Switzerland is renowned as one of the best places to keep funds for personal as well as corporate gains. The rules are stringent for the security of the customers, making it one of the favourite locations to have bank accounts for foreign nationals from across the world.
When individuals wish to open a Swiss bank account, it is generally not difficult. There are simple steps to follow resulting in a highly secure bank account in one of the most financially secure countries in the world, with the assurance of confidentiality and storing your money.
Choosing the right bank
The type of bank that one chooses will be greatly dependent on the kind of investment that is desired. It is a noteworthy point that if one is looking to open a Swiss account for the privacy it affords, then it should be done in the country of origin, as local regulations apply to all bands, thus meaning that a Swiss bank in the UK will have to follow local regulations and privacy policies. Therefore, for privacy, choose Swiss accounts in Switzerland, depending on the amount there is to invest and also the type of investment; higher investments and services require high minimum balance maintenance.
Regular account opening
When opening a bank account, most banks will do so through fax or mails. However, there are certain banks that will require the account holder to come in person and go through the formalities.
As Switzerland has stringent anti-money laundering laws, it will be necessary to carry all required documents pertaining to how the money has been gained and have all supporting documents at hand to show the same.
Documents required:
- Authenticated passport copy
- Regular and recent tax return receipts
- Occupational and professional licenses and certifications
- Proofs of the sources of the funds (e.g. sale of a property, business, inheritance, or company, etc.)
- Birth certificate
- Proof of residence with utility bills ion the same name
If you are trying to open a Swiss bank account through the mail, then the bank will send the documents through mail and will require apostille on the copy of the passport. The apostille is a seal that claims that proves the documents’ authenticity. An apostille can usually be done at the notary, although in some countries, it may be differently placed. The most important point here is that it should be called an apostille.
Numbered accounts
A numbered account is usually used by high-profile customers that do not wish their name on the account. In such cases, banks require the account holder to physically come down to the country to open it; also, it requires a minimum deposit of $100,000 which is the initial sum and costs a phenomenal amount of $300 maintenance per annum.
A Swiss bank will appoint a relationship manager for the account, who can then assist with the small details and issues that may come up. When you decide to open a Swiss bank account, it should be for the security and investments for your financial transactions.
