Suppose I win the 62 EuroMillionen jackpot. Should I go to Switzerland and deposit everything there? Or stay with the bank that I have right now?

Do you need to do anything special when you receive such a huge amount of money?

  • So why do you think Swiss account is the best account to deposit your winnings ? And finally you have to win the jackpot which I believe has very very minimal odds of you winning it or any other person.
    – DumbCoder
    Dec 9 '15 at 10:58
  • By go to Switzerland, do you mean leave your unspecified home country? Dec 9 '15 at 11:06
  • 3
    @DumbCoder Hypothetical questions do not need to be closed. Dec 9 '15 at 12:42
  • Just so you are clear, depositing your money in Switzerland does not exempt you from paying tax. Dec 9 '15 at 18:18
  • You don't say which country you're in (although "euromillionen" suggests somewhere vaguely Germanic), but certainly in the UK, the lottery administrating company offers to help set big lottery winners up with an account at a private bank. News story
    – AakashM
    Dec 10 '15 at 8:59

"Do you need to do anything special when you receive such a huge amount of money?" YES, ABSOLUTELY!

1st: Hire a lawyer. Retain him. Preferably one who has experience with high net worth clients.

2nd: Hire a financial advisor/wealth manager. Similarly, one who has experience with high net worth clients.

3rd: Tell no one else that you won. I cannot stress this point enough.

Do these things before you even claim your prize.

Winning the lottery seems like a great thing to people who haven't won, but statistically speaking most people end up worse off. Most people, not just lottery winners, but people who come into large sums of money unexpectedly just don't know how to handle it. Hire people who do know how to handle that sort of thing and get them on your side. If you win the lottery PROTECT YOURSELF!

Go here: https://www.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb38xf and read the top comment.

  • Very old post but I felt compelled to add this comment, its not as easy as it sounds, especially since we are talking about an average joe who just got millions under his tab, "hire a lawyer and a financial advisor" sounds good and easy but if we are talking about 60 or hundreds of millions (that Jackpots give out) then how do you know that you can trust them and they dont squeeze that money out of you in various ways exploiting legal red tape(e.g create a trust where the lawyer or the trustee he chooses has a say on the asset management) and/or mismanaging your money etc
    – papajo
    Mar 20 '21 at 23:13

Any large bank that you trust would be happy to help you by holding the money for you.

One of the big advantages with a Swiss bank account is privacy. The names of lottery winners are public, so this advantage would not mean much to you. Swiss banks are generally very large, secure, and capable of handling large amounts of money, however, so if Switzerland isn't too inconvenient for you, it's worth considering.

You won't want to keep all of it in a bank account for long; the majority of it should be invested. It would definitely be worth paying for a trusted financial advisor to guide you through that.

Avoid the urge to swim in a pile of gold coins.

Uncle Scrooge takes a dip

  • 4
    "Avoid the urge to swim in a pile of gold coins." Why? Have you seen Scrooge's investment return charts?!
    – user
    Dec 9 '15 at 14:52
  • @MichaelKjörling It's apparently high enough that (juding by the depth guage in the picture above) he has somehow managed to amass far more gold than has been mined in the history of civilization!
    – user12515
    Dec 15 '15 at 3:00
  • You might be overrating swiss bank account privacy, especially wrt the US and the EU, e.g. en.wikipedia.org/wiki/FATCA
    – Ghanima
    May 3 '16 at 18:57

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