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All You Need to Know about Swiss Banks

Thanks to their depiction in films and novels, Swiss offshore accounts are well-known for conferring a sense of anonymity and safety upon account holders. Even though they also serve the functions of a regular bank, it is their strict code of secrecy that is beneficial for business entrepreneurs. 

Did you know that Switzerland prevents bankers from sharing information concerning their clients? The best offshore banks in Switzerland have been following a stringent code of confidentiality for over three centuries. 

Banking regulations were passed as early as 1713 by the Great Council of Geneva, which necessitated bankers to be equipped with registers concerning their clients. The former wasn’t allowed to share the information with anyone but their clients unless the City Council gave the green light to disclosing such information. 

Are you wondering about how to open a bank account in SwitzerlandThe following details will rid you of any queries about Swiss banks. Read on to learn more! 

Swiss Bank Accounts: Privacy 

The Swiss Federal Banking Act came into existence in 1934, and it prohibits the bankers from divulging any information concerning their clients or recognizing the presence of such client accounts. If the bankers fail to abide by the Act, they will be subject to criminal charges. 

Numbered accounts are equipped with the most substantial level of privacy, and they are recognized internally by specific numbers instead of the names of the account holders. Nonetheless, clients will have to provide personal information to open a Swiss Offshore account. These accounts ensure that only select staff members have an idea about your bank account. 

What Are the Advantages of Swiss Bank Accounts? 

If you plan to launch a new business or wish to safeguard your assets, Switzerland offshore bank account is the answer. Advantages include: 

●Protection of Identity 

In the absence of significant legal reasons, Swiss bankers aren’t allowed to divulge any information concerning their clients, failing to do which can lead to criminal action against the former. 

The exaggerated depiction of these bank accounts in Hollywood films and novels make them seem like the perfect choice for someone hoping to carry out any illegal activity. However, it couldn’t be farther from the truth. In legitimate legal cases such as drug trafficking, organized crime, etc., Swiss banks will have to divulge confidential information. 

●Total Compensation in Case of Any Unfortunate Event 

Clients at Swiss banks want to be protected in the event of natural calamities such as fire, flood, tornado, etc. Therefore, the Swiss Bankers Association mandates that these accounts are fully insured in times of the aforementioned unfortunate events. Unfortunately, there are very few institutions across the globe that confer similar benefits. 

●Swiss Franc is The Safest Currency in the World 

Thanks to the steadiness of the Swiss Franc, Switzerland offshore banking institutions have attracted innumerable clients over the years. Moreover, the Franc possesses virtually zero inflation, which improves the level of financial protection. 

Unlike most currencies in the modern-day world, the Franc does not exist digitally and is backed by at least 40% in gold reserves. 

●Switzerland Boasts a Strong Economy 

Switzerland is well-known among business investors for boasting a rock-solid economy. As a result, no matter what goes down in international markets, the Swiss economy remains stable, and there is very minimal impact on Swiss banking. 

What Are the Things You Should Know Before Opening a Swiss Account?  

●Age of Eligibility 

Any individual who is over 18 years of age can open a Swiss bank account. However, please keep in mind that the bank may refuse to open one if they sense any illegal activity on the part of the potential client. 

●The Right Swiss Bank 

With around 400 banks in existence, the list of offshore banks in Switzerland is endless. Based on the need for secrecy and other goals, people can take their pick from a big bank, regional, or private bank. It is recommended to opt for an account that does not have any branch in your resident country. It is because bank branches are subject to the laws of the land wherein they are located. 

●Numbered Account 

A numbered Swiss account confers the best level of secrecy upon its clients. Only select people in the bank will be aware of the account holder's name behind such an account. 

If you wish to open a numbered account, you will have to be there in person, and you can offer your personal information with an initial deposit of at least $100,000. 

●Closing a Swiss Account 

Clients can close their accounts at any given time without being subjected to any restrictions or costs. 

Switzerland is well-regarded across the globe for having a stable economy and an excellent banking system. If you wish to learn more about company formation or banking in Switzerland, we can help. Get in touch with us today