Swiss Bank Account - Frequently Asked Questions
The following page contains instructions,
information, guidelines and tips about opening
a Swiss bank account.
Who can open a Swiss bank account?
Theoretically, anyone can open a Swiss bank
account. Swiss banks have a reputation of strength,
safety and integrity. So, as expected, they
have a duty to accept only clients who they
feel will not hurt the reputation, safety and
integrity of the bank itself or the Swiss banking
industry, in general.
A bank needs to be reasonably assured that the
source of the potential client’s funds
come from legitimate, legal sources. The law
forbids a Swiss bank from opening an account
if they know or suspect that the proceeds are
from criminal activity.
In addition, you can open a Swiss bank account
inside of your own corporation or limited liability
company. The company that holds the account
can be formed in any jurisdiction worldwide
and need not be a Swiss entity.
Sophisticated and knowledgeable Swiss bank account
holders, who desire substantial privacy, do
just this. They own their accounts in their
offshore company names. A common jurisdiction
in which to form the offshore company for the
purpose of owning a Swiss bank account is the
Caribbean island of Nevis. A Nevis limited liability
company (LLC) offers a respectable combination
of legal protection and privacy. Money transfers
into banks usually leave electronic or paper
trails. When money is wired into a Swiss bank
account and the account is owned by a company,
however, enhanced privacy is achieved. This
is because the electronic trail will show that
the money was wired to a company rather than
to an account the individual’s name. The
owner of the Nevis LLC remains private. A Nevis
LLC can be formed in 24 hours.
For more free information, call Companies Incorporated
at 1-800-830-1055 or +1-661-253-3303.
How can I open a Swiss bank account from my
home country?
The best advice is to contact an organization
with experience in opening Swiss bank accounts.
Swiss banks have strict guidelines when it comes
to opening accounts regardless of your home
country. Recent “know your customer”
laws have made the process more involved now
than it was previously. Moreover, the bank is
required to identify the customer by seeing
verified government documentation. Many banks
in Switzerland will not open accounts for foreign
residents. So, because there are several hundred
banks available it is important to seek guidance.
Companies Incorporated, the company behind OffshoreCorporation.com
has been in business since 1977 and has years
of experience in opening Swiss bank accounts.
Companies Incorporated can help you quickly
and easily open your account without leaving
home.
For more information about opening a Swiss bank
account without leaving home, call OffshoreCorporation.com
at 1-800-830-1055 or +1-661-253-3303.
How long will it take to open my Swiss bank
account?
This depends on a number of items including
the amount of time it takes you to complete
and return the application and provide the required
due diligence documents. Once you fulfill your
requirements the account is usually opened within
48 hours to three weeks after the bank receives
your application.
For more information about the time it takes
to open a Swiss bank account or to begin the
process of opening an account, call OffshoreCorporation.com
at 1-800-830-1055 or +1-661-253-3303. If you
have a special situation that requires expedited
service, we can accommodate most needs.
Can I open a Swiss bank account entirely through
the Internet?
No. The Swiss banks must follow customer identification
procedures in order to comply with Swiss law.
Therefore, at the present time, opening an account
must be done with some degree of human interaction.
The Due Diligence Agreement (CDB 03), adhered
to by all Swiss banks requires them to confirm
the identity of the potential client and gather
detailed information about the signers as well
as information about the type of account desired.
For a free consultation, call OffshoreCorporation.com
at 1-800-830-1055 or +1-661-253-3303.
What information do I need to provide in order
to open the account?
First, you will need to complete the applications
that are required by the bank. This is done
in order to fulfill the legal requirements of
the bank and to meet all of the bank’s
due diligence and “know your customer”
responsibilities. You will be asked to provide
proof of identity of the owner of the assets.
If the account is opened in a company name,
company documentation must be provided in addition
to the identity information required of the
person or people behind the company.
You will need to show proof of source of funds.
If you are depositing money for someone else
you will need to show proof of identity of the
person for whom you are depositing funds. You
may be required to show evidence of your profession
and your typical financial transactions.
For the bank to be able to offer you the best
type of account for your needs, you will discuss
your future plans; such as your intent to start
a new business, sell a business, retire, or
purchase real estate.
Since the best historical returns are achieved
with managed accounts, they will need to know
financial growth objectives and your safety
tolerances. The more you let the bank know about
your desires the better they can help you meet
your financial goals.
Which documents to I need to provide?
You will need to complete a bank account application.
You will also need to show your identification.
The banks prefer a face-to-face meeting. Companies
Incorporated has agreements with many banks
in Switzerland. In many cases, they can arrange
to have the bank representative fly to you to
meet with you in your home or place of business
either before or shortly after the opening of
your bank account. As mentioned previously,
Swiss banks are required to confirm the identity
of their clients. So, naturally, the bank will
need to see a current passport, driver’s
license or other government issued identification
documents. The bank may also need to see proof
of source of funds such as the contract for
the sale of a business, a recent bank statement
from your existing bank or a receipt from the
sale of stock.
Can I open an "anonymous"
account?
Yes and no. You can open an account that is
protected by Switzerland bank secrecy and privacy
laws. However, the bank must know who you are.
Can I open a "numbered" account?
A numbered Swiss bank account is where the
account is not under one’s name but is
assigned a number. Banks are very reluctant
to open this type of account. So now most people
who desire privacy open their account in the
name of their own offshore company. One type
of entity that provides substantial privacy
is a limited liability company filed in the
Caribbean island of Nevis. The company formed
in Nevis will then own the bank account held
in Switzerland. A company can be formed in Nevis
in 24 hours.
Even in the unusual case where a numbered account
is allowed, the numbered account is often owned
by one’s offshore company rather than
by the one who opens the account. This will
avail oneself of additional privacy.
The way in which a numbered account is opened
is precisely the same as any other type of account.
The bank must verify the identity of the account
signer. Numbered accounts or accounts owned
by one’s private offshore company are
private to the outside world. However, the people
within the bank will know the identity of person
pulling the strings. So a numbered account offers
no added secrecy over an account in one’s
company name.
Companies Incorporated can help you open a Swiss
numbered account or establish an offshore company
for you that will own your Swiss bank account.
Call for more free information at 1-800-830-1055
or +1-661-253-3303.
What is the minimum deposit?
For most banks there is a minimum of $500,000
US to $2.5 million US. However, some banks will
open the account for $100,000 US or less. Most
banks would like to see the potential to grow
the account to the $1 million US mark or more.
In which currencies can I hold my Swiss bank
account?
You can hold your account in US dollars, euros,
Swiss francs, or other currencies.
How much interest will I earn on my money?
It depends on the kind of account you choose
as well as the going interest rates and market
conditions. Swiss managed accounts tend to show
substantially better long-term returns than
standard interest bearing accounts, often in
the 8-15% range. Note that this is an estimate
based on historical trends and is neither a
guarantee nor is it to be considered financial
advice.
Which bank do you recommend?
It depends on your financial needs and the
amount of capital you have available. Call Companies
Incorporated, the company behind OffshoreCorporation.com
and we can help you find a bank that meets your
financial needs. Call us at 1-800-830-1055 or
+1-661-253-3303.
How safe is a Swiss bank account?
All banks in Switzerland must have a Swiss
Federal Banking Commission (SFBC) license. The
SFBC is a member of the Basel Committee on Banking
Supervision, an international authority which
sets guidelines for sound financial practice
in the banking industry. The international body
sets guidelines and if the Swiss regulators
agree with the guidlines they are included in
the Swiss code and are enforced by the SFBC.
The SFBC impliments regulations and oversees
the entire Swiss banking industry according
to Basel Committee’s requirements as well
as local Swiss law. The regulations dictate
that the banks must keep adequate equity and
capital on hand. The also prescribe a broad
range of sound financial requirements and monetary
discretion guidelines. Moreover, the laws in
Switzerland command even higher capital requirements
than those dictated by the Basel Accord. The
capital requirement regulations are some of
the highest worldwide. Swiss bank accounts,
therefore, can be considered among the safest
bank accounts worldwide.
How secret is a Swiss bank account?
Banks in Switzerland are bound by longstanding
privacy laws to protect the identity of its
accountholders. Surveys taken of the Swiss public
show that the vast majority of the populous
wants to maintain the privacy laws. On the other
hand, officials in Switzerland do not want to
tarnish the country’s shiny reputation
as a respected banking center. Therefore, as
in any respectable jurisdiction, the Swiss banking
system will not allow itself to be a safe haven
for the proceeds of criminal activity. So, privacy
can be suspended in a foreign criminal matter.
The case will be brought before a Swiss judge.
If the judge in Switzerland determines that
the crime is also considered a crime in Switzerland
then the privacy can be suspended. Whereas tax
evasion is not a crime in Switzerland and information
will not be revealed solely in the event of
tax evasion, it is still recommended in the
strongest terms that you follow the tax laws
of your jurisdiction. The main secrecy benefit
in possessing a Swiss bank account is the privacy
offered when protecting money from civil litigation.
For a free consultation, call OffshoreCorporation.com
at 1-800-830-1055 or +1-661-253-3303. To
apply online, please click
here. To order an offshore company plus
account, please click
here.
Swiss
Bank Account Switzerland Bank Information
