( 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 laws and the Swiss tradition will protect the assets for generations. Switzerland is definitely the safest jurisdiction on the planet to do business. International business people have a Swiss bank account. The probability that the business partner has also a Swiss bank account is very high. This makes an international transaction with big volumes very safe and simple. Sometimes, it’s just an internal transfer within UBS. This is a very important comfort factor for international big business. Business people are aware that Swiss banks have very strict Due Diligence and Know Your Customer rules. Having a bank account with a Swiss bank is the entry ticket for the international business community.
(13) Can Swiss bank accounts be traced?
Due to the banking secrecy rules, it will be very difficult to trace the existence of a Swiss bank account. Due to the professional skill previously developed with tax-neutral funds Swiss bankers are familiar with the best structures to stash and hide money.
(14) Can Swiss bank accounts be frozen?
Yes, the Swiss legislation offers banking secrecy laws protecting the privacy of a Swiss bank account holder but it will not be a protection for criminal activities. Swiss banks are very concerned to maintain a high reputation. It’s not any more a good place for criminals to stash money.
(15) Do Swiss bank accounts pay interest?
Swiss bank accounts are multi-currency accounts. The interest rate is subject to the specific currency chosen with the account.
(16) Do Swiss bank accounts earn interest?
Yes, if you open a Swiss bank account with a currency offering high-interest rates, you will collect high-interest rate. But watch out. High-interest rate means a high risk for inflation. It’s much better to collect a low-interest rate and keep a strong currency. Such decisions have to be tailor-made to the needs and expectations of the investor. It’s the job of a good asset manager to select the best mix according to the specific situation of the family of the investor. Feel free to call me, if you need a more detailed advice on how to invest. I am happy to guide you making some of the best asset protection proposals to you. Don’t hesitate, give me a call.
(17) Do Swiss bank accounts have debit cards?
Yes, Swiss banks are very familiar in dealing with all types of credit cards. During the old times of black and untaxed money, it was very common to keep the Swiss bank account in the name of a British Virgin Islands company to keep the real owner of funds secret. The BVI-company had a credit card and the owner was in a position to spend his untaxed money without being exposed to the risks of being detected by the tax authorities.
(18) Can American open Swiss bank account?
Today, more and more US persons are bringing the hard-earned money back to Switzerland. US investors are looking for the Swiss global investment and diversifications skills they will never receive in the USA. Many Swiss banks are increasing their US-desks to better serve investors from the USA. As long the tax reporting obligations are fulfilled with the IRS, everything is legal and transparent. Swiss banks are very helpful with the completion of tax forms. This is part of the high class Swiss private banking services.
(19) How Swiss bank accounts work?
Swiss bank accounts offer the best asset protection for the global investor. Long-term bank account relationships are maintained in Switzerland for a constant grow in value, global investment diversification with strong currencies and as a reserve for rainy days.
(20) How to open Swiss bank account from USA?
US-persons are investing again with Swiss banks and asset managers with an SEC license. Only licensed institutions are allowed to serve US persons. Swiss banks are more than ever prepared to accept US clients. We are specialised with bank account opening for US-clients.
(21) How to open Swiss bank account from UK?
Bank accounts for UK-clients can be opened without any problem. Today, we are in a position to open accounts without travelling to Switzerland. The laws for a video identification are working well. However, I always advise my clients to visit the bank and the asset manager in Switzerland. Having a Swiss bank account is an important step for you and for the next generation to come. A personal meeting will consolidate the long-term relationship.
(22) What does Swiss bank account mean?
A Swiss bank account means asset protection. Multi-currency accounts for a constant growth in value with global diversification. Swiss professionals are very familiar with international tax optimization with the help of legal structures.
(23) How to close Swiss bank account?
We helped international clients closing their accounts after filing for a Voluntary Disclosure procedure. If a Swiss bank informs you to close the account you should give me a call. There is always an issue behind the account closing request.
(24) How Swiss bank accounts work?
Swiss bank accounts offer the best asset protection for the global investor. Long-term bank account relationships are maintained in Switzerland for a constant growth in value, diversification with strong currencies and as a reserve for rainy days.
(25) What are Swiss bank accounts