Swiss Bank Account FAQ...
Frequently Asked Questions about Swiss Bank Accounts
How can I open a Swiss Private Bank account from my residency?
Please understand that Swiss banks follow incredibly strict rules when opening new accounts. Due to Switzerland’s governing laws regarding bank accounts, the bank must first verify the identity of the client’s domicile on the basis of an official identification document, such as a passport. If the Swiss bank you are inquiring about has a branch or representative office in your country, contact that office for more information. If your bank of interest is not represented in your country, contact the bank in Switzerland directly for more information.
Who can open a Swiss Private offshore bank account?
Any adult individual can open a bank account in Switzerland; however, Switzerland banks reserve the right to decline service to certain individuals. A bank may decline their banking services to an individual they feel might be “politically-exposed’ meaning, the bank feels creating an account for the individual 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. Swiss banks are forbidden by law to accept money in which they know or may assume, stem from a crime.
Can a company open a Swiss Private offshore bank account?
Yes, a company can open a Swiss bank account regardless of its domicile. Switzerland has a Swiss Commercial Register for company’s performing business in Switzerland. 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 creditable documents provided for company verification must be dated within 12 months of opening the bank account. If documents presented are older than 12 months, an audit or “certificate of good standing” must accompany the documents and must be dated within the 12 month 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 I open a Swiss offshore Private bank account entirely via the Internet?
No. The customer identification or verification processes prevent accounts from being opened on line. All banks in Switzerland must follow the processes of proper identification verification of each new account holder, by way of correspondence. In accordance with the Due Diligence Agreement (CDB 03), the bank must verify the identity of individual by obtaining a certified copy of an official identification document, such as a passport or identity card. The certified copy may be provided by a branch, representative office or group company of the bank; by a correspondent bank; by a financial intermediary specifically appointed by the bank; or by a notary public or public office that customarily issues such authentications. The bank also verifies the address of the new client through exchange of correspondence.
What questions may the Swiss Private bank ask me?
Your bank representative will ask the questions needed to fulfill the banks legal obligations with regard to the Due Diligence laws. This includes 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 may also ask about the origin of the funds used to open the account, the nature of your business, your general financial situation, as well as your usual financial transactions.
What documentation will the Swiss bank want 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 cannot be opened anonymously.
What about "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.
Is there a 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 bankers who do require a minimum deposit.
Does the account have to be in Swiss francs?
No. Many banks offer accounts in US dollars, Euros and other currencies besides the Swiss franc.
How safe are Swiss 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 offshore banks?
Traditionally, 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.
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Frequently Asked Questions about Swiss Banking - FAQ
