swiss bank account opening

Opening a Swiss bank account

Surprisingly, starting a Swiss bank account isn’t so far different from starting a typical bank account. You have to fill out forms and provide documentation that demonstrates that who you are and what you do. But, because of some specific conditions regarding privacy, the degree of scrutiny over providing official confirmation of your identity is much more strict. For example, you may need to reveal your official passport to give your individuality, whereas a driver’s license will likely suffice at the U.S. There are also different minimum balance requirements depending on the type of account you want. These may vary from a few thousand dollars to millions of dollars.

The main advantages of Swiss bank accounts incorporate the reduced levels of financial risk and elevated levels of privacy they supply. The Swiss economy is one of the most stable on the planet and hasn’t been involved in any conflicts in centuries. Furthermore, Swiss law demands that banks have high capital needs and robust depositor security, which almost ensures that any residue will be safe from fiscal crisis and conflict.

Concerning privacy, Swiss regulation prevents the bank from disclosing any information regarding an account (even its existence) without the depositor’s approval. The sole exception, the only real way information is going to be revealed, is if a government service makes the claim which a depositor is involved in a serious criminal act, or has been involved in another financial issue (such as adultery, adultery and inheritances). Moreover, Swiss anti-money-laundering regulations also require depositors to provide proof concerning the source of the funds they are placing in their accounts.

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