Swiss bank accounts offer investors confidentiality, tax exemption, and in theory, a high level of safety. Savings accounts can be established in different currencies, transactions can be carried out online, and users may apply for international credit cards. An account can be opened once the user meets the minimum requirements. Information on how to open a Swiss bank account can be found below.
How to Open a Swiss Bank Account
An individual should have the following documents:
• A valid passport
• Bank Statements
• Tax returns
• Company Documents
• Driver’s License (if any)
• Proof of origin of deposited sum of money
• Address Information
• Telephone Number(s)
These will help the banker determine which type of account will suit the potential account holder.
Once you have all these documents, you may begin the process of establishing an account either online, or by traveling to Switzerland to set up the account in person. There are websites that may charge a small fee; however, be careful when using a third party.
Whether an individual makes contact with a bank employee in person, or online, the account can only be created once all the information is verified, the deposits made, and fees paid. The minimum balance is usually about $1000 CHF (Swiss Francs). Depending on the bank, and the way in which the account was set up, the user may get the access within a few hours to a few days.
Recent Issues with Swiss Banking Privacy Laws
The recent controversy surrounding Wikileaks, and former Swiss banker Rudolf Elmer has reduced user confidence in Swiss banking. Mr. Elmer clearly acted outside of the expected guidelines for bankers within the territory. The information that was disclosed was related to the period from 1990 to 2009. Although this recent controversy undermines Swiss banking confidentiality clauses, safety regulations are put in place to deter employees from releasing highly sensitive information. However, individuals cannot set up accounts anonymously, and absolute secrecy is not entirely possible. In some cases, the secrecy laws can be ignored, if an individual is under criminal investigation.