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How to Open a Swiss Bank Account

30 March, 2011

Swiss bank accounts are very attractive due to their specific features. An average business man can now easily open a Swiss bank account. There are many new offers introduced for this purpose. It is considered very important to know about the specific aspects of these accounts. These accounts generally provide the secrecy and protection to the savings of people. Swiss bank accounts are operated with a number rather than account holder’s name. Some hard terms and conditions are led for opening these accounts.

Every new account needs an in-person appearance in Switzerland. There is a huge amount of money at least $100,000 required for an initial deposit. It also needs some more $300 per year for account maintenance. So, these secret accounts considered somewhat costly for an average person.

Cheaper ways to open a Swiss Bank account

There are some easier and cheaper ways also available to open Swiss Bank accounts. These secret accounts are working under the Swiss law from 1934. No Swiss bank official has right to disclose any information about an account. However, U.S. law enforcement agencies now may interfere for criminal investigations according to newly introduced rules for Swiss Bank accounts.

There are also three other basic kinds of Swiss Bank accounts available aside from any numbered accounts. Many banks including Union Bank and Credit Suisse of Switzerland allow someone to operate these accounts through conventional mail and fax services. A normal garden-variety checking account is a cheapest Swiss Bank account that can be opened with as low as $3,500.

Advantages of Swiss Bank type accounts

There is no hazard lie in holding of a Swiss Bank account. There are many attractive features of this account. It provides a legal protection to savings of a person. One can save his earning from greedy relatives and others in case of any clash with them. An account is traditionally stable and safe Swiss francs can also be a currency evade in opposition to any turn down in the price of dollar. Obviously, the most convincing attraction may plainly be an adventure of stating it more loudly.

Specific features of Swiss Bank accounts

It is not required to reside in range of this Continent to acquire a Swiss-style bank account. There are plenty of offshore banking hubs working with similar rules and regulations. Many bright tropical-island nations like Anguilla, British Virgin Islands, Bahamas, Channel Islands, Cayman Islands and Vanuatu lean to have more letterbox companies and banks than people. The Cayman Islands have in fact exceeded Switzerland in entire foreign bank deposits, with an asset of $504 billion, vs. $415 billion. The benefit of these attractive offshore banks is not just that a visit to the charming beaches but also gives one of the best interest rates in whole world. One can easily open an account as well with a liquid currency in Barclays Bank. However, some banks of South Africa provide 14% paying rate per year as compared to the small 1 or 2% rates offer by most of the Swiss Banks. Some cautions are necessary to keep in mind: The growing offshore business however attracts more than its benefits. At the same moment, attractive and remarkable tax schemes encouraged by some offshore specialists may not glitch under IRS inspection.

Chop account – an ultimate option

There are also two more choices for banking privacy: Firstly, a chop account, an Asian correspondent of Swiss Bank type numbered accounts, which have turn out to be a status sign for wealthy foreigners in Japan and Hong Kong. The bank provides chop or a stamp printed with an intricate and unique masterpiece of Chinese characters. Chops have been utilized for many centuries by the Chinese as signatures for most of official documents. There are countless ways to generate these chops. It is almost not possible to counterfeiting it. These are really perfect and attractive for nameless bank accounts.

Purchasing of bank license

An ultimate immodest way has really to open a very own and personal bank. Thats right: For as low as $20,000 startup cost and license fees, one can lay down his name gleaming in the tropical sun. Administration firms those are concentrated in creating of companies that dont in fact generate anything and banks those have a sole depositor, charge fees sorting from $5,000 to $10,000 to incorporate the bank and secure the license of bank.

Own bank for financial privacy

Inspect the South Pacific island of Nauru, for a moment, which presents the amounts of assets to a blue-light special banking system. Bank licenses can be purchased at the cut rate of $3,000 from the cooperative Nauru government. It also gives many attractive offers for new banks. New banks have some special privileges like no capital on deposits for initial two years. It is really very attractive to have an own bank. It provides luxurious degree of privacy to every kind of financial transaction. All financial matters will operate with name of bank rather than someone’s name. These banks can be operated with only a single account or more according to choice and requirement.

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by Gemma Maddock

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