Switzerland enjoys a strong reputation as a financial center. Capital has been flowing into the country for centuries, attracted by its stable political, economic and legal system and a proven record as a safe haven for investments. Switzerland hosts more than CHF6'500bn assets or 25% of the world's total cross border assets.
Supported by a long tradition in private banking dating back to the 16th century and a business friendly environment, Switzerland also offers competent labor and a skilled web of financial, legal and tax experts.
Swiss bank accounts remain protected by Swiss banking secrecy and they guarantee a higher degree of discretion than most of their competitors.
Who Can Open a Bank Account in Switzerland?
Anyone can in principle open a Swiss bank account in Swiss francs and/or other currencies. Each bank will have its minimum deposit amount for opening a relationship with non Swiss domiciled clients ranging from CHF50k to CHF250k. Banks will require clients to prove their identity with a passport or an ID card. Banks in Switzerland are not allowed to onboard funds which they know are either suspect or have been obtained through criminal activities. As a result, prior to opening an account, banks will ask for the documents proving the origin of the funds. This could be a bank statement with salary payments or documents establishing the sale of a property, a business, a pension or inheritance capital. Some restrictions may apply on certain nationalities and vary from bank to bank depending on the current political environment.
Banking secrecy laws remain in place in Switzerland and Switzerland keeps excellent levels of services and a high level of privacy protection for their tax compliant assets.