Swiss Bank accounts options and offshore banking alternatives

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Open a Swiss Bank Account: A Quick Look at Swiss Banking
Swiss banks have an enviable status in the world of banking; they are well-known for providing sophisticated, private and unobtrusive banking services to their clients, especially those of foreign nationalities. These qualities of Swiss banking (including their established status for financial and economic stability) have made them a popular destination for offshore banking.

Swiss Banks and their Services

There are over 400 licensed banks in Switzerland, starting with the international UBS AG and Credit Suisse (the largest banks in Switzerland) down to unobtrusive banks serving the needs of a single community or a few specialized clients. Some banks specialize in a few banking services (e.g. deposits and portfolio management) while others offer the full range of banking services to their clients.

Swiss banks are well-known in the international financial community for managing client portfolios as well as wealth management, trust services, and real estate planning.

Private Banking

Private banks have had a long history in Switzerland, dating back to at least 1685. These are banks which have not incorporated; as such the entirety assets of the partners are set to meet bank liabilities. Given that most private banks have incorporated, however, the term now refers to wealth and other portfolio management services offered to “high net-worth individuals” (or those that can invest a minimum of $1 million).

Swiss Bank Secrecy

Client privacy and confidentiality is a cornerstone of Swiss banking policy. While banks in most countries have confidentiality rules, Swiss banking policy is far stricter on breaches of confidentiality. Swiss law makes it a criminal offense (which makes imprisonment a penalty for violation) for any bank employee to improperly divulge information to third parties (e.g. persons outside the bank-client relationship), including representatives of foreign governments.

There are clearly defined exceptions to this rule, such as if the account in question can be proven to be income from criminal proceedings (such as narcotics trafficking, money laundering or terrorism).

Keep in mind also that violations of the law means prosecution for both the individuals who divulge information as well as the banks themselves; as such, banks ensure that confidential information is kept private.

Opening Numbered Accounts

Numbered accounts (sometimes called pseudonym accounts) are not that different from regular bank accounts, except that the name of the account holder is replaced by a code number or assumed name in the normal bank records. The name of the account holder (and his code number or assumed name) is known only to a limited number of people in the bank.

Keep in mind, however, that Swiss banks are obligated to know the true identity of the account holder and his beneficiary; while numbered accounts raise confidentiality levels higher, the account holder is not truly anonymous. As such, a numbered account may not really be necessary for you – keep in mind that most banks charge a premium for numbered accounts (since management of such requires more resources) and, unless it is truly essential, may not really be that important.

Opening A Swiss Bank Account

Opening a Swiss bank account is similar to opening a regular bank account. Contact the Swiss bank you wish to deposit at and find out their requirements. Keep in mind, however, that most Swiss banks have higher deposit requirements for non-resident accounts so it would be best to check before opening an account.

The reality is that Swiss banks require introductions and large deposits to get started. Fortunately we can help you by using our standing relationship to introduce you. If you want to open a Swiss bank account we suggest you contact us by phone.