How to Open a Swiss Bank Account for an American Citizen
Opening a Swiss bank account is not easy if you are a non-resident. Opening accounts for U.S. citizens in Swiss banks involves huge administrative work. Therefore, many Swiss banks welcome U.S. accounts only if the amount involved is huge. Individuals with U.S. citizenship are also required to sign a document stating their agreement to notify the IRS of all account transfers exceeding a set amount by the bank.
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Instructions
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Obtain application form for account opening from the bank of your choice. You can open a Swiss bank account in person or through mail. However, this depends on the bank policies. Some banks base their support for online account opening on your citizenship, place of residence and the account type you wish to open. Check with your bank beforehand.
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Fill in the form and sign it. You would need to provide information on your name, birth date and profession along with your address and contact details while applying. You will be required to furnish information on account details you wish to open, including preferred account currency, deposit amount and standard transactions that you will need. Note that if you maintain your account in Swiss currency, it does earn a little interest but will be liable to Swiss withholding tax. You will also be taxed if you invest in U.S. securities from your Swiss account. You will also be required to notify the IRS of such investments. You would need to provide details on the source of the funds in compliance with Swiss' laws against money laundering.
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Furnish an authenticated copy of your current passport and two utility bills (usually electricity/water bills) as recent as four months for residence proof. You would need to furnish documents that establish your economic background and your origin of funds. You may be asked for a copy of your diploma, employment contract or bill of sale or any other depending on your bank. Your bank instructs on the type of authentication required for your passport. You may also be required to provide documents showing your annual income.
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Open an account with the bank. Note that sending faxed or scanned copies of the documents mentioned in step 3 may not be allowed following adherence to Swiss laws. You may have to send the documents to the physical address of the bank. Check with your bank for details.
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Tips & Warnings
You can hire specialized financial services that help in Swiss bank account opening.
References
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