Thursday, October 16, 2014

Open A Designated Swiss Banking Account

Switzerland has remained outside the Euro and continues to use the Swiss franc.


Swiss numbered bank accounts have long been shrouded in mystery and intrigue. They are known for their privacy when it comes to client information and are numbered rather than named to prevent all but a small group of bank personnel from knowing who owns the account or what's in it. The process of opening your own numbered Swiss account is more involved than opening a checking account at the local bank branch, but then again, privacy can be a major benefit.


Instructions


1. Accumulate a minimum of about $1 million in cash to open the account. Although requirements vary from one bank to the next, most Swiss banks will not waste their time opening a numbered account with less. If you choose to open the account through a financial services company, the required deposit can sometimes be negotiated down. Along with the funds, you will need documented proof of your own financial standing, how you earned the money (where it came from) and who is entitled to it should you die while it is deposited in the bank.


2. Gather the necessary identification to bring with you when you open the account. Although Swiss banks will not divulge your personal or financial information to outside parties, they must report your taxable income and assets to the IRS every year if you are a U.S. citizen. The bank will require a valid passport for the account holder, proof of current address and a valid ID for any beneficiaries to the money. While your account will only be identified by a number, the bank itself must know whom it is dealing with.


3. Bring all the required identification with you to Switzerland and apply for an account in person or hire an international financial services company with ties to Switzerland to open the account in your name. Swiss banks require an in-person appearance either at the bank or at the office of a registered financial company to open a numbered account.