Things to Know About Banking in Switzerland

0
187

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 the 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. 

To begin with, a non-resident may need to connect with a Swiss bank along with an application package request. This is as good as walking to the bank and requesting for opening a bank account. Once these steps are complete, the bank provides details of an account manager who will assist you with the overall banking process. 

Requirements to Open a Swiss Bank Account

Regardless of where you are, you need to be ready with some basic requirements to settle this process. Swiss banks need basic documentation and paperwork like any other bank. This helps to verify the identity and also the source of income. The documentation that you would require to produce to open a Swiss bank includes:

  • A passport.
  • Statement from your previous bank to verify the source of income.
  • Address confirmation that you have shown.

Thus, you can keep your documents ready and follow the process mentioned above to begin with your Swiss bank account. It isn’t that easy to find the best private bank in Switzerland on your own – this is where finguide.ch comes into play.