There is a common misconception that people who ca ot store their unaccounted wealth in their own co
There is a common misconception that people who ca ot store their unaccounted wealth in their own country open accounts in Swi banks. Even though this may be true to an extent, Swi banks are well known for their sophisticated and discreet banking services.
Many of the rich and famous like film stars, busine entrepreneurs, top government officials, presidents, etc, are reputed to have Swi bank accounts. Then again, it is also said one need not be a multi-millionaire to open a Swi bank account.
Brief Background of the Swi Banking System
One of the most pro erous and economically advanced natio , Switzerland has the worlds largest gro domestic product (GDP). There are nearly 400 banks in Switzerland, which range from the Two Big Banks, to smaller banks, serving single communities or selective clients. Co idered as the worlds largest offshore financial center, the Swi banking sector is renowned for its privacy, stability and protection of their customers information and a ets. The Federal Banking Commi ion (FBC) regulates these banks.
Opening a Swi Account
Often freely available, a Swi bank account provides total confidentiality, strict privacy, and is tax-free. However, certain documents are required as proof to open a Swi account. For example, people who are not residents of Switzerland need to furnish their pa orts, along with a pa ort size photograph. Depending on the profe ion, a current bank statement would be required to determine the clients current financial condition. Along with this, certain personal information, like the date of birth, country of origin, etc., is also required.
A useful feature of Swi banking is that it can also be done via corre ondence as long as the customers follow bank rules and regulatio . The bank and customer could interact through the Internet, telephone or ail mail.
However, a drawback of Swi banking is that non-residents are expected to pay a hefty amount as deposit, and, the smaller accounts are more expe ive to maintain. There is a clause e ecially for US citize wherein they are expected to refrain from making any busine tra action through their Swi accounts, to keep their account privacy intact.
Deposit
A security deposit is needed in case the customer wants to obtain a credit card. A roximately 1.5 to 2 times the monthly credit limit is demanded, depending on the bank the customer chooses. This deposit is returned when the customer decides to discontinue the credit card, and has paid all outstanding bills.
Confidentiality
There are legends about mysterious numbered accounts in Swi banks. Some high security bank accounts are given eudonyms or ecial names i tead of i uing them in the name of the customer, to preserve the anonymity of the customer. This number or name is used wherever the customer is referred. Moreover, even bank employees are expected to re ect the customers privacy, the failure of which could land them in prison for several months.
However, Swi banks, being very particular about preventing money laundering, cro check the authenticity of the information provided by the customer. If, during the scrutiny, the bank finds the information of a potential or existing customer co ected to some criminal activity, a Swi judge or prosecutor i ues a lifting order. These investigatio could include international criminal investigation for tax fraud, i ider trading, or the infamous terrorist financing of recent times.
Closing of an Account
De ite a few negative notio about Swi banking, closing an account is said to be easier than expected. No financial penalty is demanded, and neither is the money held hostage, like it is done in other off shore banking.
To conclude, the secrecy and discreet nature of Swi banking makes them convenient and dependable. This not only hel customers to save money, but also is a viable mea of attaining economic superiority in the busine world and society as a whole.
Many of the rich and famous like film stars, busine entrepreneurs, top government officials, presidents, etc, are reputed to have Swi bank accounts. Then again, it is also said one need not be a multi-millionaire to open a Swi bank account.
Brief Background of the Swi Banking System
One of the most pro erous and economically advanced natio , Switzerland has the worlds largest gro domestic product (GDP). There are nearly 400 banks in Switzerland, which range from the Two Big Banks, to smaller banks, serving single communities or selective clients. Co idered as the worlds largest offshore financial center, the Swi banking sector is renowned for its privacy, stability and protection of their customers information and a ets. The Federal Banking Commi ion (FBC) regulates these banks.
Opening a Swi Account
Often freely available, a Swi bank account provides total confidentiality, strict privacy, and is tax-free. However, certain documents are required as proof to open a Swi account. For example, people who are not residents of Switzerland need to furnish their pa orts, along with a pa ort size photograph. Depending on the profe ion, a current bank statement would be required to determine the clients current financial condition. Along with this, certain personal information, like the date of birth, country of origin, etc., is also required.
A useful feature of Swi banking is that it can also be done via corre ondence as long as the customers follow bank rules and regulatio . The bank and customer could interact through the Internet, telephone or ail mail.
However, a drawback of Swi banking is that non-residents are expected to pay a hefty amount as deposit, and, the smaller accounts are more expe ive to maintain. There is a clause e ecially for US citize wherein they are expected to refrain from making any busine tra action through their Swi accounts, to keep their account privacy intact.
Deposit
A security deposit is needed in case the customer wants to obtain a credit card. A roximately 1.5 to 2 times the monthly credit limit is demanded, depending on the bank the customer chooses. This deposit is returned when the customer decides to discontinue the credit card, and has paid all outstanding bills.
Confidentiality
There are legends about mysterious numbered accounts in Swi banks. Some high security bank accounts are given eudonyms or ecial names i tead of i uing them in the name of the customer, to preserve the anonymity of the customer. This number or name is used wherever the customer is referred. Moreover, even bank employees are expected to re ect the customers privacy, the failure of which could land them in prison for several months.
However, Swi banks, being very particular about preventing money laundering, cro check the authenticity of the information provided by the customer. If, during the scrutiny, the bank finds the information of a potential or existing customer co ected to some criminal activity, a Swi judge or prosecutor i ues a lifting order. These investigatio could include international criminal investigation for tax fraud, i ider trading, or the infamous terrorist financing of recent times.
Closing of an Account
De ite a few negative notio about Swi banking, closing an account is said to be easier than expected. No financial penalty is demanded, and neither is the money held hostage, like it is done in other off shore banking.
To conclude, the secrecy and discreet nature of Swi banking makes them convenient and dependable. This not only hel customers to save money, but also is a viable mea of attaining economic superiority in the busine world and society as a whole.
