A wealthy and economically-stable country, Switzerland boasts one of the world’s highest GDP per capita at $86,601. It is renowned for its unique and efficient banking system, including its well-established privacy policies. Privacy and confidentiality is sacred in Switzerland that Swiss bankers that divulge client information can face criminal charges.
There is no shortage of banks in Switzerland. It is home to multinational banks and local banks that serve a select group of clientele. Being a world-class financial center, Switzerland is also known as an idyllic destination for company formation among international investors. As the Swiss international banking sector is renowned for its stellar track record of superior privacy, stability, and customer protection, many international investors- both private and corporate, flock to Switzerland to open their own bank accounts. There are, however, recent changes in the Swiss banking landscape, with the inclusion of the Federal Banking Commission (FBC) regulating banking operations in Switzerland.
For private investors and corporate entities from other countries, it’s not that all too difficult to open an international bank account in Switzerland. Here are the steps that you must follow to successfully open a Swiss bank account.
How can I open a bank account in Switzerland?
Opening a bank account in Switzerland is a simple and straightforward process. Swiss banks are particularly proud of their streamlined bank account opening process, allowing new customers to create a bank account in just a few steps. The country’s banking industry offers top-notch services characterized by excellence and flexible business transactions.
Before opening a bank account in Switzerland, it is imperative for applicants to compare prices and related services before committing a bank.
Here are the easy steps to successfully open a bank account in Switzerland:
Determine eligibility for a Swiss bank account
As per Swiss Law, no-residents who desire to open a Swiss bank account must be at least 18 years of age. Apart from this standard rule, there’s not much restrictions or limitations that bank impose on new account applicants. A bank account may be in other currencies, although the majority of account holders prefer Swiss franc, US dollar, Euro, or British pound sterling for their bank accounts. By rule, there is no minimum deposit or balance required to successfully open a bank account in Switzerland.
Choose a Swiss bank that meets your banking needs
Identifying your needs will help you narrow down your bank choices. It is crucial to compare the different policies and various investment opportunities from various top-notch banks. Analyse the pros and cons of each potential banks to ascertain the right bank for you.
Choose a bank account type
There are various types of bank accounts through which one can start different types of transactions. Some banks will require you to deposit a minimum amount upon opening while some will require you to maintain a minimum account balance to uphold an active status. With these in mind, it is crucial for applicants to perform a comparison between different banks to identify one that best meets your financial needs.
Go to a bank and learn about their requirements
After choosing a bank and the type of bank account you want to open and make transactions through, the next step is to visit a branch and talk to a representative. As an investor, you must have special needs when it comes to your transactions. They can provide you with additional information to help you make a firm decision before opening a bank account in Switzerland.
Gather all the necessary documents and submit in a timely manner
Like all other modern banks, opening a bank account in Switzerland requires every applicant to submit a set of documents to successfully open a bank account. Swiss banks perform due diligence and other similar procedures to ensure the veracity of documents and eligibility of an applicant to become a bank account holder.
- Proof of identity such as passports for personal bank accounts
- Identity proof of the company shareholder/s and investor/s
- Certificate of Incorporation
- Duly filled international bank account form
- Proof of residency, such as a visa
- Proof of billing, such as utility or phone bill
- Address proof of a company shareholder/s or investor/s
Request for a Carte Maestro
A Carte Maestro refers to a debit card that is typically issued by Swiss Banks. It can be used to withdraw cash or complete financial transactions. You may also request for a credit card, but only if you meet strict eligibility criteria.
In case you need to close your Swiss bank account or collect your investment/s, most Swiss banks will permit you to do so without any limitations or additional fees. This offers account holders additional confidence, knowing investments are highly accessible in case of emergencies.
In this day and age, most international investors prefer opening a Swiss bank account along with Switzerland company formation as the country offers fast incorporation and bank account opening.
Opening a Swiss bank account is an overwhelming process for international investors without any prior knowledge about the country’s banking system. Damalion being a premier business consulting firm can help you open a bank account in Switzerland alongside company formation. We have a competent group of professionals in our global service network that will work closely with you to ensure fast and smooth bank account opening process. To learn more about our business solutions, reach out to a Damalion expert today.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.