Bank account in Switzerland

Abrir cuenta bancaria offshore en Suiza

Many experts consider Switzerland the financial heart of Europe. American and European companies choose this country for their headquartered based on the following reasons: tax savings, financial and legal security. Swiss banks are the most solid, serious and exclusive in the world. The profile of the habitual clientele is made of is high performance athletes, stockbrokers, executives and owners of numeral real estates. In recent years Switzerland was forced to ease its consolidated banking secrecy to adapt to the new international regulations for the automatic exchange of financial account information. It has currently signed 38 bilateral agreements and is not expected to sign more treaties with any other country for now.

For many years Switzerland has been welcoming tourists or potential residents with a high purchasing power, offering them stable and peaceful style of life. Since the government of Switzerland is very strict on migration regulations anyone who tries to stays illegally without a residence permit takes a risk to spend up to one year in prison. One of the main attractions of this country is a Swiss banking sector that is known as the best one, both for the range of services it offers, and for its privacy. The banking services in Switzerland are among the most expensive and exclusive ones and the Swiss franc follows the values of gold being one of the most stable currencies in the world. Swiss banks are specialized in private banking and wealth management. 35% of all private deposits, of companies and individuals, are invested in financial entities located in Switzerland.

The banking secrecy in Switzerland dates from the beginning of XX century. In recent years, due to international money laundering agreements, it has reduced and in some cases even removed its valuable banking secrecy pacts with many countries. They were also forced to eliminate its famous anonymous Swiss numbered account, although the numbered accounts opened before 1991 remain operational without restrictions. Swiss banks are very strict when requesting documentation to approve the opening of the bank account and the service of a lawyer or accountant should be used to provide the recommendations. Depending on the bank, the client will have to make an initial minimum deposit between 5,000 and 20,000 Euros. In Switzerland, as in other offshore jurisdictions, legal tax avoidance is not prosecuted, provided that the activities are legal. In case when the activities are illegal, the Swiss government has the right to confiscate or block deposited funds.

Banking secrecy and automatic exchange of financial account information 

By now Switzerland has signed 38 bilateral agreements of automatic exchange of financial account information. Switzerland together with other countries is committed to eliminate bank secrecy for individuals and companies that hold non-resident bank accounts in the banks of all participating countries. What does this mean? On 29th of October 2014, in Berlin an agreement was signed with the purpose to exchange automatically the information on bank accounts opened by non-residents in other countries. By now the automatic exchange of information agreement has been signed by more than 100 countries (the countries that have signed information exchange agreement), however it doesn´t mean that the bank account information will be exchanged between all of them. That is, if two countries do not show a mutual interest in sharing banking information of their citizens between them and therefore do not sign a bilateral agreement, the OECD cannot force them to proceed with the joint exchange of information. For example, Switzerland has signed the automatic exchange of information agreement but will not exchange financial account information with all other participants and will only do so with the countries with which it has signed an additional bilateral agreement. Currently Latvia has signed this agreement with 38 countries. You can see the updated information following this link (bilateral automatic information agreements).

The bilateral agreements signed by Switzerland will affect the citizens of 38 jurisdictions, in particular those who hold non-resident bank accounts, eliminating completely the idea of financial secrecy and anonymity. The banking confidentiality of the rest of the countries that have not signed the bilateral agreement with Switzerland will not be affected, that is, the foreign banks will never report their financial information to the tax authorities of their resident country. The new regulations for the exchange of information have created many problems for and between some of the countries. The intention of European Commonwealth countries such as Germany, Spain, France, Italy and the United Kingdom was that all countries signed bilateral agreements with each other, but after all things did not go that way. In a real world it is hard to imagine Israel signing a bilateral agreement for the automatic exchange of financial information with Lebanon, Saudi Arabia, Indonesia or the Arab Emirates. Due to the "non-fiscal conflicts" that exist between these countries it makes it very difficult or even impossible for them to work together on elimination of banking secrecy. 

Bilateral agreements with Switzerland

It is completely legal to open an offshore bank account in Switzerland. An individual or a company that wants to develop an international business or simply to move its money offshore in order to achieve more security will not be committing any crime. If a physical person is a citizen of a country that has signed a bilateral agreement with Switzerland, it is advisable for him/her to inform his/her tax authorities about the intentions to open a non-resident account in Switzerland, and then through double taxation agreements deduct the income taxes in his country of residence. If, on the other hand, the bank account has been opened by a resident company (registered in Switzerland) or non-resident company (for example, registered in Belize) the beneficial owner will not be obliged to repatriate the dividends of the company annually and therefore will be able to keep all the generated earnings on his offshore bank account in Switzerland without paying income taxes. The owner of the company will have to pay the income taxes only when he transfers the money to his country of residence but in case if he wants to keep it on the account for further business investments or just as a security deposit legally the generated profits will still belong to the company and the beneficial owner doesn’t have to pay tax on this amounts. With time the company might go through the international expansion requiring corresponding expenses. Consequently, the dividends would decrease and logically the income taxes that the beneficial owner will have to pay in his country of residence would decrease correlatively.

Advantages of opening a bank account in Switzerland

The main advantages of opening a bank account in Switzerland are the following:

• Opening an offshore bank account in Switzerland is legal.
• Bank secrecy and anonymity are guaranteed for the citizens of those countries that did not sign a bilateral agreement with Switzerland.
• The possibility to open business and personal offshore bank account in Switzerland remotely.
• High expertise level, online banking platforms with the possibility to request any type of financial service: foreign currency accounts, credit cards, letters of credit, accounts to invest in the stock market, payment gateways, credits.
• Professional financial advises for great fortune owners.
• Banks in Switzerland are extremely regulated.
• Once the requirements are fulfilled it takes 20 days to open the account.

Bank commissions in Switzerland

* El cliente podrá abrir la cuenta bancaria en la moneda que desee, siempre que sea de curso legal internacional (Euro, Dólar Americano, Dólar Canadiense, Dólar Australiano, Libra Esterlina, Yen Japonés, Franco Suizo etc.)
* Apertura de cuenta bancaria offshore en Suiza sin presencia física en el país. Todas las gestiones se realizarán a través de e-mail y/o correo certificado.