There is evidence that 30% of the world's funds are concentrated in Western European countries. Doesn't this mean that you need to open a Swiss account? Below are questions and answers about why you should open an account in Switzerland.
Why should you open an account in Switzerland?
There are several options why you should open a bank account in Switzerland:
- First, there is a bank secrecy law that bank employees must comply with. For breaking the law, the employee is fined. The bank's specialists take an individual approach to each client's questions. Swiss banks have a prestigious reputation and high professionalism, treat the funds of bank account holders with respect and offer a large number of tools for financial management. They also have many years of experience in money management.
- Switzerland enjoys stability both in terms of the economy and currency, as well as political independence. The country is respected by international partners and colleagues.
Switzerland is a country with its own history. Don't expect to be able to open an account in Switzerland quickly. But be sure to get qualities and opportunities that are not available in most countries.
Who should open an account in Switzerland?
Switzerland is an accessible jurisdiction for investors. But at the same time, there are also limitations.
To open an account in a Swiss bank, it is necessary that the client is not included in the list of unreliable persons, criminals, etc. Russians, Ukrainians and Belarusians can open a corporate or personal account in a Swiss bank only if there is proof of the legal origin of the income. Switzerland does not cooperate with persons who have a dark past.
The next limitation is investment capital. If you plan to receive more money, you will need to deposit a larger amount of investment capital for a specified period.
What kind of accounts can be opened in Switzerland?
Swiss banks have the opportunity to open different types of accounts, such as:
- Current account in Switzerland
One of the most common, the main purpose of which is local activities and provision of the company.
In order to register a current account with a Swiss bank, you need to have a real physical office and business partners in a given country. Such an account is less designed for international cooperation. In general, at least 50% of financial transactions must be between local companies.
There are two types of banking institutions operating in Switzerland. These are federal - for those who are engaged in business activities throughout Switzerland, and cantonal - for those who intend to conduct business within one canton.
Bank accounts are opened in the official currency of Switzerland. Transfers and withdrawals of cash in euros are possible.
- Deposit account in Switzerland
Deposit accounts in Switzerland are among the most popular, as there are the fewest restrictions. Anyone can open an account both in official currency and in USD, EUR, etc.
Please note that a deposit account is less relevant for companies and more intended for individuals.
The main difference is in the interest rate. Due to the stability of the CHF, many people opened accounts in this currency and, as a result, the franc became more expensive. The government decided to decouple the currency from the euro and set negative rates on deposits. However, this decision did not affect the zero and plus rates for the euro, dollar and other currencies.
Despite the presence of negative rates, investors continue to hold accounts in CHF.
The thing is that Switzerland has the most stable and predictable economy, unlike many other countries, where the consequences of the collapse of banks are worse than negative Swiss franc accounts.
- Investment account in Switzerland
Investment accounts in Switzerland have a significant advantage. The purpose of investment accounts is to increase capital.
In Switzerland, there are investment funds, trusts, etc., which offer the most accessible selection of instruments. At the same time, investment accounts are more demanding than current and deposit accounts. Thus, private banks require deposits of at least 500 thousand euros.
If you want to cooperate with a Swiss bank, we recommend that you pay attention to opening an investment account in Switzerland. This offer will allow you to open not one, but two accounts at once, since bank clients who open an investment account have the opportunity to immediately open a current account too.
How to choose a bank in Switzerland?
To open an account in Switzerland, you need to decide on the purpose of application. This could be protecting your own assets from loss, increasing wealth, etc.
The second step is to determine the amount. Banks do not accept if you plan to manage an amount less than 5 thousand EUR. The best offers for investors from 500 thousand EUR.
After going through the steps described above, you can start searching for the right bank. You only need to focus on banks that operate in Switzerland, since branches operate according to the laws of the country where they are located.
Some Swiss banks do not use advertising. To find the right bank for you and your needs, you need to contact us for advice. IQ Decision specialists will help you choose the best option for you and accompany you at all stages of this procedure.
You can open an account with CIM Bank without a personal visit with our help. This is one of the most accessible banks and its investment capital is 10,000 euros. CIM Bank has convenient Internet banking with international online transfers and payments.
Is there bank account secrecy in Switzerland?
To open an account in Switzerland, you need to deal with controversial issues about banking secrecy.
There was once a banking secret in Switzerland that hid information about depositors from everyone, including tax authorities. This behavior raised pressure on Switzerland from countries such as the United States, Germany, France and the UK, and it was forced to make changes to its legislation.
Now bank secrecy remains at the level of state law, for violation of which workers and banks receive severe punishment. The secret, as before, is not transferred to the tax authorities. At the same time, there is an automatic exchange with America under FATCA.
In order to open accounts in Switzerland without any problems, you need to prove the legal origin of the company’s funds, as well as that the company pays taxes in its country.
How to open an account in Switzerland?
As you already know, before opening an account, you need to know what the minimum deposit is, what the balance is, whether a personal visit is necessary and whether it is possible to open an account without a personal visit.
What is the minimum deposit in Switzerland?
Minimum deposits in Switzerland sometimes complicate the decision to open an account. Thus, a Swiss bank requires a minimum deposit of 500 thousand euros. This does not depend on the account type. At the same time, the minimum balance should not be lower than 250 thousand euros.
This rule does not work everywhere. The general thing is that the larger the deposit amount, the lower the minimum balance amount.
Personal visit or remote account opening in Switzerland?
There are banks that can open an account in Switzerland without a personal visit. But this strengthens the verification of documents of the company for which the account is opened. It is possible to meet with a bank representative using communication tools such as Skype.
Therefore, to find out which bank offers opening an account without a personal visit to Switzerland, you need to contact IQ Decision specialists for advice. To do this, contact us using the contacts listed on the website.
In addition, Swiss banks may refuse to open an account without a personal visit for the reason that trust in clients from post-Soviet countries is low. We can offer you a pre-approval service. This is when you bring us documents once, and we submit applications to several banks.
Please note that the application process takes a long time.
What documents are needed to open an account in Switzerland?
To open a Swiss bank account, you will need a number of documents that must be submitted to the bank. Also, please note that each bank has the right to request additional documentation at its discretion.
To open an account for a company in a Swiss bank, you need confirmation of the registration of the company, confirmation of the competence of the director of the company and mandatory proof of the legality of income.
For more detailed information, contact IQ Decision lawyers. Our employees will help you collect a personal package of documents that your company will need.
How to open an account in a Swiss bank?
To open an account in Switzerland as quickly as possible, use the services of experienced lawyers. We provide support services in opening accounts not only in Switzerland, but also in any other jurisdiction you are interested in. In order to order a consultation with the lawyers of IQ Decision, please contact us using the contacts listed on the website.
Swiss banks are the benchmark for banks around the world. This is where the largest corporations in the world keep their savings, and the banking system itself has the highest level of security. Our company Law&Trust cooperates with more than 20 banks countries, which is why clients can choose the most favorable conditions for themselves.
Our specialists know everything about how to open a savings, current or any other account in a Swiss bank; the service includes collecting a full package of documents, negotiations with representatives of a foreign financial institution, legal support for the client, translation of documents and forms into a language understandable to the customer of the account.
Requirements for opening a Swiss bank account
Each bank has its own requirements for investors, which is why it is impossible to list a specific and complete list of services. You will find out the cost of opening an account and the list of powers of our lawyers after you decide on a bank.
Swiss banks: choosing a bank when opening an account
We have a lot of partner banks and detailed information about each can be checked with specialists by phone. Below we list several banks with their features and conditions for a general acquaintance with the Swiss financial system.
BCGE (Banque Cantonale de Geneve)
A bank with a high level of data confidentiality. The staff speaks many European languages. It costs to open an account up to 10 days, which requires a detailed description of the activity. To open an account you will need a standard package of documents.
CBH Compagnie Bancaire Helvetique SA
Main advantages: there is Russian-speaking staff and no personal travel is required. You can send all documents through a trusted lawyer from our company. Review of the package takes 2 weeks, a description of the activity is required, but recommendations are not needed.
Swiss account: documents
What documents are needed to open an account in Switzerland also depends on the chosen financial institution. Most often the list is standard:
- passports (domestic and international) and proof of residence address;
- proof of wealth;
- a complete package of documents for the company (charter, sample signatures of directors).
After providing the list of documents, our lawyers will draw up bank documents, put all forms in proper form (translate them and notarize them) and send them to the bank. If your presence is necessary, you may be accompanied by a translator or legal specialist.
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- Full range of related services: Providing a full range of legal, corporate, official and business analysis services.
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- First free consultation: Law and Trust lawyers provide a free initial consultation, as well as analysis and strategy development services to achieve a positive result.
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We offer step-by-step instructions on how to open an account in a Swiss bank: types of accounts, what documents are needed, questions asked and misconceptions of people.
How to open a Swiss bank account, interests many.
After all, everyone has at least once heard a mention in films about the fact that it is in Switzerland that you should keep your hard-earned money.
At the same time, absolutely without worrying about their safety.
In real life, everything is not so simple.
However, anyone who wants to open an account in a reliable bank should know about the peculiarities of the Swiss banking system and the registration procedure.
Who can open a Swiss bank account?
This is truly accessible to everyone.
But still, there are certain reasons why bank representatives may refuse. For example:
- In addition to the previous point: if there is reason to believe or even evidence that the money is stolen, the Swiss bank will refuse to open an account.
Swiss banks carefully monitor their reputation.
It’s not for nothing that they have earned the title of the most reliable banking system throughout the world!
Therefore, if a depositor is involved in any political scandal, he may be denied service.
The same can be said about the source of origin of the client’s money.
If bank representatives have doubts that they were received honestly, most likely they will not deal with you.
How to choose a Swiss bank in which to open an account?
In the minds of many, a “Swiss bank” is a specific institution.Of course this is not true.
There are more than 300 banks in the country.
What should you know to choose the one with whom to cooperate?
UBSAG and CreditSuisseGroup are the choice for those who value stability.
These banks are considered the best in the field.
They are the largest, which means they provide more guarantees.
The equivalent of regions in Switzerland are called cantons (26 in total).
There are 24 cantonal banks in the country.
Each is tied to a specific area and acts according to its legislation.
These are private banks, recognized as the oldest financial institutions in the system.
There are 13 of them in the country.
They focus their activities on the work of managing customer deposits.
While conventional banks pay more attention to loans and deposits.
What account can you open in a Swiss bank?
Although the procedure for opening an account does not depend on its type, it is worth following them:- personal – allows you to use any bank services and personal funds in the account;
- savings - is recognized as a particularly safe account option, and is used for regular accumulation and accrual of interest on the deposit amount;
- investment - worth opening for those who are involved in investing and purchasing securities.
Is it possible to open an account using the Internet?
It is not possible to open a bank account using the Internet on your own.
At least because of the security policy.
To become a bank client, you need to accurately identify your identity.
But the Internet does not provide such an opportunity, both from the legal side of the issue and for banal technical reasons.
However, this does not mean that it is impossible to personalize the client in absentia.
This is possible due to the bank representatives obtaining a certified copy of any suitable identification document.
You can transfer documents to their destination through intermediaries: a branch of a banking institution, a representative office, a financial specialist, a consul, a notary.
In the future, in addition to the document, you will need to confirm the address through correspondence.
How can I open an account while in my own country?
To open remotely, as mentioned above, you will need to confirm your identity using an official document (passport, driver’s license).You should not hope that you will be treated less harshly and that it will be easier to act just because you are a resident of another country.
In order to activate the process of opening an account with a Swiss bank, the client must contact its subsidiary point.
This includes issuing banks, subsidiaries, representative offices and, of course, branches.
If none of the above is available in your country, and you want to open an account in a specific bank of your choice, you will have to contact them directly.
Please keep in mind that each specific financial organization will have its own system for registering an account, rules for its use and a minimum amount for contribution.
What documents are needed at the bank to open an account?
The main point is, of course, any document that can officially confirm the identity of the applicant.In addition to your personal trustworthiness, the bank is also interested in the fate of the money that you will deposit into your account.
So you should be prepared that you will be required to provide documents that will indicate the source of the money.
For example, an agreement on a real estate transaction, data on the sale of shares or other securities, a certificate of your receipt of an inheritance.
In addition to confirming the person directly, the bank will need documents with other basic information: date of birth, type of employment, contacts, information about place of residence.
The specific list of required documents differs for each individual bank.
One thing is for sure: all submitted documents will need to be certified.
Any notary from your city of residence can act as a witness.
What questions can a Swiss bank ask?
If you have already tried to open an account at least once, then you know about one of the mandatory components - questions from bank employees.
In this case, they may be more “deep” than the usual questions from state banks in your country.
However, you shouldn't take them too seriously either.
Rather, this is a conversation from the category of “obligatory routine”.
Questions asked may include:
- Are you opening a deposit for yourself?
- How did you get the money that you plan to put in the bank?
- How would you characterize the current money situation?
- What business are you in?
- Have you encountered problems transferring money?
Is it possible to open an anonymous account in Switzerland?
One of the constant accompanying film accounts in Swiss banks is their supposedly complete anonymity.However, any more or less legally savvy person understands that this is impossible.
It is possible to become a client only by confirming your identity. And this already contradicts the concept of anonymity.
However, there is a similar concept - a numbered deposit account.
Its essence is that in addition to “discovering” your identity to the bank, you will not have to advertise it in the future.
Instead of using a name, any transactions with your money will occur under a “header” from a personally assigned number.
This is, in its way, maximum anonymity.
But there is a pitfall here too.
You should not use a numbered deposit account for international transfers.
After all, when performing this operation, you are required to provide personal information.
Is it safe to open accounts in Swiss banks?
Where did the rumors about the absolute reliability and safety of Swiss banks come from?The fact is that any such organization in Sweden must undergo a licensing procedure.
And all this according to the highest quality standards of the Basel Commission.
They regulate the issue of liquidity, the size of the authorized capital and many other banking issues.
This is already an indicator of high quality.
But for Switzerland, these rules and requirements are twice as stringent - thanks to the categorical legislation.
That is why using banks in this country means entrusting your money to the most reliable depository.
What other advantages are there in choosing a Swiss bank?
watch in the video:
Popular misconceptions about Swiss banks
We have cleared up some misconceptions, but there are still a few left.Let's look at the most popular:
Putting money on deposit in Switzerland is very profitable and reliable.
The issue of reliability was discussed above.
As for the interest rate, there is nothing to please.
For the national currency it is 18-24%, that is, the same as in most other state-owned banks in other countries.
But for the dollar the figure is quite sad - 6-8%.
For many, it comes as an unpleasant surprise that there is such an unusual item for Russian people as the “minimum balance.”
For banks in Switzerland it is quite large - from $200,000.
Although some organizations have lowered the threshold to $5-10,000.
Information about the depositor may be disclosed.
This is true, but if you are a citizen of the United States of America.
For legal and legislative reasons, banks do not have the right to hide information about residents of this country requested by official structures.
How to open a bank account It’s still better to find out from the specific organization you choose.
After all, each has its own characteristics and requirements.
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“Deposit in a Swiss bank” is a phrase familiar to many Hollywood films, but not everyone knows that anyone can become the owner of their own deposit in Switzerland. Why a Swiss bank? The expression “Swiss bank” has become synonymous with stability, high profitability and investment reliability. Historically, Switzerland has always maintained neutrality in relation to events taking place in the world, so the country's economy has developed steadily and systematically.
Today, the following rules for opening deposits apply in Switzerland:
- All persons residing outside this country can open a deposit in Switzerland.
- Opening an account lasts from 1 to 7 days after the bank receives a complete package of documents from the future depositor.
- The minimum amount depends on the selected financial institution. On average, the minimum deposit is $5,000. Deposits of a smaller amount can only be opened by residents of Switzerland.
- Swiss banks open deposits in Swiss francs, American dollars, euros, Japanese yen and other base currencies (at the depositor's choice).
- You can open an account in Switzerland via the Internet. To do this, you need to go to the website of the selected bank, obtain information about the list of documents, provide completed and signed agreement forms, certified originals of the necessary documents and send them by mail to the bank in Geneva.
Advice: If you are offered intermediary services for opening a deposit in a Swiss bank without providing original documents, then it is better to refrain from such cooperation.
What documents are required to open a deposit in a Swiss bank?
The list of documents depends on the chosen depository, but there is a basic list that is mandatory for any Swiss bank:
- a copy of the national passport certified by a notary;
- a copy of a foreign passport (if available);
- confirmation of place of residence - usually the bank requires a bank statement indicating the registration address or a utility bill for the last 3 months, where the depositor’s information is indicated.
As additional documents, the bank has the right to request from the client information about the origin of funds and its confirmation.
What are the interest rates on deposits in Swiss banks?
Swiss bank interest rates are ridiculously low. The minimum return on deposits is 0.10% per annum, the maximum reaches 1.5% per annum. By the standards of Russian investors, this is pennies, because many Russian banks offer much higher interest rates. The principle that applies to Swiss banks is “the more reliable the investment, the lower its profitability.” So why do you need an account in Switzerland if interest rates are practically zero? The answer is simple - a deposit in a Swiss bank can be considered as a depository for the borrower’s free funds. For example, if you do not know and do not lose your money, then a Swiss bank will be the best place for this.
How to increase the profitability of your deposit?
Definitely, 0.10% per annum does not suit most investors, so they are looking for ways to increase their income, in particular, through trust management of savings deposits.
Trust management is a service that allows you to transfer the management of your funds to a professional trader who trades on financial markets with this money and thereby brings income to the account owner.
The client needs to open a special trading account on which trading operations will be carried out. Next, you need to select a manager based on the expected profitability and his trading strategy. The average return on PAMM accounts of Swiss banks is 10-12% per annum.
Which Swiss bank to choose?
At the beginning of 2017, there were 327 financial institutions in Switzerland. The largest banks are UBS and Credit Suisse, which account for more than 50% of Swiss deposits:
- UBS is the country's largest bank, providing financial services not only in Switzerland, but throughout the world. Included in the list of 29 significant banks in the world.
- Credit Suisse - created in 1856 specifically to invest in the construction of railways and the industrialization of the country;
- The Swiss National Bank has been operating since 1906. SNB shares are highly quoted on the stock exchange, which indicates the reliability of investments in this bank.
Conventionally, Swiss banks can be divided into 3 groups:
- State-owned banks, whose main goal is to stabilize the liquidity of the Swiss franc;
- Cantonal banks - take care of the security of deposits, provide mortgage lending to Swiss citizens, regulate, and maintain the stability of the country's economy as a whole;
- Private banks - their activities are aimed at working with foreign citizens who trust them to manage their investment portfolios, open accounts in foreign currency, carry out transactions, etc.
Swiss banks occupy leading positions in the list of the most stable and reliable organizations in financial terms. Deposits in Switzerland serve not only as a means of preserving your savings, but also as a way to increase them.
Most investors who want to lose their investments in the long term, which cannot be said about deposits in Swiss banks, where all client funds are insured by the state.
