Many are convinced that a Swiss bank may be of interest only to millionaires, officials or criminals who need to hide their wealth obtained illegally. Or famous and public persons who do not want to advertise their income for one reason or another. But in fact, every adult can open an account with one of the banks in Switzerland.
What you need to open an account with a Swiss bank
More recently, Russian citizens could make a deposit in a Swiss bank only after obtaining a special permission from the Central Bank. The exception was only those citizens who temporarily resided abroad. But since 2003, Russians have the opportunity to open bank accounts in Switzerland, regardless of where they live. From this year, the instruction of the Central Bank No. 100-I “On the accounts of individuals-residents in banks outside the Russian Federation” began to work. According to it, they have the right to open accounts with banks of foreign states or branches located on the territory of states included in the Organization for Economic Cooperation and Development.
In June 2004, a new law on currency regulation came into force, thanks to which Russian citizens were able to use the depository services of banks of other states. It is worth noting that you can open an account in a Swiss bank and store money on it only after obtaining permission from the tax office of residence.
For what purposes can I use a Swiss bank account
According to instruction No. 100-I, an account with a bank of foreign states can be opened for saving money. For purposes related to entrepreneurial activities and for servicing business, you can only use the services of Russian banks.
How to open a bank account in Switzerland
This can be done by any individual or legal entity. Your account will be served in almost any currency in the world, although many prefer the euro, the US dollar, the Swiss franc or the British pound. In some banking institutions, an account can be opened by mail. The bank will send you all the required receipts and conditions. In fact, the process of opening an account in person or by mail is almost identical. The only difference is that when posting the invoice, you must first verify the copies of documents provided to the bank with a notary public.
An approximate list of data that must be provided to open an account in Switzerland
A Swiss bank requires the following information from its potential investors:
- Personal data of the client, namely surname, name, fatherland, address of residence, place and date of birth, nationality.
- Data on occupation.
- Copies of the first four pages of the passport.
- Copies of the latest utility bills showing your name. Receipts should also be certified by a notary public.
- Documents confirming the source of funds in the account.
Where can I open an account in Switzerland
The Swiss bank offers its customers a wide range of services, while fully guaranteeing confidentiality. True, each banking institution has its own peculiarities of opening an account. First of all, you need to decide for what purpose you open it. Choosing which bank to give preference to, in any case you have to balance between the ability to trust account management and confidentiality.
Banks in this country are guided by rather strict rules regarding the procedure for opening accounts. If the Swiss bank of your choice has a branch or subsidiary in Russia, then you are better off contacting these institutions. If there is no representative office of this bank in Russia, then you need to contact the Swiss bank directly, which will direct the further direction of your actions.
How much does it cost to open an account with a banking institution in Switzerland
To keep money in a Swiss bank, 350-550 dollars plus the amount of the initial deposit are enough. Bank commissions of this country are quite acceptable, and interest in Swiss banks is usually higher than in other countries. Accounts opened under the trust management system annually bring their owner from 8 to 15% of the profit. For ease of control, many banks use technological innovations, in particular, investment strategies and Internet banking.
Quite often, when opening an account, the minimum deposit threshold is set at one hundred or two hundred thousand dollars. But there are also banks that are ready to open active accounts with much smaller amounts. This also applies to bank charges and payments. The larger the contribution, the more flexible the bank offers regarding requirements and minimum restrictions. It is worth noting that any financial institution based in Switzerland that pays dividends and interest according to the law is required to withhold income tax at a rate of 35%.
The tax is paid at the place of receipt of funds. Citizens of foreign countries have the right to demand compensation for tax paid by them if the country in which they are located has entered into an agreement with Switzerland on the avoidance of double taxation.
For what reasons you may not be able to open an account
In most cases, a Swiss bank in Moscow accepts applications for opening an account, but there is a separate category of customers who are still refused. For example, a banking institution may not allow an account to be opened to persons who, as clients, may adversely affect a bank’s reputation. Also, opening an account may be refused in case of doubt regarding the veracity of information about the origin of the funds of a potential client. The legislation of this country prohibits banks from accepting funds if they recognize, or even just assume, that the money was received illegally or criminally. In many private banks, opening a deposit account requires a recommendation or a special invitation from the current client.
Private banking
The Private Banking service is available to individuals who store exceptionally large assets at a Swiss bank. This service is called private, as customers receive an individual, higher level of service than that provided by a mass retail institution. As a rule, Private Banking is available to people who plan to make a contribution of one million dollars, but there are also such private financial institutions that provide this service to customers investing more modest amounts - 50-100 thousand dollars. Private Banking services include advisory information regarding the features of asset management, including investments and their planning and all kinds of tax measures. Many private financial institutions refuse to work with people without a special invitation from a person who is already their client. It is worth noting that retail Swiss banks also offer investment services, but they are often quite far from the level observed in the services of private financial institutions.