There is a common misconception that people who can not keep their wealth missing in their own country open accounts in Swiss banks. While it may be true, to what extent the Swiss bank's well known for their sophisticated and discreet banking services.
Many of the rich and famous as movie stars, business entrepreneurs, top government officials, presidents are, etc., reputed to have Swiss bank accounts. Then again, it is also said one need not bemulti-millionaire to open a Swiss bank account.
Brief details of the Swiss Banking
One of the most prosperous and economically developed countries, Switzerland has the highest gross domestic product (GDP). There are nearly 400 banks in Switzerland, which range from "Two Big Banks", the smaller banks, serving single communities or selective clients. Regarded as the world's largest offshore financial center, the Swiss banking sector isrenowned for its privacy, stability and protect their customers information and assets. Federal Banking Commission (FBC) regulates these banks.
Account Opening Swiss
Often freely available, a Swiss bank account provides total confidentiality, strict privacy, and is tax-free. But there are some documents required to prove to open a Swiss account. For example, people who are not residents of Switzerland need to furnish their passports, along withpassport size photograph. Depending on the profession, the current account statement would be needed to determine the client's current financial situation. Along with this, some personal information such as date of birth, country of origin, etc., is also required.
Useful feature of Swiss banking is that it can also be done by correspondence, if customers follow bank rules and regulations. The bank and the customer can communicate via the Internet, telephone orsnail mail.
However, the disadvantage of the Swiss banking is that non-residents are expected to pay hefty amount as deposit, and smaller accounts are more expensive to maintain. There is provision, particularly for U.S. citizens, which is expected to abstain from any business transaction through their Swiss accounts to their account privacy intact.
Stake
Certainty is needed if the customer wants to obtain a credit card. Approximately1.5 to 2 times the monthly credit limit is required, depending on the bank the customer chooses. This deposit is returned if the customer decides to terminate the credit card and pay all outstanding bills.
Confidentiality
There are legends about mysterious numbered accounts in Swiss banks. Some high security bank accounts are given pseudonyms or special names instead of issuing in the name of the customer, to preserve the anonymity of the customer. This number or name is used, where a customer. In addition, bank employees are expected to respect customer privacy, the failure of which one is in prison for several months.
However, Swiss banks are very particular about preventing money laundering, crosscheck the authenticity of information provided by the customer. If during the inspection, the bank finds the information about potential or existing customer connected to some criminal activity,> Swiss judge or prosecutor issues the cancellation. Such investigations could include international criminal investigation for tax evasion, insider trading, or the infamous terrorist financing in recent years.
Account Closure
Despite a few negative notions about Swiss banking, account closure, is said to be easier than expected. No financial penalty is required, and no money is being held hostage, as well as in other offshore banking.
Concludedsecrecy and discreet nature of Swiss banking makes them convenient and reliable. This not only helps customers to save money, but also is a viable means to achieve economic superiority in the business world and society as a whole.
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