Listened to a podcast about this subject recently (in German though: [0]).

What eg. a German (very!) rich person would do is get a second passport in Cyprus and then open a Swiss bank account. To the Swiss bank, they'd say that they only have that one passport from Cyprus. Therefore, the Swiss bank does not report to the German state that the German individual has a bank account. This is how that person avoids German tax.

0. https://www.kuechenstud.io/medienradio/podcast/di090-geldwae...