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How to open a
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| Why Switzerland? |
| Swiss bank system Switzerland is the world's largest offshore financial center, even ahead of London, New York or Frankfurt. The Swiss banking sector has established this dominant position through a long tradition of political, economic and financial stability and some key principles, one of which is a Swiss bank secrecy. Swiss bank secrecy Banking secrecy is an important aspect of the accepted in Switzerland respect of people's economic private sphere. It is intended to prevent banks from revealing the existence of your account or disclosing information about it without your permission. Bank secrecy covers all your business relations with the bank; it is not limited in time and concerns all people who, working for the bank, are in contact with it. Limits of bank secrecy Swiss bank secrecy is lifted for criminal cases such as gun smuggling, narcotic trafficking, terrorism, extortion, money laundering, tax fraud, etc. In theory, bank secrecy can be also lifted for matters such as divorce, inheritance, debt or bankruptcy, however in practice, it is up to plaintiffs to prove before the Swiss court that the account exists in Switzerland. Swiss banking secrecy is not lifted in case of mere tax evasion, even upon the request of a foreign government. Swiss tax system is based on the principle of self-declaration, and a tax evasion is not considered to be a crime. |
| Swiss Banks |
| The "big" private banks The two "big" private banks – UBS AG and the Credit Suisse Group – together account for over 50% of the balance sheet total of all banks in Switzerland. UBS AG is the world's leader in wealth management and also Swiss leading bank for individual and corporate clients. The Credit Suisse Group is a globally-active financial services provider. Besides offering comprehensive financial advice to private clients, it also serves global companies and institutions as well as public corporations. Both UBS AG and the Credit Suisse Group offer the widest array of banking services in Switzerland: - international credit cards (Visa, MasterCard, American Express) - excellent internet banking access - various investment options Cantonal banks Formerly one to two per canton, there are today a total of 24 Cantonal banks in Switzerland. Cantonal banks are semi-governmental organizations with a state guarantee. Despite their close connection to the state, cantonal banks fully comply with commercial principles in their business activities. Cantonal banks offer today internet banking, credit and debit cards, diverse ways to invest your money, etc. Postal bank With more than 3000 offices across Switzerland, Swiss Post manages most of the Swiss domestic payment traffic (in Switzerland people pay their bills, such as rent, electricity, phone, etc. using Swiss Post). In terms of security, Swiss Post is probably the most secure banking institution in Switzerland for several reasons, such as its full ownership by the Swiss federal government and the fact that the bulk of its operations is to manage current accounts (no commercial loans, no risky investments). |
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