Banking System in Switzerland

Banking industry is one of the main industries in the European country of Switzerland. Swiss banking is a world-famous terminology for banking secrecy, in global banking sector. Swiss banking is considered to be the safest banking for the depositors, since the Banking Law of 1934 of Switzerland, made revealing the names of an account holder, a criminal act, by any Swiss bank. Swiss bank secrecy provides complete protection to the privacy of the Swiss bank clients.

Banking started developing as an industry in Switzerland, in the early years of the 18th century. Switzerland’s merchant trade started this process of banking, in the country.

Banking has grown into a very complex, strictly regulated and a prominent international industry in Switzerland, over all these years. Banking has become emblematic of Switzerland.

This very provision of Swiss bank secrecy has made Switzerland, a banking haven for all those depositors from all over the world, who do not want their names to be disclosed anywhere and to anyone. This client confidentiality in Switzerland is dated back to the early 1700s. Swiss bank secrecy was codified in the year 1934 with the passage of the federal law, which is a land mark in banking law, the Federal Act on Banks and savings Banks.

The Swiss Bankers Association made estimation in the year 2018, that the Swiss Banks held US $ 6.5 trillion in assets. This amounts to 25% of the total global cross border assets. Geneva for French, Lugano for Italian and Zurich for German serve different geographical markets, in Switzerland. These three states in Switzerland have been consistently ranked as the top three states on the Financial Secrecy Index.

The three largest Swiss banks, the UBS, Credit Suisse, Julius Bar, are all regulated by the Swiss Financial Market Supervisory Authority or FINMA. The Swiss National Bank or the NSB derives its authority from a series of federal statutes, to operate as the National Bank of Switzerland.

Switzerland offers the best offshore banking services due to its high confidentiality and privacy clause for its clients. It is considered as capital of the European Financial system as its holds more than one-third of global private wealth. The security and confidentiality provided in Swiss banks is unparallel to any other country. Also tax avoidance is not a criminal activity in Switzerland and hence many international businessmen consider it as a safe haven.

Offshore Banking in Switzerland

Banks Available at Switzerland

CIM Banque is one of the largest private banks in Switzerland that provides account opening for private and corporate accounts. Video conferencing is sufficient with the bank officials is enough to open an account. One need not have to visit the bank to open an account. It takes around a week to open an account once all the necessary paperwork has been submitted. The minimum deposit required is CHF 10,000 or its equivalent in USD and Euro. The bank has multilingual support system. They also provide internet banking free of cost, only CHF 100 is required initially for getting digipass.

halk bank

The minimum deposit required is EUR 50,000 and the minimum balance required is EUR 500,000. It is particularly beneficial for Russian businessman as the bank has double taxation treaty with Russia. Account owners can do unlimited transactions in a month. The bank offers personal, savings and corporate accounts. However, one must visit the bank official in person to open their account. An account holder can also avail credit and debit cards. Other facilities include Wealth Management, Asset Management and Asset Servicing.

Documents Required For Opening Bank Account

Banking Benefits in Switzerland

  1. One of the most recognized tax havens in the world
  2. Full confidentiality and privacy for account holders
  3. High standards of banking
  4. Double Taxation Treaty with Russia
  5. Multilingual services
  6. Highly secured banking
  7. Internet banking available
  8. Open an account within a week

Why form an offshore bank account with DNS?

We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.