sometimes be tax neutral, those assets can frequently be much better protected from U.S. creditors.