How Safe Are Swiss Bank Accounts?
Opening a bank account in Switzerland has the advantages of financial privacy and asset protection. Also tax evasion in Switzerland is not a criminal felony as it is in the United States and those found committing this crime will only face a civil monetary penalty. Finally, Switzerland will not help any foreign country investigate civil proceedings and they will not disclose any information about a person's accounts. Opening a Swiss Bank account is very safe.
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FINMA
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Just like in the United States, where banks must be licensed and follow government regulations, the Swiss Financial Market Supervisory Authority, known as FINMA, also enforces rules and regulations about how banks handle the opening of accounts by foreigners.
Basel Committee
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FINMA is a member of the Basel Committee on Banking Supervision, a financial committee that was set up in 1974 by 30 countries, including the U.S., to provide worldwide banking rules and conformity. The committee has set standards that cover equity, amount of capital in banks, and rules for accounts. Also, Swiss law requires even stricter standards than the Basel Committee.
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Minimums
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A minimum amount of money must be deposited by a foreign entity into a private Swiss bank or wealth management account. Typically, the amounts begin in the $200,000 range. Most Swiss High-Street banks do not require a minimum amount.
Numbered Accounts
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Swiss bank accounts also offer a numbered account, which is not offered in the U.S. The account holder's name and other information have to be verified but once that is complete, they are assigned a secret number under which all banking transactions are completed. This measure allows only a small group of internal employees to know the identity of the account holder, while preventing lower level employees from disclosing financial information of well-known individuals.
Opening an account
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To open a Swiss bank account, a person must travel to Switzerland and meet with a banker in person so their identity can be formally established. Opening bank accounts over the Internet is not allowed. A valid passport from a foreigner is required to open a bank account.
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