One thing I will point out is that some of this partially due to coming to Germany with a US passport. Specifically, banks in Europe are increasingly weary of allowing US passport holders to open full account due to the international reach of the IRS and the additional bourdons it creates for banks. A US citizen living abroad still has a responsibilities with regard to reporting financial activities to the IRS. This is an extra liability and risk for foreign banks so in many cases they chose to simply not deal with Americans.

I was born in Germany and have a German passport. When I was a teen my family moved to the US and and have since also gotten my American citizenship. I have been considering moving back. I talked to my aunt who lives in Switzerland who told me not to bother trying to open a Swiss account it’s virtually impossible as long as you have a US passport. Germany is slightly better but at most there are 2-3 (mainly online only) banks where you might be able to get a basic (ie bare bones) account.

The IRS has the ability to compel foreign banks to freeze assets of US citizens living abroad or at least to make it a paperwork nightmare for them. I can understand why a company might not want to promote an individual to senior positions if banks are weary of dealing with them.

This is the case virtually everywhere thanks to FATCA, unless the country’s banking system is OK with getting punished. It applies not just to US citizens, but also to US permanent residents.

Your aunt is sort of correct, but not really.

If you move to CH on your German EU passport, register at the local authorities and get your residency card, most traditional Swiss banks will open an account for you. You just won’t be able to do it online or with the Neo-banks. But an actual physical UBS office or Kantonbank will eventually be able to handle the paperwork for you.