| SWISS BANKING SWITZERLAND Switzerland
is still Europe's number one banking centre. The Swiss hold a higher percentage
of the world's offshore money than any other jurisdiction. Clearly not something
they would ever give up willingly. Regular polls and surveys in the last few years
have made it clear that the majority of the population are not keen to see an
end to banking secrecy; in our opinion Switzerland, therefore, remains the number
one home for clean legitimate funds to be deposited. Swiss bankers are the height
of efficiency; any breach of confidentiality is a serious criminal offence and
has severe penalties. If you live in Europe, Switzerland is also ideal for reasons
of accessibility with regular low cost flights from Germany, Spain and the UK
on EasyJet or Air Berlin. A
further consideration is that Zurich is a nice town in which to spend a few days
with excellent restaurants, lakes, swimming in the summer and, nearby, skiing
in winter, all ingredients which add to the pleasure of keeping your hard earned
money in a rock solid and reliable location. Should you decide to open a Swiss
account in person, our colleague is a banker of many years standing and will collect
you from the airport and, after a short meeting to determine exactly what is needed,
take you to the agreed bank and introduce you to the various people who will actually
manage your account. This will avoid a trail of correspondence between your home
or office and the bank itself. back
to top THE
SWISS BANKING SECRECY Swiss
bankers are obligated by Swiss law to keep all information about their clients
strictly confidential. Swiss Banking
Secrecy rules are vigorously enforced throughout the Swiss Banking Industry because
the Swiss constitution clearly defines matters relating to Swiss banking  confidentiality.
This is especially true when it comes to civil matters. Obviously, clients committing
serious criminal offences such as drug trafficking, money laundering or terrorist
related matters, which are also offences under Swiss Law are not protected by
the Secrecy provisions. There can
never be disclosure in cases of tax evasion, currency exchange violation or political
offences. These are not crimes under Swiss law. In
normal circumstances any Swiss banker revealing information about his clients
will be prosecuted and substantial fines and even imprisonment are not unusual. In
today's litigation, happy societies, asset protection and estate planning are
the main reasons why people see Switzerland as a safe banking centre. Divorces,
inheritance and estate planning issues will not cause Swiss banks to lift financial
privacy rules in favour of nosey and greedy lawyers looking for quick gains. Any
outside lawyers, foreign authorities or third party entities searching for private
financial information in Switzerland will be unsuccessful. For additional privacy,
you might want to consider a numbered account; this provides the maximum degree
of confidentiality. Using offshore corporations and trusts in jurisdictions such
as Belize, the British Virgin Islands and Panama to deal with clients and remit
funds will enhance these advantages and further increase the degree of confidentiality. Back
to top Tax
Status Contrary
to many people's popular belief, offshore banks do not provide special tax status.
When you bank overseas, you are legally required to report all financial transactions
and all income earned on your money in that country to your local tax collector.
Of course, in our less than perfect world many financial transactions can take
place between you and an offshore bank without the tax people ever finding out. There
are numerous ways to transfer funds to your account but six are outlined below. Example
1: You sell a valuable car, antique or business and you deposit the cheque
directly to your offshore bank. When the money is deposited, there is no record
of the transaction except, of course, with the offshore bank... and it will never
tell anyone so the money is safe.
Example 2: You receive a cheque for
a consulting service rendered. The cheque will be cleared through your Swiss bank
account. Again, there is no record of the transaction in your home country.
Example
3: You save up cash, spend your holidays in Europe and make a deposit in person.
Example
4: You act as an agent between two clients who then pay commission into your
Swiss account.
Example 5: You set up a facility to accept credit cards
or PayPal payments on your website and the funds are deposited straight into your
Swiss account.
Example 6: You trade on eBay worldwide and the proceeds
of the sales are remitted to your account in Switzerland. There
are good legitimate reasons for a person to want confidentiality in a banking
relationship. Many business men, as well as medical doctors and investors, not
only make use of offshore banks to hide a portion of their hard earned income,
they protect it from creditors, meddling spouses and unscrupulous lawyers. Furthermore,
assets can be passed on to a loved one without going through the long, expensive
and tedious proceedings in a probate court. Back
to top Advantages
of Switzerland ·Safety,
financial stability and discretion
·Professional money manager
·No exchange controls or rules on holding foreign currencies
·Cash
deposits, equities and mutual funds
·Government sanctioned banking
secrecy
·Political conservative population
·Worldwide access
by Internet
·Non EU member back
to top Frequently
Asked Questions We have prepared
below a series of questions and answers which should deal with any queries
you have. However, if you require further information please e-mail
us with your question. 1. Do you
arrange Swiss bank accounts for people who live outside Switzerland?
Yes, the majority of our customers live outside
Switzerland. 2. Is
the government in my country of residence made aware I have opened an account?
No, nothing is disclosed to anyone outside Switzerland. 3.
What does it cost to operate a Swiss account? For
most accounts, no monthly or annual maintenance fees are applied but, for numbered
accounts or corporate accounts in Switzerland, there is some minimum balance to
be maintained to offset the maintenance fee. This varies from bank to bank but
is no higher than in, say the UK, US or Germany although many large banks insist
on a minimum account balance of US$100,000 for corporate accounts. 4.
What is the currency of Switzerland? Do I have to bank in Swiss currency? What
does CHF mean? The
currency of Switzerland is called the 'Swiss Franc' and commonly called CHF francs
on ISO standards. CHF stands for 'Confederation Helvetica Francs'. As regards
to the currency of your account you can bank in any major currency. 5.
Do I need to speak any foreign languages to communicate with my bank in Switzerland?
No. If you speak German, French, Romansch or
Italian you are especially well placed as these are the four official languages
in Switzerland. However many people worldwide use English to communicate with
their banking staff in Switzerland. The bank's staff are fluent in English and
often in other major languages such as French, German, Italian and often Spanish. 6.
What documents are required to open my Swiss account?
The bank will require
a copy of your passport. If you appear in person they can copy it themselves but,
if you apply by mail, we will need to arrange an apostille. If you need an apostille
but do not know where to get one, please email
us or check out Get an Apostille. This firm is not particularly cheap but
if you are unsure what to do and in a hurry they are generally quite fast and
efficient. 7. Are numbered
accounts 'anonymous'? Anonymous
accounts do not exist in Switzerland. It is possible to get an anonymous account
in other locations but we do not recommend it because, if the bank does not know
who owns the funds, how can you prove title in the event of a dispute? Swiss numbered
accounts achieve most of the benefits of anonymous accounts without the drawbacks.
Numbered accounts, as opposed to ordinary savings accounts or current accounts,
protect the identity of the customer. This is achieved by replacing the name of
the customer by a mere number of pseudonyms chosen by the account holder. The
chosen number or name appears in all the transactions within the bank which are
carried out by the account holder from most of the employees who you deal with.
Only a few senior banking staff will know the true identity of the numbered account
holder and the owner of the account has the additional protection afforded by
the strict bank secrecy laws. 8.
I am a foreign resident and have a savings account in Switzerland. Do I need to
pay Swiss taxes on the deposits held in my account?
There is no need to pay any taxes on your money
in Switzerland. The reason for that is that there is no tax applied on foreign
money held in Switzerland. 9.
Why do I have to pay you to set thing up? Can't I just find out about the bank
myself and open the Swiss account by directly contacting the bank?
That's a good question.
There are about 400 banks in Switzerland and each of their operating procedures
is slightly different. Some are very expensive to bank with and others are handy
for average clients so there is a trade off balance between the client and the
bank. Our job is to find the best bank for the needs of our customers. Almost
all banks observe very strict operating procedures, especially with a new customer,
and would solicit all plausible evidences on paperwork. Many banks these days
expect customers to come through their established consultants and banking agents
and this tends to simplify the opening procedures to a great extent. Of
course, two other factors to consider are that around 40% of our clients have
attempted to set up an account in Switzerland or elsewhere in the past and, as
a result, they have come to us specifically to avoid all the hassles during the
set up period. The other benefit is you can speak to our banking consultants openly
without the worry of the bank noting down all your personal circumstances. 10.
Will you be able to assist with setting up accounts for people under the age of
18? Yes, it is straightforward
all that is needed is the signatory of their parents 11.
Can you advise me on the securest way to deposit money into my Swiss account?
You can deposit
money into your Swiss account by either wire transfer, cheques (US Checks), traveller's
cheques or via a credit card merchant account which receives funds from your clients'
credit and debit card payments. In recent years, many clients have also set up
Swiss PayPal accounts to run alongside their Swiss bank accounts. If you trade
internationally on eBay, see eBay; this can be extremely beneficial. We can assist
you with the whole procedure of getting eBay, PayPal and the Swiss account integrated
to ensure you comply with both eBay and PayPal's rules. We can also ensure it
all runs smoothly in your chosen language. For details regarding PayPal, see PayPal
Switzerland. Another route to fund your account is by bringing cash directly to
the bank; the possibilities are very considerable. Other options are securities
deposits or using Cashiers Checks. The most private way we would suggest is bringing
cash to Switzerland and then depositing it directly into the account. Although
the risk of loss is higher than normal if you physically carry the money, it is
the most discreet route. If you decide to deposit cash always bring some form
of documentary evidence - if it is over say €3000 or $3000 - indicating what it
represents. If a cash deposit is a larger sum always remember that, if you are
found to be carrying a large amount of cash while going through customs in some
countries, they will want to know where it came from to be satisfied it is not
the proceeds of crime. The amount that normally raises questions is over US$10,000
in the US or £7,000 in the UK or €10,000 in most of the EU. We tend to recommend
that, if you receive say €1400 per month in cash, you avoid letting it build up
too much before depositing it into the account. 12.
Is Switzerland part of the European Union? No,
Switzerland is NOT part of the European Union and the population has consistently
refused to join it when the question has been put to them. 13.
What about my privacy of identity? All
the information would be handled STRICTLY CONFIDENTIAL. Once the formalities
are over, the data would be wiped off from our computer. 14.
I have seen other third parties open Swiss and Caribbean offshore bank accounts,
what advantage do you offer? We
have been established over 20 years and have been consistently promoting our services
on the web since 1996 so you can be confident that we know what we are doing.
In addition, we have both native English and German speakers working at our Swiss
office to avoid any language issues. 15.
What is a Euro - Dollar account? US
Dollars held in a European bank are commonly called Euro - Dollar accounts. 16.
What is the procedure to open an account? How quickly can it be done?
Assuming you can
visit Switzerland, an appointment can be arranged at a date to suit you. Normally
this can be within 10 days. Our colleagues in Zurich or Geneva will contact you
within 48 hours to fix an appointment and make arrangements to meet you at the
airport and introduce you to the banks. If you prefer us to arrange flights and
hotels for you, we can deal with this. If required, just e-mail. If you prefer
to open an account by mail simply contact us by phone or email and we can run
through the procedure with you. The whole thing is very straightforward and is
normally completed in 7 - 10 days. back
to top The
Types of Swiss Account Available Swiss
Postal Account No
Minimum Deposit Required This
is ideal for people who want a straightforward offshore account that is both simple
to open and operate. Whilst this simple, straightforward account offers low operating
fees, it still provides the same high degree of confidentiality as all Swiss accounts.
Set-up Fee $950 /
€699
/ £495
For more information click
here back
to top Classic
Bank Account Minimum Deposit
$1,000 This account is opened
with a major Swiss bank. The facilities available with this account will satisfy
most needs, be it in matters of investment, international trade or plain payment
traffic Set-up Fee
$1140 / €850
/ £595
For more information click
here back
to top Best
Buy: Investment Fund Account with Debit Card Minimum
Deposit $500 This
account can be opened by mail. With this account you can invest your deposits
in a combination of investment funds without being penalised when you need to
withdraw money. There is no obligation to purchase investments or shares but,
as the account is opened with a leading Swiss brokerage bank, the potential profits
should not be ignored. This is ideal for people who want a straightforward route
to buy and sell shares as well as low operating fees and a debit card. Like all
Swiss accounts, this account still provides the same high degree of confidentiality
as all other Swiss accounts. Set-up
Fee $375 / €275
/ £195
For more information click
here back
to top Swiss
Numbered Account Minimum
Deposit $10,000 The mythical Swiss
account! The account can be opened with either a true or private bank or in the
private banking section of a major national bank according to your preferences.
Every imaginable service and access to the best people.
Set-up Fee $1140 /
€850 / £595
For more information click
here back
to top Classic
or Internet Bank Account Combined with a Numbered Account This
package compromise the best of both worlds. The named account provides access
to all the usual facilities such as Internet banking, credit cards and the whole
variety of facilities you would expect to be available from a leading Swiss bank.
The numbered account provides enhanced confidentiality and is normally set up
at a small private bank within walking distance of the bank where we arrange the
standard named account. This package
offers every conceivable facility to ensure your finances remain confidential
and secure. Set-up
Fee $1,799 / €1,359
/ £995
For more information click
here PLEASE NOTE:
Clients taking advantage of our special package are entitled to several privacy
enhancing facilities free for 1 year, these include, use of our Swiss phone and
fax facilities as well as an offshore address to receive statements if required. Back
to top Payment
of our Fees We charge a one-time
fee to open the accounts listed in the account descriptions, This fee includes
all the work we carry out until the account is opened. If the account can't be
opened for any reason, we will refund you in full. Our
fees appear on the site in US Dollars, Euros and Pounds but payment can be made
in any major currency at the prevailing rate, if you prefer. Back
to top | 
