Zurich, Switzerland

I'm often asked where I would live if I had to leave Montreal. And my answer for years has always been the same: Switzerland.

The world's most famous Alpine country offers a high quality of life, clean air, great views from virtually every corner of its borders and a first-rate transportation system.

My favorite city in Switzerland is Zurich, but other visitors prefer Montreux, Geneva, Basel or Lugano – depending on what appeals to you most. Basically, you can't pick a corner of this country without being overwhelmed by its raw natural beauty.

Unfortunately, Switzerland's image has been badly tarnished by the UBS, or Union Bank of Switzerland, fiasco over the last 24 months. If there's one institution that has served to hurt the Swiss brand amid this financial crisis it's undoubtedly UBS.

UBS was probably one of the worst managed banks in the world before the credit crisis ripped apart its balance sheet. Management has been a disaster with wave after wave of bad news and write-downs plaguing this once venerable Swiss financial icon. But today UBS ranks on par with some of the worst managed banks in the world. Its glory days are gone for good.

But let's keep things in perspective. What's bad for UBS has been great for its rival across the Paradeplatz on the Bahnhoffstrasse – Credit Suisse. The latter has been a major beneficiary of UBS's woes and has largely escaped the credit crisis with shrewd management of its loan book and investment banking unit.

Though UBS has been an utter disaster for Switzerland, other banks, especially smaller institutions have remained true to their clients and continue to attract capital.

But, on a sad note, Americans have largely been shown the door as the Swiss rid themselves of the U.S. depositor liability since the beginning of the year. Some Swiss banks still accept American business; the primary trend is obviously going the way of the dinosaur as U.S. investors find it increasingly hard to establish an asset base in Switzerland following the UBS tax scandal.

Despite the fallout over UBS and its unruly co-operation with the IRS, Switzerland is still home to an estimated one-third of global offshore deposits. On the other hand, the end of tax dodging for many depositors in this country might also reduce that proud capital base.

Finally, after spending time with some of my friends and colleagues in Zurich last night, you'd never believe the Swiss were victims in this historical financial crisis. Apart from UBS, the financial sector has been hurt but not devastated like the City of London.

Unemployment remains below 5%, real estate office vacancy rates are still low and residential real estate prices remain very expensive. The cost of living here is also still expensive. If there was a correction in Swiss-based assets it was felt only in the Swiss SMI Index, or the stock market -- and nothing else.

I'm still very bullish on Switzerland. I always have been. And I eat my own cooking. My largest individual holding in my retirement plan in Canada remains Néstle SA.

Switzerland is still a compelling destination for your assets. In a world gone almost mad over the last decade, this nation still exudes financial responsibility, safety, conservatism and remains a bastion for asset protection purposes.