Swiss Bank Accounts

Swiss banks have earned a reputation around the world for providing sophisticated and discreet banking services. There are about 400 banks in Switzerland, ranging from the big city banks down to small banks serving the needs of a single community or a few special clients. Banks are licensed by the Swiss Federal Government through its Banking Commission, and may operate throughout the country. A number also have offices or other representation in foreign countries. Among the approximately 400 licensed banks in Switzerland are the Swiss branches of banks which have their headquarters elsewhere.

Opening a Private Swiss Bank account from my residency... 

Swiss banks follow strict rules when opening new accounts for clients.  Due to Switzerland’s banking laws, the bank must first verify the identity of the client’s residency on the basis of an official document such as a passport.  If the Swiss bank you are inquiring about has a branch or representative office in your country, contact them for further information.  If your bank of interest is not represented in your country, contact the desired bank in Switzerland directly for more information.   

Private Swiss Bank Account - client acceptance...  
 
Almost anyone can open a bank account in a Swiss Bank; however, Switzerland banks reserve the right to decline service to certain individuals.  A bank may decline banking services to an individual who they feel may pose a reputational risk if he or she became a client of the bank.  A bank may also decline new account facilitation if there are doubts as to where the client’s funds originated. A private Swiss bank account usually accepts HNWI who wish to deposit a sum of $300,000 or equivalent financially viable clientel.

Company and CorporateSwiss Bank Account
 
A company or corporation can open a Swiss bank account regardless of its location.  If the company’s registered office is in Switzerland, the company can be identified and verified through the Swiss Commercial Register.  If the company is not listed in the register, it can be verified my means of equivalent relevant documents.  For verification purposes, all documents provided for company verification must be dated within 1 year of opening the bank account.  If documents presented are older than 1 year, an audit or “certificate of good standing” must be supplied with the documents and should also be dated within the 1 year threshold.   

Exceptional rules apply to domiciliary companies when opening a Swiss bank account.  The Swiss law states that domiciliary companies are those that do not conduct commercial or manufacturing business or any other form of a commercial operation in the country in which they are registered and located.  Therefore, in addition to producing the proper documents for verification they must also declare the identity of the beneficial owners of their assets. 
 

Can a Swiss Private bank account be opened entirely via the Internet? 
 
No. The customer identification or verification processes prevent accounts from being opened online.  All banks in Switzerland must follow the procedure of proper identification verification of each new account holder, by way of correspondence.  In accordance with the Due Diligence Agreement (CDB 03), the Swiss bank must verify the identity of individual by obtaining a certified copy of an official identification document, such as a passport or ID card. The bank also verifies the address of the new client through exchange of correspondence. 

What questions will the Swiss Private bank ask? 
 
The Swiss banks representative will ask the questions needed to fulfill the banks legal obligations with regard to Switzerlands Due Diligence laws.  These questions include asking for proof of your identity while establishing the identity of the beneficial owner of the assets, if you are depositing funds for another entity. They will also ask about the origin of the funds used to open the account, the nature of your business and your financial situation in general.  

What documentation will the Swiss bank need to see? 
 
As mentioned previously, Swiss banks are obliged by law to verify the identity of a new client.  Therefore, the Swiss banks prefer to function in face-to-face manner for initial discussion.  In order to complete the identity verification, the bank will want to inspect official identification documentation such as a passport or identification card with a photograph.  They may also ask to inspect documents that pertain to the origin of your funds, such as the contract to the sale of a house, a statement from a foreign bank, or a receipt from the sale of securities, etc.   

Can I open an anonymous Swiss account? 
 
No. Swiss law mandates that each bank must verify identification on all clientele. Although your account information is kept private to others, accounts can no longer be opened anonymously. 

Numbered Accounts...
 
The procedure for opening a numbered account remains the same all other types of accounts.  The Swiss bank must verify your identity and establish the identity of the beneficial owner.  A number account is simply a bank account that is listed under a number code, rather than a name.  Additionally, it is an internal security measure to restrict knowledge of clientele information to only a small group of employees within the bank, unlike an account with a name.  Because numbered accounts are created with a number code and not a name, they cannot be used for international wire transfers.  The international regulations for wire transfers require the client’s name, address and account number in order for a bank to perform a wire transfer. 

Minimum opening deposit...
 
The majority of Swiss banks do not require a minimum deposit in order to open an account, however there are some banks, as well as private banks who do require a minimum deposit - usually around $300,000 USD.

Does the account have to be in Swiss francs? 
 
Many banks offer accounts in all currencies. 

 
How safe are Switzerlands banks? 

The Swiss Federal Banking Commission (SFBC) regulates and supervises all banks in Switzerland. The SFBC is a member of the Basel Committee on Banking Supervision.  Each bank must be licensed with the SFBC and they must follow equity and capital adequacy, as well as prudential and behavioral rules.  Swiss law demands capital adequacy standards even higher than those required by the Basel Accord.  Therefore Swiss banks are listed amongst the safest in the world. 

How secret are Swiss banks? 

Switzerland has been known for its immense magnitude regarding the protection of an individual, including their financial privacy.  Surveys consistently show that the vast majority of the Swiss people want to maintain this protection.  Unfortunately, the high level of confidentiality and security that Swiss banks offer to their domestic and foreign clientele, cannot completely shield criminals.  As a matter of banking principle, the rights to privacy can be suspended when a criminal investigation is underway.  It is our goal to protect the privacy of honest banking clientele and expose criminals to the full force of the law. 

Swiss Private Banking Services offer... Tax Consultations Wealth Planning Inheritance Advice Investment Solutions Family Office Wealth Management One to one Service Trust Formations Asset Protection

We also offer the same financial services from the offshore financial centres listed below... The Bahamas Canada Dubai Luxembourg Monaco British Virgin Isles Switzerland Isle of Man Gibraltar Channel Islands Liechtenstein Click here for a free private swiss banking consultation...