Banks in Switzerland
Understand how banking in Switzerland operates
Banks in Switzerland are renowned for their privacy and security measures. People and businesses from all over the world use Switzerland banking institutions to safeguard their money, assets and investments. There are several different types of Switzerland banks, from private to commercial to state owned and operated. There is a bank in Switzerland that can take care of your banking needs.One of the biggest benefits of doing you personal or business banking in Switzerland is privacy. In 1934, privacy banking laws were put in place in Switzerland to combat Nazi inquiries into Jewish bank accounts. These strict laws remain in place today. It is hard for any organization or individual to obtain information about Switzerland bank accounts without a court order. Indeed, the banker-customer relationship in Switzerland is similar to that of a doctor and patient or lawyer and client in the United States. Switzerland banking institutions can help individuals and businesses in many areas, including:
1. Wealth management
2. Trust information
3. Investments
4. Venture capital
Understand the difference between private and commercial banking in Switzerland
Many people use Switzerland banks to safeguard personal assets, such as an inheritance. However, Switzerland commercial banking offers many advantages for businesses. Switzerland commercial banking is similar to offshore accounts, but with added benefits and security. These types of accounts are referred to as Swiss private bank accounts. Most clients who have a private account must have $300,000 in liquid assets or be a business that shows outstanding growth.
Try: UBS AG and Credit Suisse are the two largest banks in Switzerland and account for 50% of all banking activity in the country. You don't have to go to Switzerland to open a private account. There are several branches around the world, and customer service representatives can even come to your home.
Know the laws that pertain to Switzerland commercial banking
Most activity in Switzerland is overseen by the Federal Banking Commission, which is part of the Federal Department of Finance. Tax evasion is not considered a felony crime in Switzerland, only a misdemeanor. However, tax fraud (purposefully lying about your taxes) is a criminal offense and subject to punishment.
Try: The Swiss Banking Ombudsman is a group started by the Swiss bankers Association offering free services for mediation and assistance with banking in Switzerland.
Know how to open a Switzerland bank account
The good news about opening a Switzerland bank account is that you can do it from the comfort and privacy of your home. Many online companies can help you get started. Contacting many banks in Switzerland directly is also another way to open an account.
Try: Both Swiss Bank Accounts and Swiss Bank Services give a good overview of banking in Switzerland and can help you get started.
- Banks in Switzerland perform background checks on anyone wishing to open a Swiss bank account.
Copyright © 2011 Business.com, Inc. All Rights Reserved.