How to open an account in a Swiss bank for a Ukrainian. How to open an account in a Swiss bank for individuals
Professional service, respectability, a high level of capitalization and liquidity allows Alpine Territory to become the best place to place and store the savings of foreign citizens. In order to open an account with a Swiss bank, an individual from Russia should personally visit the country (or meet with a representative in the Russian Federation), make a minimum deposit in the account and confirm the legality of the origin of income. Capital management is carried out by fax or telephone, payment transactions require agreement with the bank managers.
The legislative framework
In 2016, article 305 bis of the Criminal Code of the Swiss Confederation was legalized, including the concept of “qualified tax evasion”. The law provides for the administrative liability of bankers who suspect that customers have illegally raised capital, but neglected to suspend operations. This helped to increase the level of compliance control when opening an account abroad. Financiers seek to protect their companies from scandals and punishments.
It's important to know! It will not be possible to open an account in a Swiss bank for individuals making up a list of intruders, statesmen, spouses and minor children of officials.
Types of Swiss accounts: settlement
The most common option used for domestic purposes, for example, the purchase of products in supermarkets. Registration of a current account is available to non-residents of the country permanently residing or employed in Switzerland, as well as to travelers. It offers customers more than 300 banks and 3,000 branches.
- Three financial giants: UBS AG, Credit Suisse Group Raiffeisen Groupdealing with opening standard bank accounts for regular residents travelers.
- 24 cantonal banks subject to specific administrative divisions (recall, there are 26 cantons in Switzerland). If a resident moves to another subject of the federation, he is forced to transfer the account to a new canton. Bank accounts in official currency are opened, transfer and withdrawal of cash in euros is not possible.
- 13 private banks.
Deposit
Swiss bank deposit programs are characterized by minimal restrictions, allowing an individual to open an account in euros, dollars and francs. When opening an account with a foreign bank, a fee is not charged. And the maintenance costs 100 to 500 francs annually. The cost of additional banking operations (statements, transfers) is set by banks individually.
Dividends on deposits are close to zero:
- savings account - 0.15%;
- private - 0.01%;
- pension accumulative - 1.125%.
The minus refinancing rate (-0.25 ... -1.25%) was set by the Central Bank of Switzerland. A negative percentage means that companies containing correspondent accounts must annually pay 0.75% of the amount in excess of the established limit. The new law does not affect deposits of less than 10 million francs, as well as investments of banks below 20 times the minimum allowable reserve. The established refinancing rate reduces the income from savings accounts, forcing banks' money to work for the country's economy. As the press service of the Central Bank of Switzerland explained, this measure is a fine for saving liquid funds (they should not be “dead weight”).
An additional factor influencing the reduction in rates was the rise in the price of the Swiss franc. The government is forced to set negative deposit rates in CHF. On dollar and euro accounts, zero or positive rates remained. However, investors rely on the stability and reliability of the francs, allowing to save savings.
Investment
In Switzerland, there are investment funds, trusts, offering a wide range of tools for capital appreciation. The most favorable conditions for investment accounts are provided by private companies that place deposits of more than 250,000 euros, large bankers require less, but the result is lower.
Anonymous
Anonymous account is a tool that ensures the confidentiality of bank transactions and placed amounts. Identification of the owner of the deposit is by numerical value, the rest of the information is hidden. The measure taken previously made it possible to hide the identity of the client from government agencies (especially the tax service). With the increasing requirements for financial reporting, anonymous accounts are drawn up rarely and are expensive.
Bank secrecy
Earlier, Switzerland hid information about investors from government agencies, which caused pressure from the United States, Germany, France, and Great Britain. In 2015, the Altai Territory government introduced amendments to the law prohibiting the transfer of information to tax authorities within the state, but allowing automatic exchange with the United States within the framework of FATXA.
Instructions for opening an account in a Swiss bank
To place capital in a foreign bank, a potential investor uses the services of a subsidiary (issuer, representative office, branch). If the financial institution of interest does not conduct activities in the territory of the Russian Federation, you will have to contact directly or choose a law company that acts as an intermediary between the depositor and the banker. The cost of services will be 500-1000 dollars.
Before opening an account with a Swiss bank, a citizen of Russia should prepare copies and original documents:
- foreign passport;
- passports of a citizen of the Russian Federation;
- proof of income, for example, a contract for the sale of real estate, an extract on cash withdrawal from another bank, a receipt on receipt of money from the sale of securities.
It's important to know! The amount of investment (in dollars, euros, francs or pounds sterling) should not exceed the amount of net income over the past five years.
You should also prepare documentation on education, professional activities, salary, family composition. It is advisable to get recommendations from acquaintances who are customers of Swiss banks. Personal information is transferred to the manager of the company responsible for the disclosure of bank secrets.
Having collected the documents and passing the information to the bank representative, it remains to wait for a letter from Switzerland confirming the successful execution of the account. The procedure for reviewing securities and making a decision takes 1-30 days. A letter confirming the opening of the account provides its details. To fully activate your account, you need to transfer an amount in excess of the limit to the deposit.
The minimum deposit amount for non-residents of Switzerland is 10,000–2,000,000 €, and the minimum balance is 1,000–2,000,000 €. For foreigners residing in the country or staying periodically for work purposes, the restrictions do not apply.
Remote account opening online
Within Due diligence (procedures for drawing up an objective idea of \u200b\u200bthe investee), Swiss bankers carry out a mandatory verification of the client’s identity, guided by an identity document.
It is impossible to open a deposit on the territory of a foreign country through remote access channels (Internet, mail, phone, email or fax). However, the bank has the right to accept an electronic application subject to re-processing as the identity is confirmed by a passport and an identification card. If in Russia there is a representative office, branch or subsidiary of the selected company, identification is carried out locally. Otherwise, confirmation of the procedure on the territory of the bank will be required. Foreign financiers also verify the accuracy of the address of the new client by registered letter or by demanding to provide extracts on utility bills.
Reporting to the Federal Tax Service
Within one month from the moment of opening a foreign account, you need to send a written notice to the regional branch of the Federal Tax Service. Further, in the personal account of the taxpayer, the client generates a report on the movement of money for the previous period (quarter, year). According to information from the Moscow Inspectorate No. 13, foreign account holders must provide the Federal Tax Service with notarized account statements in the most convenient way: by registered letter or by personal presentation of the client.
Information to fill out the report:
- Name, TIN of the account holder, date of birth, address of residence of the client, passport data.
- Name of the Swiss organization (in Latin letters), BIC or SWIFT Code of the bank.
- Switzerland code (use the "All-Russian Classifier of the World").
- Open deposit / card number.
- Account foreign currency code corresponding to OKV.
- Co-owners of the deposit (if available).
- The amount at the beginning and end of the year, the size of income and expenditure operations.
Note! Rare foreign companies will provide the ability to make transfers. A Swiss account is usually opened for managing and maintaining capital. Representatives of Alpine countries prefer to keep confidential, the less money flow, the better.
It is also important to consider the restrictions on the replenishment of foreign accounts in the framework of the currency regulation of the Russian Federation. Acceptable income items include wages, wills, dividends, coupon yield, rental housing.
The amount of taxes and fines
When making a deposit at a Swiss bank, a Russian citizen is required to notify the Federal Tax Service about the opening, closing, changing details and cash flow (Federal Law No. 173 of June 28, 2014). Income from foreign bank accounts is subject to a single tax rate of 13%. Russians permanently residing outside the Russian Federation pay taxes at the place of stay, where the rate is determined by state policy. Settlements are made in ruble currency.
In case of violation of legislative acts, the client faces fines:
If the user evades the taxation of income received, the amount of the penalty will reach 100,000 ... 300,000 rubles.
Swiss banks rating
Below is a list of the best Swiss banks with service rates:
Parameters |
CIM Banque | Credit suisse | AP Anlage & Privatbank | Ubs | |
Established, year | 1 990 | 1 856 | 1995 | 1912 | |
Official site |
www.cimbanque.com | www.credit-suisse.com/ch/en | www.apbank.ch | www.ubs.com | www.bsibank.com |
Account type | Settlement and Savings | Settlement and Savings | Settlement or investment | Private; corporate; savings |
Settlement and Savings |
Down payment |
10000 € | 500000 € | 100000 € | 2000000 € | 100000 € |
Minimum balance | 10000 € | 1000000 € | — | 2 000000 € | |
Service |
120 CHF per quarter | 3 CHF per month + 1,000 CHF per year for privacy | 100 CHF annually | 600 CHF per year | 15 CHF per month |
Opening Dates, days | 10 | 15 | 3 | 20 |
Note! In Switzerland, the profitability received from maintaining a current account is taxed at 35%.
The advantages of foreign accounts for individuals
Swiss bank accounts allow you to win a number of privileges for Russians:
- protection from the financial crisis, devaluation in the Russian Federation;
- diversification of money;
- use of international financial instruments and services not available in Russia;
- opening multicurrency deposits, saving money on operations with foreign currency;
- a variety of loyalty programs - for example, bonuses and discounts for cardholders of Visa or MasterCard payment systems.
Alternatives to Swiss Banks
Due to taxation, Swiss banks have become less popular. An alternative was Singapore and Andorra, eliminating the need to pay taxes to non-residents of the country. The quality of services corresponds to a high level, customer support is carried out in 14–34 languages. But many Russians choose Swiss banks to maintain high social status.
Open a bank account, what could be easier? A minimal, standard set of documents is enough, which will depend on whether you will issue an invoice for an individual or legal entity. Choose a bank, draw up a contract and you're done. This applies to the banking system of the country in which you reside. But, what if, for certain reasons, there is a need to open an account abroad? And the most reliable banking system in the world, of course, are Swiss banks. So, how to open an account in a Swiss bank, what you need to know?
Opening an account in Switzerland is not a big problem. But you need to consider that the information on the Internet will not be enough. Firstly, there are a number of nuances that will arise in each particular case and they will need to be addressed individually. Secondly, even the information that relates to general issues every day can change and, accordingly, become outdated. Therefore, with a similar question, you need to contact specialists who daily deal with similar issues and keep abreast.
Personal account in a Swiss bank or on behalf of the company
This is approximately the task the client posed for Delegator24 business assistants: it is necessary to find out whether it is possible to open a personal account in a Swiss bank for citizens of Kazakhstan and on behalf of a legal entity, specifically a company that is registered and located in Hong Kong.
Such tasks, Delegator24 remote assistants click, like nuts. A number of clarifications, with citizenship and a company from different countries, although it slightly complicated the process, but in fact made the task simply more interesting for the assistant.
What you need in order to open an account in Switzerland
As we have already reported above, the information that can be found on the Internet will not be enough. Therefore, the business assistant turned to a company that is engaged in opening accounts in European banks for non-residents.
During negotiations with the consultant of the company, the following information was revealed:
- opening an account for an individual, a citizen of Kazakhstan is possible. To do this, you must provide a scan of the passport and a document confirming the registration address. It is also important to confirm the funds. Some cantons require a residence permit.
- opening an account on behalf of a legal entity it is also possible, but for this the company should have a high turnover, from $ 10 million per month.
ANDinformation on opening personal and corporate accounts at CIM Banque (Switzerland)
Personal account
- The cost of opening a personal account is 500 EUR. Account Opening Period - 2-3 weeks.
- Required documents:
- Scanned copies of domestic and / or foreign passports.
- Proof of address of residence at the place of residence
- Completed and signed banking forms.
Activation deposit 5000 USD / EUR / CHF, minimum balance 500 USD / EUR / CHF. Transactions over CHF 50,000 will need to be confirmed by contract.
Corporate Account
- The cost of opening a corporate account is 1,000 EUR. The term for opening an account is 2-3 weeks. Remote opening of a corporate account is possible.
- Required documents:
Notarized copies of the beneficiary's documents:
- beneficiary's domestic and foreign passports;
- certificate of registration of the Beneficiary at the place of residence (registration issued by the authorized body at the place of residence no later than 3 months).
Notarized copies of company documents:
- Extract from the register of companies;
- Charter;
- A notarized copy of the director’s passport;
- Documents on the appointment of the director;
- Certificate of shares (if available);
- Certificate confirming that the company still exists (Certificate of Good Standing), if the company exists for more than 1 year;
- Power of attorney. If the beneficiary and the director are different people, and the beneficiary wants to manage the account, then a power of attorney is needed;
- Other documents, depending on the structure (for example, certified copies of denomination documents);
- An account statement from the beneficiary’s bank confirming that he has an account with that bank or a certificate from the register with information that the beneficiary is the owner of the company.
Minimum transfer: 10,000 USD / EUR / CHF (account activation fee will be 150 CHF, in this case). If the first transfer is over 20,000 USD / EUR / CHF, then account activation takes place without additional payments.
This information was accompanied by a list of step-by-step actions for opening accounts, with a procedure specific to the conditions of the client and full information on the legislation.
Summary
Turning to the Delegator24 service of remote business assistants, the client simply wanted to find out the possibility of opening an account with a Swiss bank, and as a result, he received a ready-made roadmap for opening an account and assistance in realizing the intention. The task took 1 hour 5 minutes of pure time from our specialist. Freelance exchanges will give you, at best, a copy of the instructions for opening an account, without guarantees of correctness. And if you look for highly specialized help (an international accountant, a foreign trade lawyer), then the cost of such services and the time spent searching for them (to find highly specialized specialists will require at least 1 day (24 hours) on exchanges). In our company, since people work with accounting and legal competencies, you get in 1 hour 5 minutes a complete report, verified and justified.
Delegator24 are ready to carry out any of your instructions and always try to do better and more for our customers!
What is the article about?
- 1 How to open an account in a Swiss bank to a Russian citizen
- 1.1 Can a Russian citizen open a Swiss account?
- 1.2 Bank requirements for potential investors
- 1.3 Account Management
- 1.4 Some tips for selecting an affiliate bank
- 2 How to open an account in a Swiss bank: what does a foreigner need to know? »Switzerland News
- 2.1 Can persons permanently residing outside Switzerland open an account with a Swiss bank?
- 2.2 Can I open an account in Switzerland to pay for property costs?
- 2.3 How long does it take to open an account with a Swiss bank?
- 2.4 Will I need to make any minimum deposit to the account? If so, what are the sizes of such a minimum contribution?
- 2.5 Can I open an account with a Swiss bank via the Internet, mail, phone, email or fax?
- 2.6 What documents will be required when opening an account with a Swiss bank?
- 2.7 Is it possible to open an account with a Swiss bank in euros or US dollars?
- 3 Deposit in a Swiss bank: questions and answers
- 3.1 Questions and Answers
- 3.2 Can a Russian open such an account?
- 3.3 Can I open a deposit in remote mode?
- 3.4 In what currency can I open an account?
- 3.5 Why are Swiss banks considered so reliable?
- 3.6 How to open a deposit in a Swiss bank in Russia?
- 4 Quick account opening in a Swiss bank
- 4.1 The impact of the National Bank on Swiss policy
- 4.2 Interest rates on deposits
- 4.3 What determines the success of the banking system in Switzerland
- 4.4 and Swiss banks
- 5 How to open an account in a Swiss bank | Rusbase
How to open a Swiss bank account for a Russian citizen
The Swiss credit and banking system is a bastion of stability and economic “eternal values” in our volatile world.
Placement of funds on the territory of the country helps to increase and strengthen the status, makes it possible to worry less about the risks of losing money, and reveals many prospects for businessmen. Therefore, the question of how to open an account in a Swiss bank is of interest to many Russians.
In a country that has been developing the mechanism of financial instruments for many centuries, about 30% of all global capital is concentrated, it has representative offices of most structures from the international credit sphere, which greatly simplifies interaction with them.
Private individuals and business entities seek an account at a local bank, and there are many reasons for this. Switzerland has the principle of banking secrecy, enshrined at the legislative level - in federal legal norms (for example, “On Banks and Savings Banks”).
Criminal liability for “too long languages” is not only valid, but also former employees of the industry (CC of the state, art. 305). There are no concessions in the rule - for third world countries or certain categories of contributors - they do.
Any person can open accounts, including those engaged in individual entrepreneurship. Another advantage is system stability. Switzerland boasts that it has survived the global financial crisis with the least loss.
After the banking reform, legislative requirements for the size of reserves of local structures took first place on the planet.
The country is a member of the FATV and the OECD, so the accounts placed on its territory will not cause problems with the tax authorities, serious business partners. Among other guarantees of deposit protection is the availability of privileged groups in terms of investment scale (if they do not exceed 100 thousand francs, funds for bankruptcy of an institution are paid on them first of all).
Other advantages that make you think about how to deposit money in a Swiss bank:
- efficiency - requests are processed quickly, and the billing procedure takes away from the week;
- with high reliability, a relatively small percentage remuneration for operations;
- many services for individuals and a developed correspondent network;
- the ability to manage funds remotely (the amount of service depends on a particular bank).
Can a Russian citizen open a Swiss account?
Yes, maybe the legislation and the Federal Tax Service do not limit its “financial rights”. Non-residents often choose Switzerland for the purpose of protecting capital and trading (for this area, by the way, they reduce the minimum contributions).
The main requirement of domestic authorities is to report on the procedure no later than 30 days after its completion.
The tax authorities instruct citizens of Russia to notify them of all transactions made on deposits and accounts outside the state.
The report, in which the name of the bank, country, size and number is fixed, must be sent to the inspection at the place of registration.
When studying how to open an account in a Swiss bank for a Russian citizen, you need to remember that the latter may encounter restrictions of the "receiving" side:
- Firstly, not all institutions work with non-residents, and in any case, the procedure for registration will be different.
- Secondly, Swiss banking officers scrupulously and meticulously study the sources of income and the future customers themselves. This system has been tightened after a series of conflicts with the German and American governments over investors, and today the capital of the “applicant” is studied very carefully and may refuse to request. For example, they do not open accounts for those who are in the civil service, without discounts on the size of the contribution, practically do not accept cash as contributions, they may request confirmation of residence (utility bills).
Swiss banks, contrary to the stereotype, are not so kind to depositors of large sums, checking them strictly, like other clients. You need to be prepared for questions about family, lifestyle, business / work.
In absentia, bills are drawn up specifically: it is impossible to conduct the procedure completely remotely, you need to conduct an interview in order to identify the person.
A representative of the selected bank may come to a meeting with a potential partner, since Skype communication technologies are not very common and are not welcome.
Many structures have representative offices in the Russian Federation, and not only in the capital.
Often, bank employees come to Russia regularly, according to their own schedule, and you just need to “make a plan” for the meeting, collect a package of the necessary documentation by the time of its holding and wait for a decision. If it is positive, communication with managers will not stop - you need to communicate with them at least once every two years, solving accumulated issues and discussing proposals.
Bank Requirements for Potential Depositors
Before opening an account in a Swiss bank, the applicant will have to collect an impressive package of documents. Here, the support of professional intermediaries familiar with the procedure will be appropriate and useful.
Each institution has its own requirements for customers, they can request additional supporting papers, double-check the origin of the money. There are features in the procedure for making a minimum contribution.
Officially, it is not necessary to transfer it to residents of the state or to those who regularly cross its border for business purposes (such as, for example, Credit Suisse, UBS, Raiffeisen), but in practice, almost every bank has requirements for the initial amounts. The minimum "threshold" ranges from 300-700 thousand Swiss francs, but after the crisis in the world and Russian economies, many structures raised it to a million from 2020-2020. Currency can be freely chosen, but preferences are given to the most common (Euros, US dollars, British pounds) and local.
In the country, individuals open accounts for settlement (private - Girokonto), investment, savings (Sparkonto), deposit types.
The local structure may not be suitable for business entities (some of them are reluctant to engage in “classic” business operations), it is often more convenient for private clients to work with Swiss banks.
It must be remembered that the requirements for the composition of the documentation, its specificity, deployment are very strict, and carefully prepare the paper. Private individuals will need to show:
- passports (foreign and domestic) or ID;
- confirmation of the source of money - receipts for the sale of shares, documents on the sale of real estate, extracts from other banks about the withdrawal of funds, the origin of business capital (in general, anything you can present);
- variable, identifying the applicant, information - utility bills, family composition, confirmation of payment of taxes on capital, and so on.
Sometimes confirmations (for real estate, available assets) need to be collected for 10 years prior to circulation - such a practice exists, for example, in UBS. After receiving the package, the bank will verify it for authenticity and make a decision - it will take up to 30 days.
If it is positive, the client is given the details. Accounts are closed in different ways: private immediately after receiving an application from the owner; for savings banks often provide for a temporary “buffer”. You will have to wait from three months to a year.
For investment accounts, individual rules are established.
Account management
How to put money in a Swiss bank and use it in the future? There are many ATMs operating in the country that issue funds in cash in francs or euros with a commission that depends on the contract.
All structures issue and service credit cards, but each of them has its own conditions by type or currency.
Basically, banks work with Visa, MasterCard (including debit), American Express, providing for the obligation to keep an “indestructible” balance on them, usually in the amount of a monthly withdrawal limit. A service fee is charged.
Opening accounts is often free, but you will have to spend on maintaining, conducting transactions / operations and administrative expenses (correspondence, card service).
The amount of expenses is determined in the contract, often individually, and it can even be higher than the interest on deposits. Speaking of the latter - theoretically, all banks should pay them.
However, due to the tense situation in the world and the tightening of rules on negative interest (they are paid by local financial institutions), the client may not receive funds. Private accounts have the lowest interest rates, while investment risks are high, but at the same time more risky, but they are also low. Even 0.5-1% is considered a significant share, and there is also a 35 percent tax on this amount (not on the money in the account) - for bank secrecy.
The downside of the lack of benefits can be considered the reliability of funds in the accounts. Information about them is disclosed only for very significant reasons, the country's system is stable, credit cards of Swiss banks are accepted everywhere in the world, they have many partnerships.
If an account is needed for the accumulation and protection of money, and not for everyday business operations, the local credit sector will be a good choice, especially when it comes to an honest, not a legal entity. Another reason to choose Switzerland is the abundance of banks themselves.
In order not to get confused in their quantity, you need to "study the market supply."
How to open an account in a Swiss bank to a Russian citizen and not be mistaken in choosing a partner? It’s worth immediately “cutting off” those of them who are reluctant to cooperate with non-residents — not to mention institutions that generally do not maintain relations with foreigners (these are cantonal, state structures). You can give some advice - when studying the market, focus on:
- credit ratings - they are formed by well-known global agencies (Moody’s, Standard & Poor’s);
- level of security - if the structure works successfully during the crisis, is not involved in scandals with investors and governments of different countries, it is quite possible to entrust your money and values \u200b\u200bto it;
- the number of financial instruments that you need access to - if you need to operate with securities, buy and sell on the stock exchange, it’s better to work with the oldest, “major players” (Credit Suisse, Julius Bank, UBS), and if a standard card and deposit are enough , you can pay attention to small private banks, local or regional;
- the institution’s own capital and the size of its assets (the larger they are, the more reliable the bank) - for most significant structures, its level starts at 500 million francs, but you need to understand that they are subject to global processes, and no one can provide 100% guarantees of reliability;
- break-even for at least the last ten years;
- the age of the bank (institutions founded in Switzerland more than 150-200 years ago are not uncommon in Switzerland) and other factors.
It’s not necessary to “split” the existing amount into parts and put them in different institutions for alleged security reasons - this will entail excessively high maintenance costs.
The fewer additional “options” in the service package, the cheaper the service is for the client, and global banks provide partners with a wider choice of types of accounts. For example, in UBS, in addition to standard ones, you can open stock ones.
It is also important whether there is a fee for Internet activation of services, how much tariffs are raised during urgency, and so on.
The whole array of information is simply impossible to process without preparation, so you should turn to professional consultants who conscientiously approach the needs of customers and are competent in the matter.
The company "Prifinance" is pleased to provide all the necessary support for opening an account in foreign credit institutions and help professional advice to all who need it.
How to open an account in a Swiss bank: what does a foreigner need to know? »Switzerland News
How to open an account in a Swiss bank: what does a foreigner need to know? Graphics: public domain
How to open an account in a Swiss bankwithout living permanently in Switzerland? This question (for reasons of curiosity or real intent) worries the minds of many. For all the variety of material available on the Internet, sufficiently detailed and relevant answers to the indicated question remain rare. Moreover, materials written only relatively recently are now completely or partially obsolete.
These reasons prompted us to write material in a question-and-answer format that would allow each reader to get an idea of \u200b\u200bwhat should be taken into account when opening a foreign account in a Swiss bank. Relevance of the material: february 2020.
Can persons permanently residing outside Switzerland open an account with a Swiss bank?
Yes, but not at all banks.
In case the credit institution nevertheless accepts non-residents into its customers, there are some peculiarities compared to the procedure for opening an account in a Swiss bank by persons holding a residence permit in Switzerland. Before opening an account, Swiss banks are required to verify the identity of the client and the source of origin of the capital.
Can I open an account in Switzerland to pay for property costs?
The purchase of real estate in Switzerland by a non-resident is not a self-sufficient basis for opening a bank account. Therefore, this moment should be thought in advance.
If opening an account is not an end in itself, the running costs of real estate can be paid by a Swiss management company or lawyer with whom you have an agreement.
- How to buy property in Switzerland?
How long does it take to open an account with a Swiss bank?
Depending on the selected bank, the procedure takes from 1 to 7 days.
Will I need to make any minimum deposit to the account? If so, what are the sizes of such a minimum contribution?
Again, depending on the selected bank, the size of the minimum deposit or minimum balance may vary.
Persons with a residence in Switzerland, as well as persons crossing the Swiss border with a certain regularity for work purposes - “Grenzgänger”, can open an account in most Swiss banks without obligation to make any minimum deposit (for example, in UBS, Credit Suisse, Raiffeisen, Postfinance and cantonal banks).
Persons residing outside Switzerland (with the exception of the already mentioned category of permanently crossing the border for business purposes - “Grenzgänger”), are entitled to open an account with a Swiss bank by depositing a minimum amount in the range of 500'000 to 700'000 Swiss francs (specific amount negotiated in each individual case). Since in connection with the crisis in Russia, many seek to open an account with a Swiss bank in order to preserve their assets, Swiss financial houses tend to raise the minimum threshold for opening a deposit. At the beginning of 2020, the minimum amount for opening an account with a Swiss bank rose in many cases to 1 million francs.
Can I open an account with a Swiss bank via the Internet, mail, phone, email or fax?
Many banks have the opportunity to apply through electronic means of communication. Nevertheless, the bank will always ask for the originals of the documents necessary for opening an account (for more details on the so-called “opening an account via the Internet” read here).
If any intermediary promises you to open an account without having to provide the original documents, we advise you to refuse its services.
What documents will be required when opening an account with a Swiss bank?
In any case, you need a passport, an identification card (ID) or other official document that allows you to establish your identity.
The Bank may also request a document on the origin of the funds that will be deposited into the account, as well as on the fact that tax has been paid on the money deposited.
At the same time, the Bank does not carry out a full verification of the information in the document, but only confirms the fact of its authenticity.
It is important to note that from year to year credit institutions impose increasingly stringent requirements on the specifics of documents and their composition.
Is it possible to open an account in a Swiss bank in euros or US dollars?
Swiss bank deposit: questions and answers
Greetings! I am sure: to set yourself life goals you need extremely ambitious and ambitious. By the way, many psychologists say that this is the only way to achieve real success!
Therefore, today I will talk about how to ... open a deposit in a Swiss bank. You must admit that such a goal certainly falls within the definition of “large-scale and ambitious”.
Imagine for a moment that you do not know where to attach the extra 500,000 dollars. And the first thing that comes to mind is a reliable Swiss bank!
Questions and answers
Can a Russian open such an account?
It is possible, but the procedure will differ from that intended for Swiss citizens (or Russians who have a residence permit in the country of “banks and chocolate”).
At a minimum, it will be necessary to prove the source of capital. Well, of course, the representatives of a Swiss bank will check the identity of the client almost under a microscope.
Are there any restrictions on the minimum deposit amount?
Persons living outside Switzerland (including Russians) can open a deposit here by depositing amounts from 300,000 to 500,000 Swiss francs. For reference: on November 19, 2020, the CHF / RUB rate was 63.8 rubles.
By the way, because of the crisis in Russia, almost all Swiss banks raised the minimum amount of “entry” specifically for our compatriots.
Can I open a deposit remotely?
Many Swiss banks have the opportunity to issue an account via the Internet, fax or telephone.
However, an individual will still have to submit to the bank the originals of all documents.
The easiest way to do this is in person (you have to go to Switzerland) or through Russian intermediaries (meeting with a Swiss banker within Russia).
What documents will be needed to open an account?
Firstly, a passport, an identification card or some other official identification document.
Secondly, a document on the origin of the money that is deposited into the account. The amount for opening an account is considerable, therefore, a statement of income of 30,000 rubles here will not "drive".
Ideal option: legal business, inheritance or capital from the sale of real estate.
In what currency can I open an account?
In national Swiss currency, as well as in euros, US dollars and British pounds. They say that soon it will be possible to make a contribution in RMB.
Are deposits in Switzerland protected by bank secrecy?
Such a thing as banking secrecy is fixed here at the legislative level. Both former and current employees of Swiss banks are criminally responsible for disclosing confidential information about their customers!
By the way, the attitude to citizens of the countries of the former USSR is exactly the same as to customers from other countries.
Why are Swiss banks considered so reliable?
“Reliable, like in a Swiss bank” is not just a catch phrase. The fact is that it is in Switzerland that the stability of the banking system is very strictly protected by law.
After the reforms, the country ranks first in the world in terms of requirements for the size of its own reserves of large banks.
Perhaps this is precisely why Swiss banks survived the last financial crisis almost painlessly (unlike their counterparts from the USA and Europe).
Swiss banks offer a ton of capital guarantees. For example, cash, securities and precious metals that are stored in safes, in the event of bankruptcy of the bank, remain the property of their owners. And they return to them at the first request!
How to open a deposit in a Swiss bank in Russia?
I don’t know how in other cities, but intermediaries are already working in Moscow who help bankers from Switzerland and large Russian investors find each other.
Such offices:
- Organize meetings with Swiss bankers in Russia
- Help arrange all the necessary documents
- Advise clients on investment and financial planning issues.
- Open accounts in Swiss banks and facilitate the receipt of a platinum card or mortgage for the purchase of real estate in Switzerland
It is clear that a lot will have to be paid for such mediation. The procedure for opening a deposit through an intermediary in Russia looks something like this:
- You send an intermediary a letter requesting information about its partner banks (for example, Syz Co, Bank de Commerce at de placement or Corner). When choosing a bank, we take into account its reliability rating, capital adequacy level, interest rate and service tariffs.
- Send a brief info about yourself to the intermediary. The most important point is the confirmation of the legal origin of the funds. You will need copies of real estate purchase and sale agreements, tax returns, bank statements.
- Make an appointment with a private Swiss banker in Russia if you cannot personally visit a bank in Switzerland.
- If everything is OK, you will receive a confirmation letter from the bank about opening an account with details. After that, the money must be transferred to Switzerland through one of the Russian banks (the requirement of our legislation). In addition, you must notify your local tax office about opening an account.
- After crediting money to the account, you just have to form an investment package (buy stocks, funds, precious metals) or simply leave money on the account at the lowest interest rates.
Have you ever opened a deposit in a Swiss bank? and share useful posts with your friends!
Quick account opening in a Swiss bank
Anyone has the opportunity to contact Swiss banks to open an account. In official organizations, this will not even require a down payment, which is not the case with private banks.
As a rule, they are asked to put on the account the minimum amount agreed with the banker. In what currency the operation will be performed does not matter. Most often, customers choose popular monetary standards - francs, dollars, euros, less commonly, other freely convertible currencies.
There have been cases when banks refused to open an account with politically known personalities, out of fear of harming their reputation. Russian entrepreneurs doing business in Switzerland have their own pitfalls.
Suspicious banks require such an extensive package of documents from them that it is easier to seek the help of a Swiss lawyer from a reputable office.
Enhanced control of documents by banks applies only to non-residents of the country and is not related to foreigners with a residence permit.
In order to open an account with a Swiss bank, the personal presence of a foreigner is not necessary. Large banks have branches in other countries.
It is enough to contact the official unit and submit the desired application.
Application form for opening an account in a Swiss bank
If there are no Swiss branches in the country, then to open an account you still have to visit the Alpine Republic. In connection with the spread of fraud, Russian citizens should be careful when opening an account with the help of intermediaries.
The information being read is checked by the bank’s internal information databases for identification of the applicant’s identity and credit history.
As mentioned above, in order to open an account with a Swiss bank, the personal presence of a potential client is necessary.
In the near future, FINMA (Swiss Financial Market Supervision) plans to allow the operation to be carried out via the Internet.
And now, the largest Swiss bank UBS has announced the possibility of citizens to open an account using smartphones. The news came on March 18, 2020 and made other banks think about introducing a similar application.
Now, UBS customers will be able to identify their identity through the special UBS Kontoeröffnung Online application and sign electronic documents after familiarization. Such banks as Valiant, Raiffeisen and Credit Suisse have already begun preparing digital account opening.
Turning to a financial institution will require the following package of documents:
- passport;
- identification card;
- cash flow document;
- document on the payment of tax on visible assets.
The last two documents are checked by the bank for authenticity only.
The impact of the National Bank on Swiss policy
Swiss National Bank SNB (Schweizerische National Bank) is a federal company in accordance with federal law with a special status. Within its walls, under the supervision of the Confederation, national banknotes of Swiss francs are issued. Coins are issued by the Mint.
In other words, SNB pursues a monetary policy in the interests of the country. Not only the state economy, but also global financial relations as a whole depend on the activities of the Swiss national bank.
Swiss National Bank Building
Acting as a financial agent of the government, SNB also provides him with banking services. However, the government does not have the right to take a loan from the central Swiss bank for the needs of the country's budget.
Deposit Interest Rates
Everyone who opens an account with a Swiss bank asks a question: how much does it cost to service an account and what are the interest on the deposit amount? In general, a fee for opening an account with a Swiss bank is not charged. But for its content, each founder sets its price.
For other banking operations (contents of statements, transaction losses), a percentage of the service is set.
From the beginning of 2020, news came out that interest on deposits in the Alpine Republic approached zero (savings account - 0.15%, private account - 0.01%, pension accumulation account - 1.125%).
Comparison of interest rates in major Swiss banks
This means that the invested money will not multiply. To be honest, the decline in the yield of the deposit is quite a moderate fee for a high level of reliability. In addition, in European countries, interest on savings is even lower.
A negative refinancing rate was set by the Central Bank of Switzerland, which for the past three months in a row has been kept at (-1.25) - (-0.25)%.
A minus percentage means that banks holding correspondent accounts in Switzerland must pay 0.75% per annum in the amount that is higher than the established limit.
The new law will not affect deposit accounts below 10 million francs, and commercial bank investments below 20 times the minimum reserve. “The customers of commercial banks are also afraid of nothing ...”, the National Bank of Switzerland assures.
In other words, a negative refinancing rate means that banks will receive less than they put from their accounts. In a way, this is a fine for credit institutions to hold liquidity in their accounts.
Whereas money should not lie “dead weight”, but work for the country's economy.
On the other hand, a negative rate can weaken an excessively strong franc due to a partial outflow of invested capital from Swiss banks. Then the Alpine Republic will be able to establish exports to EU countries and stabilize its own deflationary economy.
What determines the success of the banking system of Switzerland
Throughout their existence, Swiss banks have steadily monitored their reputation.
With regard to the reliability of the banking system, the country is guided by additional, more stringent requirements (than required by the Basel Treaty).
And Switzerland owes its stability to the current policy of neutrality, a lot of well-known "banking secrets" and high standards of service.
Today, the Alpine Republic has more than 500 banking organizations, which employ 4% of the total population of the country. The financial system of the country is divided into several categories:
- National Bank of Switzerland;
- Large universal banks;
- Canton (regional) banks;
- Private banks.
Private organizations are mainly involved in servicing large-scale clients.
An example of a personal account of one of the Swiss banks
They do not lend. Their main task is to manage customer money.
There are a number of features for which any financial organization works.
- Independence from tax laws.
- Modern information security technologies.
- Linking a deposit to a numbered account.
- Strict control of banking by the government.
- Bank secrecy.
Swiss tax policy is designed so that it does not apply to the banking sector.
Therefore, all income arising from interest on the deposit (or in trust transactions) is fully owned only by its owner and is not taxed.
Whereas other countries impose income taxes of 10-50% on banking operations.
Modernization of financial organizations gives a 100% guarantee on the protection of information from hacking. Slowly, checkbooks are becoming a thing of the past.
The size of tax payments in various Swiss cantons
Instead, new Internet banking programs, wire transfers and signatures are appearing. Impossible encoding of information and an impeccable reputation convince us that storing money in a Swiss bank is not only prestigious, but also reliable.
Another step of additional protection against information leakage is numbered accounts. Your rum is a replacement for a personal account, but instead of personal data, a numerical set is indicated.
Nevertheless, the identity of the owner is known to the bank, however, a limited circle of people from the management have access to the data.
On a numbered account, a client can pay or transfer money and remain incognito.
The longevity of the financial pyramid in Switzerland is mainly due to the excessive control carried out by:
- The Federal Banking Commission, which controls the international trade in banknotes.
- The Swiss Banking Association, which includes the Independent Banking Committee and the Swiss Market Financial Supervision and Supervision Service.
- The National Bank of Switzerland, which ensures price stability in the country and pursues a monetary policy.
Under the federal legislation of the Alpine Republic, a provision on “bank secrecy” is in force, the jurisdiction of which extends to each client of the bank. In the event of the disclosure of confidential information, former and current bank employees are criminally liable.
Switzerland has recently made certain concessions to the US and EU in its banking secrecy clause.
This relaxation of “financial confidentiality” is directly related to the political and economic influence of partner countries on Switzerland.
Tax Justice Network experts say: “The degree of bank concessions in the EU and US requests will still remain insignificant. Switzerland will continue to keep its investors secret. ”
As for the CIS countries and Russia in particular, for them, the information of the clientele of Swiss banks will remain “under seven seals”.
and Swiss banks
The assigned values \u200b\u200bon the Moody’s scale reflect the probability of a bank default in the event of an economic crisis, as well as the risk of default on its obligations to customers.
- Zürcher Kantonalbank;
- St.Galler Kantonalbank; Office of the Swiss St.Galler Kantonalbank
- Raiffeisen Schweiz Genossenschaft;
- Pictet & Cie.
The American corporation Fitch, one of the largest rating agencies, conducted its own study on the credit market in Switzerland.
Banks were assessed at the level of their creditworthiness on a rating scale from “AAA” to “D”.
Where AAA is the highest level of creditworthiness, AA is a very high level, A is a high level. Accordingly, D is default.
the marketing table of the best credit companies is arranged in the following order:
- Zürcher Kantonalbank received the highest AAA rating.
- Lombard Odier & Cie and Pictet & Cie - AA.
- Bank Morgan Stanley AG, Credit Suisse AG, EFG Bank, EFG International, UBS AG - A.
Another company, one of the three largest international rating agencies, Standart & Poor’s, has analyzed the Swiss financial market for long-term and reliable lending. The S & P marketing company has been conducting its analytical activities for 150 years and provides a deep understanding of the global financial infrastructure.
swiss banks marketing table
Rank No. | Swiss bank | Long-term rating (more than 1 year) | Short-term rating (less than 1 year) |
1 | Zürcher kantonalbank | AAA + | A-1 + |
2 | Schwyser kantonalbank | AAA + | A-1 + |
3 | Aargauische kantonalbank | AAA + | A-1 + |
4 | Postfinance ag | AA + | A-1 + |
5 | Luzerner kantonalbank | AA + | A-1 + |
6 | Graubündner kantonalbank | AA + | A-1 + |
7 | Basellandschaftliche kantonalbank | AA + | A-1 + |
8 | Banque cantonal vaudoise | AA | A-1 + |
9 | Basler kantonalbank | AA | A-1 + |
10 | LGT Bank AG | A + | A-1 |
The addition of the “+” sign means more reliable obligations from this category.
How to open an account in a Swiss bank | Rusbase
One of the indispensable attributes of the fact that life was a success is the presence of an account in a Swiss bank.
The exceptional reliability of banks, customer care, the possibility of anonymous service in some cases - all this attracts those who want to preserve the accumulated capital, and it is a matter of safety, since to earn a lot of money on a deposit in Switzerland, as a rule , will not work due to traditionally small interest on deposits.
Before considering the details of opening an account with a foreign bank, it is necessary to find out the attitude of Russian legislation to this issue. In accordance with Art. 12 of the Federal Law of December 10, 2003 N 173-ФЗ "On Currency Regulation and Currency Control", citizens, individual entrepreneurs, legal entities are entitled no limits open accounts (deposits) in countries that are members of the Organization for Economic Cooperation and Development (OECD) or the Financial Action Task Force on Money Laundering (FATF). The Swiss Confederation is one of the participating countries, so after opening an account it will be enough to notify the tax office at the place of registration within one month. Since 2007, this rule has been extended to open an account in a country that is not a member of the OECD and the FATF.
Types of banks Depending on the specifics of the services provided, Swiss banks can be divided into several types:
Banksuniversalof service (Union Bank of Switzerland, Credit Suisse, Swiss Bank Corporation).
Carry out the following operations: opening current accounts, letters of credit, providing loans, etc.
In fact, these are ordinary banks, which everyone is used to dealing with.
Hi-class cans (Lombard Odier & Cie, Pictet & Cie).The work system is based on managing the client’s money without exposing them to the standard risks of banking operations. As a result, banks do not issue loans and do not participate in commercial transactions.
Cantonal banks. There are 24 cantonal banks in Switzerland, which are semi-governmental organizations with a state guarantee.
In conducting their activities, these banks are subject to commercial principles, and their main task is to support and stimulate the economy of the canton.
Canton banks are involved in the entire spectrum of banking activities (with an emphasis on the provision of loans and credits).
Representative offices of foreign banks. They position themselves as institutions of the Swiss banking system, although they are not.
Types of Banking Operations When opening an account, the client must determine for himself the degree of personal access to money and confidentiality. With this in mind, he can open the following types of accounts: current, savings and depository, in turn, they can be subdivided according to the degree of confidentiality into registered and numbered.
Current account
It differs in that the number of operations on this account is unlimited. The client can carry out any settlement operations. Paying for such freedom of action has a reduced interest rate on the deposit.
The situation is similar to that which exists in our banks, when the interest on a deposit placed on a card account is significantly lower than on a savings or term deposit. Speaking of cards.
After a certain time from the moment of opening the account, the client can count on receiving a credit card.
savings account
In many ways, the procedure for working with the account coincides with what is practiced in our banks. The client opens an account and deposits the amount on it for a certain period. Income is generated from the accrued interest on the deposit.
Thus, the larger the contribution and the term of its placement, the greater the percentage the client will receive. In exchange, it is either limited in the number of deposit operations, or is deprived of the right to receive interest on the deposit.
Custody account
It aims to service securities and other assets of the client. In other words, the bank records and manages the income received from working with the client’s securities.
Personal account
As the name implies, the account is opened in the name of the client and is absolutely not suitable for those who are interested in the confidentiality of operations, as the recipient bank sees the account number and the name of its owner. In exchange, the client gets the opportunity to use the money by contacting any branch of the bank and presenting a passport.
Numbered account
No names, just numbers. Just what is needed for someone who does not want someone else to know about his money.
When opening an account, it is not the customer’s name that is used, but a set of numbers, which guarantees its anonymity to third parties, but certainly not to the bank itself. When conducting operations with an account, the receiving bank sees only numbers.
A numbered account will reliably hide the client’s money in the event of a divorce or bankruptcy, but will not save from information disclosure if the client is suspected of money laundering, as in this case, Swiss law requires banks to provide relevant information to law enforcement authorities at their request. Account, in fact, is the same pin code and plastic card number that we use in everyday life, so the client is obliged to take all precautions when using This information should not be leaked.
Bank Account Opening Procedure
First of all, the client needs to determine the currency in which he will open an account. As a rule, the Swiss franc, dollar or euro is used as the deposit currency.
In most cases, before opening an account, the bank will want to directly get acquainted with the client, so be prepared for the fact that you will have to meet with a bank employee and undergo a kind of interview. To do this, it is not necessary to go to Switzerland.
If in our country there is a representative office of the bank you are interested in, then a meeting with the manager of the Russian branch of the bank will be enough. Naturally, the bank will want to get acquainted with documents confirming the legal origin of the client’s capital.
Of great importance to the bank is what the client does. For example, a bank will never go to open an account for a candidate in the public service, therefore, the direct route to Swiss banks is closed to our officials.
The bank will not be interested in the issue of paying taxes in the client’s country from the amount being placed. Most banks have a minimum deposit system, in exceptional cases, under the guarantee of replenishment of the account, the client can open an account even for an amount below the minimum amount.
If, during the period agreed upon with the bank, the amount of the difference has not been credited to the account, the bank reserves the right to close the account. The minimum deposit amount in most private banks is 300-500 thousand Swiss francs.
The final decision to open an account or refuse to do so is usually made by the bank within two to four weeks.
If a positive decision is made to open an account, the client is informed of all the necessary details, including for the transfer of funds, since Swiss banks prefer not to deal with cash.
The size of the amount to be credited to the account is also discussed with the client. Be prepared for the fact that you will have to meet with the bank manager once or twice a year to fulfill client orders, discuss new products offered by the bank and account management issues.
In addition, do not forget that your native state is following you and will look forward to the moment when you submit your tax return and pay income tax, since the interest received on deposits with foreign banks is included in the tax base (Article 208 of the Tax Code RF).
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Swiss accounts: how to open an account in a Swiss bank?
Swiss accounts are recognized as one of the most reliable and respected in the world. The richest and most famous people of the planet hold their money in Switzerland. However, ordinary entrepreneurs, holders of capital who need reliability and a high degree of confidentiality can open an account with a Swiss bank.
Swiss accounts and Swiss banks offer a high level of service, security, comfort for the client. And at the same time they provide wide functionality for those who are looking for various ways to invest, save and increase their own capital.
In this article we will talk about all the nuances associated with Swiss accounts. After reading this material, you can not only understand whether you need an account in Switzerland, but also open an account in a Swiss bank.
Why open an account with a Swiss bank?
First of all, we’ll figure out why investors from all over the world generally seek to get to Switzerland and open their own bank account here. There are at least 4 reasons for this that were relevant earlier and continue to remain so to this day.
Of course, some changes are taking place, new international requirements are appearing, and even Switzerland has to adapt. But in general, experts identify 4 reasons why you should open an account with a Swiss bank: reputation, service, range of services and confidentiality.
Let's go in order.
Swiss accounts: reputation
The first reason the richest choose Switzerland is the reputation of the jurisdiction and its banking sector. For centuries, Switzerland has not been involved in wars (more than 500 years), has a neutral position, serves the financial interests of clients around the world.
The Swiss franc remains one of the most stable currencies in the world and instead of the usual depreciation, on the contrary, it only rises in price. This attracts investors, although it entails some negative points.
The banking system as a whole has also earned a reputation as a reliable partner: security, privacy, speed - the hallmarks of Swiss banks.
Plus the opportunity to get an individual approach to servicing and working directly with your assets. Read more in the section on.
Swiss accounts: service
Another feature of Switzerland is the level of service. Especially if you decide to use the services or. Bankers are ready to work with you individually, provided that you invest in a deposit or current account from 500,000 dollars.
For those who are willing to invest smaller amounts, banks with a wide profile are suitable. But the quality of service will not suffer: a respectful attitude to the client and concern for his interests are a hallmark of Swiss bankers and banks.
Swiss accounts: range of services
Swiss accounts have been the center of financial life for several centuries, without exaggeration. During this time, not only a clear privacy policy, a service system has been developed, but also a wide range of services.
Here you yourself are free to choose a scheme of work, whether it is a regular bank account for everyday needs or a deposit account for savings, or an investment one to play on the stock exchange and look for new ways to earn money.
Not to mention the various financial instruments in which you are free to invest. You can start with the usual currencies, be it dollars or francs, and end with the securities of English companies that belong to Australian holdings.
Depending on the type of assets, you, as a non-resident of Switzerland, will be able to remove excess taxes. For example, according to the law, with interest that accrued on deposits in francs, it is necessary to pay a tax of 35%. Although franc rates are negative right now, there are potential taxes. However, if you have a contribution in other currencies, there is no mandatory tax requirement in Switzerland - only where you are a tax resident.
Swiss accounts: privacy
Separately, those who are going to open an account with a Swiss bank are interested in privacy in Switzerland. Here you need to make a few clarifications:
- Banking secrecy in Switzerland still exists;
- The confidentiality of these depositors, including non-residents, is protected by law;
- For the disclosure of data threatens punishment, up to imprisonment;
- However, due to modern requirements for the exchange of information and interacting in administrative and criminal cases, Switzerland is forced to share information.
In other words, there is no complete anonymity or complete confidentiality. It was destroyed first by the United States, which imposed huge fines on Swiss banks, which led to the closure of several establishments. Then the neighbors on the continent, France, helped, who demanded information about their citizens who had invested in Switzerland.
Switzerland still protects information from prying eyes, primarily from paparazzi, envious people, relatives. But it can no longer protect her from law enforcement agencies that have the right to request.
Therefore, it is here that you should immediately make a reservation: in order to get a Swiss account, you need not just to have money on hand. It is necessary that this money be legal, and you do not have problems with the law. Only in this case you can count not only on confidentiality, but also on the very opportunity to open an account.
Swiss banks fall into paranoia no less than banks in other countries when. Even despite the long history of cooperation with residents from the former USSR.
Therefore, the item "confidentiality" has a place to be, but not in the sense in which we are used to counting and seeing in the movies. Total protection is no more. Transparency for tax authorities has come to Switzerland. .
Keep this in mind.
But, as you have noticed, there is no item “huge profits” in the list. The reason is simple: Switzerland offers the safety of money, and not augmentation, as on the exchange. In addition, in connection with the rising franc, the country's authorities were forced to introduce negative rates on deposits in francs.
Despite the fact that deposits do not bring tangible profits, investors still choose Switzerland for their reliability, reputation, and a wide range of financial instruments. And the latter allows you to level losses.
Who should open an account in a Swiss bank?
There is a myth that only millionaires and billionaires can open an account in Switzerland. This is not entirely true: investors with different incomes can open an account. But the price will be higher than in a regular bank, which is opposite your home.
Depending on the particular bank, the investor will need to invest from a few thousand to several million euros, dollars or francs on a deposit. Often you have to not only open a deposit or a current account, but also maintain a minimum amount.
Who should not open an account in a Swiss bank?
On the other hand, the following persons are contraindicated to use Swiss accounts:
- Which launder criminal proceeds;
- Which can not prove the legality of the origin of funds;
- Which can not maintain a given minimum on the account.
Despite strict confidentiality and historical heritage, Switzerland no longer looks only at money. The reputation of jurisdiction has been seriously attacked in recent years, especially by the United States and European neighbors.
Today, Swiss accounts are reliability, respect, management, but not secrecy for criminals, violations, laundering. Among the requested documents there is even evidence of tax payments and participation in the CFC program - so do not count on an easy walk to the bank.
Despite the ability to work with big money, local banks and bankers are not ready to compromise their reputation and, frankly, their own future, for the sake of suspicious money.
What documents are required in order to open an account with a Swiss bank?
Properly executed and filed documents are a decisive step on the way to Swiss accounts. Mistakes, carelessness, inaccuracy can lead to failure faster than halitosis on the first date.
There are documents that require everything and be sure, but there are those that ask individually.
The general documents for opening an account with a Swiss bank are:
- For beneficiaries of accounts, signatories and other proxies:
- Copy of passport and ID;
- Original documents that confirm the residence and address of residence (most often these are paid utility bills - electricity, gas, water);
- If we are talking about a corporate account (this is possible on a par with personal accounts), then are added:
- Copy of the passport of the directors of the company;
- Copy of incorporation certificate;
- If the company is more than a year old, then the Good Standing certificate;
- Copy of the certificate of incorporation, charter, etc .;
- Register of directors and shareholders.
All documents must be translated into English and notarized. At the same time, the bank reserves the right to require additional documents and in your interests to fulfill the requirements as quickly and efficiently as possible.
The collection and preparation of documents is the most important stage. To minimize the risks of failure, we suggest which documents are needed, plus we check them before sending them to the bank. To sign up for a free consultation on opening an account in Switzerland, write to e-mail [email protected].
Reliability of deposits in Swiss accounts?
But before you prepare the documents for opening an account in Switzerland, you will probably be interested in answering the question: are Swiss accounts reliable at all?
In short: yes, reliable. Especially if you avoid giants and choose medium-sized banks that work for the result. You will learn how to choose such a bank at.
In general, the following facts speak for the reliability of banks and the banking sector:
- The banking sector has been actively used for at least 5 hundred years;
- Over the years, vast experience has accumulated in asset management;
- At different times, 20-40% of Swiss francs are provided with gold;
- Deposits guaranteed security;
- The law protects depositors;
- The only way to quickly bankrupt a Swiss bank is to impose a fine of a couple of billion dollars on it (which the United States practiced and why banks now closely monitor new customers).
Of particular interest are the cells in the bank. As you know, in some banks in the event of a crisis, the contents of the cells are frozen along with the accounts and used to cover debts. In Switzerland, cells remain free and owners can pick up their property from them at any time. Not to mention that in the cells you can store anything, including cash, c.
If the Swiss accounts were not reliable, then wealthy people from all over the world would not seek to open them. You can stand in line with the richest people and
Do I need a minimum deposit and a minimum balance in Swiss accounts?
Yes I need it. It may be minimal, but most banks require non-resident depositors to first deposit a certain amount, and then maintain a balance of at least a given level.
As mentioned above, there are banks that require you to invest between $ 500,000 and a minimum balance of 250,000. But there are banks that ask you to invest only 5,000 euros and not lower the stock in the account below the equivalent of 1,000 francs.
By the way, the last bank not only offers a minimum entry threshold, but is the only bank that allows you to open an account remotely!
Can I open an account in a Swiss bank remotely?
In general, Switzerland does not welcome remote account opening. One way or another you will have to interact with bank employees. The only difference is that sometimes you have to go to Switzerland itself to confirm your identity, or contact the foreign branches of a Swiss bank.
It is important to note here: necessary open an account in a Swiss bank in Switzerland. The fact is that branches are subject to the requirements of local legislation. Therefore, if you open an account in a Russian or German branch of a Swiss bank, you will be subject to Russian or German rules. Together with full transparency and accountability.
However, there is one bank that cooperates with our portal and. This does not mean that opening becomes easier. In this case, you save time and resources on the trip. And the preparation, sending and verification of documents is still necessary.
Banking secrecy in Switzerland: does it exist?
Another important point that needs close attention is banking secrecy in Switzerland. What for? Then, that the prevailing opinion and historical memory make it difficult to recognize the real situation in this area.
Switzerland has always offered reliable data protection. Bank secrecy rules are spelled out in the law and punishment for disclosing information about depositors.
But in connection with the new rules and the new time, modern banking secrecy is not the same as 10-20-100 years ago.
It was believed that Bank secrecy protects information from any external request. So it was: even Swiss law enforcement agencies, not to mention foreign ones, could not immediately receive data from banks. Privacy protection was higher.
However, in connection with the scandals in the field of money laundering, after a difficult struggle with the United States and Germany with France, Switzerland had to make concessions. Bank secrecy rules have changed.
From whom is bank secrecy now protecting? From curious journalists, from envious people, from relatives who were not informed, from all people not involved without special authority.
From whom does she not protect? From tax authorities. Plus from other law enforcement agencies, if it was shown that a person has committed a serious offense.
In addition, Switzerland joined the automatic exchange of information and already this year is ready to share data with neighbors in Europe. In addition, it is preparing for an exchange with other countries, including Russia, if the Russian Federation fulfills its obligations.
Banks transmit information about American depositors in an automatic mode for fear of getting fines that ruined or damaged other banks. Unified OECD Standard is not so scary as the American FATCA, but data will be exchanged, therefore, it is impossible to talk about bank secrecy in the old sense.
Bank secrecy in Switzerland ensures that no one will just talk about your bills, money and about you. And the more serious the bank, the larger the deposits, the more interested both you and the bankers are in silence.
After all, this is an element of reliability during the work of the bank.
How to open an account in a Swiss bank: step-by-step instructions
When you decide that it is time to open a Swiss bank account, then follow this instruction:
- Write a letter of inquiry to the postal address [email protected] - you sign up for a personal consultation and get answers to those questions that remain unresolved;
- The specialist will help you choose a specific bank and issue an invoice for the services of opening an account with a Swiss bank. It is possible to pay for the service through PayPal, Webmoney, Western Union, by card or by bank transfer;
- You prepare documents for submission to the bank - a full list that depends on the bank and your goals (corporate or personal account) will be provided by a consultant;
- When you collect the full package of documents, we will send it to the bank. Application review takes about 10 business days. In some cases, the bank has the right to request additional documents;
- If you want to increase the chance of opening an account with a Swiss bank, then submit an application to several banks at once;
- The need for a personal meeting with the banker, a deposit and a minimum balance is agreed upon in advance.
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One of the indispensable attributes of the fact that life was a success is the presence of an account in a Swiss bank. The exceptional reliability of banks, customer care, the possibility of anonymous service in some cases - all this attracts those who want to preserve the accumulated capital, and it is a matter of safety, since to earn a lot of money on a deposit in Switzerland, as a rule , will not work due to traditionally small interest on deposits.
Before considering the details of opening an account with a foreign bank, it is necessary to find out the attitude of Russian legislation to this issue. In accordance with Art. 12 of the Federal Law of December 10, 2003 N 173-ФЗ "On Currency Regulation and Currency Control", citizens, individual entrepreneurs, legal entities are entitled no limits open accounts (deposits) in countries that are members of the Organization for Economic Cooperation and Development (OECD) or the Financial Action Task Force on Money Laundering (FATF). The Swiss Confederation is one of the participating countries, so after opening an account it will be enough to notify the tax office at the place of registration within one month. Since 2007, this rule has been extended to open an account in a country that is not a member of the OECD and the FATF.
Types of banks
Depending on the specifics of the services provided, Swiss banks can be divided into several types:
Banks universal of service (Union Bank of Switzerland, Credit Suisse, Swiss Bank Corporation). Carry out the following operations: opening current accounts, letters of credit, providing loans, etc. In fact, these are ordinary banks, which everyone is used to dealing with.
Hi-class cans (Lombard Odier & Cie, Pictet & Cie). The work system is based on managing the client’s money without exposing them to the standard risks of banking operations. As a result, banks do not issue loans and do not participate in commercial transactions.
Cantonal banks . There are 24 cantonal banks in Switzerland, which are semi-governmental organizations with a state guarantee. In conducting their activities, these banks are subject to commercial principles, and their main task is to support and stimulate the economy of the canton. Canton banks are involved in the entire spectrum of banking activities (with an emphasis on the provision of loans and credits).
Representative offices of foreign banks.
They position themselves as institutions of the Swiss banking system, although they are not.
Types of Banking Operations
When opening an account, the client must determine for himself the degree of personal access to money and confidentiality. With this in mind, he can open the following types of accounts: current, savings and depository, in turn, they can be subdivided according to the degree of confidentiality into registered and numbered.
Current account
It differs in that the number of operations on this account is unlimited. The client can carry out any settlement operations. Paying for such freedom of action has a reduced interest rate on the deposit. The situation is similar to that which exists in our banks, when the interest on a deposit placed on a card account is significantly lower than on a savings or term deposit. Speaking of cards. After a certain time from the moment of opening the account, the client can count on receiving a credit card.
savings account
In many ways, the procedure for working with the account coincides with what is practiced in our banks. The client opens an account and deposits the amount on it for a certain period. Income is generated from the accrued interest on the deposit. Thus, the larger the contribution and the term of its placement, the greater the percentage the client will receive. In exchange, it is either limited in the number of deposit operations, or is deprived of the right to receive interest on the deposit.
Custody account
It aims to service securities and other assets of the client. In other words, the bank records and manages the income received from working with the client’s securities.
Personal account
As the name implies, the account is opened in the name of the client and is absolutely not suitable for those who are interested in the confidentiality of operations, as the recipient bank sees the account number and the name of its owner. In exchange, the client gets the opportunity to use the money by contacting any branch of the bank and presenting a passport.
Numbered account
No names, just numbers. Just what is needed for someone who does not want someone else to know about his money.
When opening an account, it is not the customer’s name that is used, but a set of numbers, which guarantees its anonymity to third parties, but certainly not to the bank itself. When conducting operations with an account, the receiving bank sees only numbers. A numbered account will reliably hide the client’s money in the event of a divorce or bankruptcy, but will not save from information disclosure if the client is suspected of money laundering, as in this case, Swiss law requires banks to provide relevant information to law enforcement agencies at their request.
The set of numbers that identifies the account holder, in fact, is the same pin code and plastic card number that we use in everyday life, so the client is obliged to take all precautions when using this information and should not allow it to leak.
Bank Account Opening Procedure
First of all, the client needs to determine the currency in which he will open an account. As a rule, the Swiss franc, dollar or euro is used as the deposit currency.
In most cases, before opening an account, the bank will want to directly get acquainted with the client, so be prepared for the fact that you will have to meet with a bank employee and undergo a kind of interview. To do this, it is not necessary to go to Switzerland. If in our country there is a representative office of the bank you are interested in, then a meeting with the manager of the Russian branch of the bank will be enough. Naturally, the bank will want to get acquainted with documents confirming the legal origin of the client’s capital.
Of great importance to the bank is what the client does. For example, a bank will never go to open an account for a candidate in the public service, therefore, the direct route to Swiss banks is closed to our officials. The bank will not be interested in the issue of paying taxes in the client’s country from the amount being placed.
Most banks have a minimum deposit system, in exceptional cases, under the guarantee of replenishment of the account, the client can open an account even for an amount below the minimum amount. If, during the period agreed upon with the bank, the amount of the difference has not been credited to the account, the bank reserves the right to close the account. The minimum deposit amount in most private banks is 300-500 thousand Swiss francs.
The final decision to open an account or refuse to do so is usually made by the bank within two to four weeks.
If a positive decision is made to open an account, the client is informed of all the necessary details, including for the transfer of funds, since Swiss banks prefer not to deal with cash. The size of the amount to be credited to the account is also discussed with the client. Be prepared for the fact that you will have to meet with the bank manager once or twice a year to fulfill client orders, discuss new products offered by the bank and account management issues.
In addition, do not forget that your native state is watching you and will look forward to the moment when you submit your tax return and pay income tax, since the interest received on deposits with foreign banks is part of the tax base (