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When you think of secure banking, you probably imagine a Swiss account. Thanks to its long history of neutrality and economic stability, Switzerland has one of the world’s best banking systems.
If you are considering opening a Swiss bank account, our asset protection team at Blake Harris Law would like to share some things you need to know before making your move.
Swiss accounts are a class of offshore banking accounts that protect your money from government interference and currency devaluation. While traditional banks in other countries may be subject to regulations, banks in Switzerland have much more flexibility in how they conduct their business. However, you won’t be able to escape taxes completely and enjoy undocumented, 100%-anonymous premium accounts.
Opening a bank account in Switzerland sounds like something only for world leaders and multi-millionaires. That’s not the case. Creating an account can help you protect your assets and have peace of mind during economic instability and financial risk in your home country.
A Swiss bank account is an excellent option for non-residents and foreigners to store their assets securely. With so many highly reputable banks available, it isn’t as difficult as you think to find one that works for you.
If you seek privacy, you can open a Swiss bank account in the name of your offshore corporation or LLC, which you can establish in any jurisdiction globally (Nevis or the Cook Islands, for example). Talk to our legal team for more information.
Opening a Swiss bank account isn’t a difficult process. However, the main difficulty comes when trying to navigate the many requirements and documentation necessary to even begin opening the account. Part of what makes Swiss banks famous is their security. Not everyone can open a bank account in Switzerland, and you will have to comply with specific regulations and check off a plethora of legal boxes to get started. Most requirements for opening offshore bank accounts fall under three main categories: eligibility, documentation, and minimum required balance.
You can open your personal account with almost any type of currency, including Swiss francs, Euros, and U.S. dollars. However, you must meet certain eligibility requirements as a non-resident or foreigner beforehand. These include:
Like any other financial institution, Swiss banks require potential clients to have proper documentation to open their accounts. You must provide documents to prove who you are, where you live, and how you acquired your assets. Documentation must include:
Minimum balance requirements mean that you cannot create an account without first depositing a set amount of funds. An institution might also close your current accounts if your balance dips below a certain point.
For Swiss savings accounts, the minimum deposit varies according to the type of account. These requirements can also vary, depending on the kind of bank. For example, many major Swiss banks require a minimum initial deposit of one million U.S. dollars for non-residents, but certain Swiss Banks have no minimum required balance.
As a soon-to-be account holder looking to protect your assets, you want to find the best bank for you. The good news is that the Swiss banking system is one of the best, offering a wide selection of banks to meet your preferences and needs. They offer an incredible range of services and undergo rigid regulations, so they adhere to strict privacy laws that protect your assets from prying eyes.
Not all Swiss banks are equal, however. Services, security, and fees can vary from bank to bank, similar to those in the United States. As you determine which bank to open your account with, consider these factors:
You can choose from many different types of banks in Switzerland, each with its own pros and cons. The main categories of Swiss banks are cantonal, retail, international, and investment.
Government-owned cantonal banks are similar to retail banks in their available services. Typically, only residents in a canton where there is a bank branch can open an account with that bank. A few popular Swiss cantonal banks include:
Retail banks could be your best option if you’re a non-resident or foreigner looking to open a bank account in Switzerland. Swiss national retail banks usually have several branch locations throughout Switzerland and allow you to deposit funds, withdraw cash, and manage your assets easily. Some of the most popular retail banks in the country include:
With an international bank, you can expect English-speaking staff and customer-oriented services. These banks deal with foreigners on a regular basis and make international payments as easy as possible. You may already be familiar with some of these international banks:
Many Swiss banks offer accounts to store your funds in a secure place and protect them against economic volatility. However, one specific Swiss banking sector only focuses on investments and caters toward wealthy investors. These Swiss investment banks can be exclusive, only permitting ultra-rich private clients to open an account.
If you are looking for more than a savings account, some Swiss retail banks will also offer investment accounts. Popular investment banks include the following:
If you live in the U.S. and want to open a Swiss bank account, you may wonder, “What are the best banks for foreign residents?” In theory, all the big-name banks in Switzerland provide account services to non-Swiss individuals. However, they may obscure pricing options and make the process more complicated.
Don’t waste your time researching a private bank that does not put its pricing information and procedures upfront. The following Swiss banks have many international clients and make the process of opening an account as streamlined as possible:
The easiest and most direct way to open a Swiss bank account is to visit a branch office directly in person and talk to a representative there. This is the most surefire way to ensure your process goes smoothly as you will receive all of the information you need in person from an employee at the organization, but this is obviously not the most convenient option for most people. Additionally, going through the process in person may take up a lot of your time, taking from weeks to months to fully complete it.
If you can’t visit the Swiss bank directly in person, your next best option would be to try to see if you can open it online. Fortunately, it is possible to open your Swiss bank account online. You just need to know what to look for and make sure you are dealing with a legitimate financial institution, such as UBS Group or Migros Bank.
Most banks in Switzerland allow you to begin the account application process online, but you must physically visit the organization to finalize it. However, a few banks give clients the option to open Swiss bank accounts safe online from anywhere in the world. As you sift through your banking options, look for information about online services and the account application procedure.
A bank account in Switzerland (like most things in life) has its advantages and disadvantages. Thinking through these pros and cons can help you make an informed decision.
Here are some of the best Swiss bank account advantages:
As you open a Swiss bank account, you should also consider the cons:
Opening a Swiss bank account is the perfect solution if you’re looking to keep your assets safe and secure. At Blake Harris Law, our experienced attorneys can help you find the right bank and understand your legal options. Contact us via email at info@blakeharrislaw.com or by calling 786-559-1209 to schedule a consultation.