First of all, let’s see why the depositors from all over the world are trying to get to Switzerland and open offshore bank account here.There are at least four reasons for this, which were and remain relevant: reputation, service, range of services, and privacy.
Why open bank account in Switzerland?
Switzerland has one of the strictest laws regarding the stability of the banking system. Compared to their counterparts from the USA and the EU, Swiss banks have withstood the international financial crisis quite well. The reform on the implementation of the rules “too big to fail” took Switzerland to first place in the world in terms of requirements for the level of own reserves in the large banks.
Values (precious metals, cash, works of art, etc.) stored in the bank safes are not included in the insolvency estate in case of bankruptcy; they still belong to their owners and are returned upon request.
Privacy of Swiss banking
Those who are going to open Switzerland offshore bank account are especially interested in the privacy. Some clarifications are needed here:
- Banking secrecy still exists in Switzerland.
- The confidentiality of depositors (including non—residents) is protected by law.
- There is a punishment for the disclosure of data (up to imprisonment).
- However, due to modern requirements for the exchange of information and interaction in administrative and criminal cases, Switzerland is forced to share information.
Switzerland protects information from the prying eyes (primarily paparazzi, enviers, and relatives). But the country can’t protect it from the law enforcement agencies that have the right to request such data.
Therefore, it must be noted that in order to get a Swiss account, it is not enough to have money. The latter must be legal, and you must not have any problems with the law. Only in this case, you may count not only on the confidentiality but also on the chance to open an account.
Properly prepared and filed documents are a decisive step on the way to getting a Swiss account. There are documents required by all banks without exception, while some of them are requested individually.
General documents for opening bank account Switzerland are:
- For beneficiaries of the account, signatories and other proxies:
- Copy of passport and ID;
- Original documents confirming the residence and address of residence (usually, these are paid utility bills for electricity, gas, and water);
- When it comes to the corporate account (as well as a personal account), you should add:
- Copy of the passport of the company directors;
- Copy of the incorporation certificate;
- If the company is more than a year old, you need a certificate «Good Standing»;
- Copy of the certificate of incorporation, charter, etc.;
- Register of Directors and shareholders.
All documents must be translated into English and certified. At the same time, the bank reserves the right to request additional documents, and it is in your best interest to fulfill the requirements to open a bank account in switzerland as quickly and efficiently as possible.
Benefits of Switzerland offshore bank account
The first reason why the wealthiest people choose offshore bank account Switzerland is the reputation of its jurisdiction and banking sector. For centuries (over 500 years), Switzerland has not been involved in wars. This country takes a neutral position and serves the financial interests of the customers around the world.
The Swiss franc remains one of the most stable currencies in the world and only becomes more expensive (in contrast to the overall depreciation). This attracts investors, even though it entails some negative effects.
The banking system as a whole has also earned a reputation of a reliable partner: security, privacy, and speed are the hallmarks of Swiss banks. Plus, the ability to get an individual approach to servicing and working directly with your assets.
The Banker magazine has repeatedly called Credit Suisse the best among all banks in Switzerland.Atrium Business Solutions
How do we choose Switzerland banks?
But before preparing the documents for opening an offshore bank account in Switzerland, you probably wonder whether the Swiss accounts are reliable at all.
In a word: yes, they are. Especially, if you avoid the giants and choose the medium—sized banks that work for the result. You can learn how to choose such a bank during a free consultation.
In general, the following facts speak for the reliability of banks and the banking sector:
- The banking sector has been actively used for at least 500 years;
- Over the years, they have gained a vast experience in asset management;
- At different times, 20—40% of Swiss francs are backed by gold;
- Security of deposits is guaranteed;
- Law protects the depositors;
- The only way to quickly bankrupt the Swiss bank is to impose a fine of a couple of billion dollars on it (which is practiced in the USA). That’s why the banks are closely monitoring the new customers now.
Of particular interest are the safe deposit boxes. As you know, in case of a crisis, some banks freeze their contents. Along with the accounts, they may be used to cover debts. In Switzerland, the boxes remain free, and the owners can pick up their property from them at any time. Not to mention that one can store anything in the cells, including cash.
Bank accounts for non residents
Persons residing outside Switzerland (expect the already mentioned category of persons constantly crossing the border for work purposes – «Grenzgänger») get the right to open a bank account in Switzerland for non residents when making a minimum amount in the range from 500’000 to 700’000 Swiss francs (a specific size is stipulated in each individual case).
How to open bank account in Switzerland?
If you think it’s time to open a Swiss bank account, follow these instructions:
- Write a letter of request to the mailing address, and you will sign up for a personal consultation and get answers to the questions that remain unresolved;
- The specialist will help you choose a certain bank and submit an invoice for account opening services in the Swiss bank;
- You should prepare the documents for submission to the bank. The full list depends on the bank and your goals (corporate or personal account) and will be provided by a consultant;
- When you collect the full package of documents, we will send it to the bank. The application review takes about 10 working days. In some cases, the bank has the right to request additional documents;
- If you want to increase the chance of opening an account in a Swiss bank, you should send an application to several banks at once using the special pre—approval service;
- The need for a personal meeting with the banker, deposit, and minimum balance must be agreed in advance.
Types of bank accounts you can open in Switzerland
Here you are free to choose a scheme of work, be it a current account for everyday needs, a deposit account for savings or an investment account for playing on the stock exchange, and searching for the new opportunities to earn.
Quick and easy offshore bank account opening in Switzerland
A bank account is required for the functioning of an offshore company. However, because of the frantic fight against the financing of terrorism and the laundering of criminal proceeds, it is not easy to open one.
In all countries, banks are required to check new customers carefully. Large and respectable banks prefer to refuse a new client at the slightest doubt.Atrium Business Solutions
Nevertheless, we can represent you and your company in several reputable banks of Switzerland, as well as in a number of offshore banks. However, you must understand that no consultant can guarantee that an offshore bank account in Switzerland will be opened.