Things to Know About Banking in Switzerland

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There is no denying that Swiss banks are popular across the globe. Besides their irresistible food, scenic beauty, and some great accessories, the Swiss are also known for their banking system. The popularity majorly comes through investment banking. If you are living in Switzerland and wish to open a Swiss bank account, here is what you need to know about its banking system and how it works. 

Significance of Swiss Banks

Swiss banks are known for offering safety, anonymity and they have the tax haven name. Here are some points you should know about how the best private bank in Switzerland functions. 

  • Swiss banks now have a law and initially, it was an agreement between the U.S. and Switzerland and the law has made evasion of tax highly questionable. 
  • The law is known as FATCA (Foreign Account Tax Compliance Act) and it requires the country to give details about the accounts of the U.S. in Switzerland. 

Uses of Swiss Bank Accounts

Swiss banks provide economic protection, asset security, and confidentiality. It is indeed one of the safest and capitalized and provides accounts in almost every currency. The risk level is low as it is popular for its neutrality and stability as far as conflicts are concerned. 

The benefits listed above have made the best private bank in Switzerland a highly secure and economically stable place to safeguard your funds. Opening a Swiss bank account may be a bit challenging, but when you know the crucial requirements, the process is simpler. 

Opening a Swiss Bank Account: Non-Residents

Suppose you have moved to Switzerland or someone may be simply keen to own a bank account in Switzerland. It is important to specify that Swiss Law allows non-residents to open a bank in Switzerland who are 18 years and above. Besides this, there are not too many restrictions. 

It is quite a challenging task to open a Swiss bank account for non-residents who are making an attempt overseas to open accounts. They may not find daily services of Swiss banks in other nations. But they can get in touch with a Swiss bank agent online and make transactions through correspondence.