( 1) Are Swiss bank accounts still secret?
More than 100 countries signed the agreement for the Automatic Exchange of Information (AEOI). The Swiss banks will disclose bank account information for tax purposes to your country of residence. Except for tax purposes, the banking secrecy laws and the very severe data protection laws are still in force.
( 2) Are Swiss bank accounts illegal?
As long as you fulfil the tax reporting obligation a Swiss bank account is 100% legal.
( 3) Are Swiss bank accounts legal?
Swiss bank accounts are legal as long you accomplish your tax reporting obligations in your country of residence.
( 4) Are Swiss bank accounts safe?
Yes, Swiss banks are considered to be the safest banks in the world. The Tier One Capital Ratios of Swiss banks are very high compared to banks in other countries. Check the Best Private Bank List Swiss Private Bank Directory.
( 5) Are Swiss bank accounts insured?
Swiss bank accounts are insured until CHF 100’000. Zürcher Kantonalbank guarantees 100% of the account balance in cash. If your money is invested, for example in shares and bonds, your investments are fully protected. In case of a bankruptcy you have the benefit of excussion (Lat. beneficium ordinis seu excussionis). The Swiss law allows you to take your investments out of the bankruptcy procedure.
( 6) Are Swiss bank accounts legal for US citizens?
Yes, as long US citizens are fulfilling their tax reporting obligations with the FBAR-Filing with IRS everything is legal.
( 7) Are Swiss bank accounts taxed?
A Swiss bank account is not taxed. The income collected with a Swiss bank account is subject to ordinary taxation in your country of residence; not in Switzerland.
( 8) Are Swiss bank accounts private?
Yes, Swiss bank accounts are very private. Bankers who disclose bank information are committing a criminal offence. They will face jail-time for having infracted the Swiss banking secrecy rules.
( 9) Why are Swiss bank accounts so popular?
Swiss bank accounts are very popular because of Hollywood movies and the 200 years of successful Swiss banking history. During the last WWII, Swiss banks protected the assets of many families escaping from the Nazis. Swiss bank account means the best asset protection in the world. More than 30% of all privately held offshore assets are invested with Swiss banks in Switzerland.
(10) Why are Swiss bank accounts untraceable?
Swiss banks accounts are difficult to trace because of the very severe banking secrecy laws. A banker will not disclose the banking information of his clients because the disclosure represents a criminal offence according to Swiss law. Privacy and financial affairs are very close. The Swiss mentality keeps financial affairs secret. It’s based on a very long tradition in Switzerland. Since centuries, Swiss banks in Geneva acted as the safety box for the French kings financing the wars in the French colonies for “La grande Nation”.
(11) What is Swiss bank account interest rate?
A Swiss bank account is maintained as a multi-currency account. An account in Swiss Francs will offer a very low-interest rate, sometimes even negative interests. On the other hand, the Swiss currency is one of the strongest currencies of the world. Swiss Franc accounts offer protection against devaluation and inflation.
(12) How secure are Swiss bank accounts?
Swiss bank accounts are the most secure bank accounts on the planet. The secrecy law