Swiss Bank Account for Non-Resident

How to Open a Swiss Bank Account for Non-Resident?

Without money, almost nothing is possible. Financial independence and security are the most important things to consider for your well-being, both mentally and physically. The physical aspect is obvious: money is required to provide food, water, and shelter for oneself and those under their care. Equally important is the stress caused by financial insecurity.

The APA published a survey which revealed that 72% of Americans reported feeling stressed about money at some time in the prior month (apa.org). Of course, this is not exclusively an American problem. Poverty and financial instability are some of the most common problems faced by humanity today. In a world that runs on money, it is an ever-present struggle.

There are many ways to begin taking hold of your financial future, securing it for yourself and the ones that you love. One of the most helpful ways is to open a Swiss bank account for non-resident in Switzerland (from abroad). In this article, we will cover the importance of offshore accounts, the best swiss banks for expats, and how to open a swiss bank account for non-resident online.

Why Go Offshore?

In this day and age, financial assets are vital to survival. The money you have must be kept safe, or you risk losing your independence and freedom altogether. Going offshore with your money has many benefits: protection from lawsuits, currency diversification, financial privacy, and regulatory advantages.

1.Protection From Lawsuits

The more money you have, the more of a target you become for lawsuits by any person or entity that sees a way to use the judicial system as a means of financial gain. Whether it is an ex-spouse, an old business partner, a disgruntled employee, or a scheming attorney-at-law, there is much to gain by exploiting the juries’ tendency to award large sums to plaintiffs.

Losing these types of lawsuits can have major financial consequences, as everything you have is potentially up for grabs. Even your property, such as real estate, automobiles and boats can be taken if the jury decides. Moving your money to a swiss bank account can help you avoid this financial ruin.

2.Currency Diversification

The ancient adage applies here: do not keep all your eggs in one basket. Stability is not guaranteed in any nation, politically or financially. If the financial backing of your country were to collapse, the safety of your monetary assets will collapse with it.

While no one thinks that their country will ever be torn down by war or political conflict, one can never be too careful to protect their finances. Opening a bank account in Switzerland from abroad helps to spread out your assets, this way if your home country were to fall into devastating circumstances, there is still hope that not all of your assets will be lost.

3.Financial Privacy

In the modern age, every transaction is tracked and recorded into that country’s database. Asset collectors are free to use this information to obtain crucial funds whenever there is a perceived need. Asset collectors can even be hired by those who intend to sue, and the more assets they find, the more likely it is that you will have to face an unfortunate court lawsuit.

One way to hide your wealth is to put it into an offshore account. Even non-monetary assets can be registered in foreign countries, effectively hiding them from asset collectors. This is a great way to reduce the risk of lawsuits, allowing you to keep your wealth to yourself.

4.Regulatory Advantages

Domestic businesses fall victim to a plethora of restrictions, diverting resources from valuable processes in order to comply with excessive regulations. Offshore accounts are known for being business-friendly, allowing you to put your money to its best use and continue the growth of your company with much cheaper regulatory standards.

Best Countries to Open an Offshore Bank Account

There are many countries to choose from when opening an offshore swiss bank account for non-resident. A bit of research will lead you to understand that the best choice depends on what you intend to use the account for.

The Cayman Islands are known for great tax benefits, while Germany scores high in economic security (offshorecompany.com). Other countries like Nevis may be ideal for your business, but one country stands above the rest as the superior nation to hold an offshore bank account: Switzerland.

Why is Switzerland the Best?

The privacy laws for banking in Switzerland were established more than 300 years ago. Swiss bank accounts are strictly forbidden from sharing any of your information with domestic or foreign entities unless criminal intent can be proven. This means that your information is safe from asset collectors and government subsidiaries.

There is also a very little risk in opening a swiss bank account for non-resident. The political and economic atmosphere of Switzerland is extremely stable, meaning that investments made in these accounts are unlikely to ever backfire. The SBA (Swiss Bankers Association) regulates these banks and only reports once a year to foreign tax authorities to prevent tax fraud, but is otherwise completely private.

In 2004, the SBA revised the Depositor’s Protection Agreement. This agreement guarantees that bank failure does not result in the withholding of funds from account owners. In the event that your banking institution was to collapse, all of the monetary assets must legally be returned to you.

Even while banking in Switzerland, it is important to choose the right bank to ensure that your assets remain private. Some swiss banking institutions have branches in other countries, and their privacy can be overridden by government institutions if branches exist in your homeland. The best swiss banks for expats are ones that don’t have any branches back home if you want to protect yourself from asset collectors.

Open a Swiss Bank Account for Non-residents

Now you are probably eager to open a free swiss bank account. Before you do, there are several factors to consider to be sure that you are compliant with swiss and international law. You must never open a swiss bank account to avoid taxation, as this could result in severe penalties including prison time and/or hefty fines.

It could be simpler for you to use a financial service group which can create an offshore company for you to use as the account name, enhancing privacy and making it untraceable by asset collectors. If you would rather complete the process yourself, here is a list of the best swiss banks for expats and non-residents:

UBS Bank

This is one of the largest banks in Switzerland making it one of the best swiss banks for expats. It boasts an easy account opening process and an online banking platform that is available in English. Services are customizable so that you receive the best benefits possible and don’t pay for more than what you need. The bank employs a flat fees structure, and has mobile banking options which makes it convenient to open a swiss bank account for non-resident.

Credit Suisse Bank

For a wide variety of banking services, Credit Suisse is one of the best swiss banks for expats and non-residents alike. They have branches all over the nation and ATMs that are connected to a vast network. If you would like to open a Credit Suisse bank account as a non-resident, you will also have access to a range of banking services like pensions and mortgages. This is one of the best free swiss bank accounts you can open.

Post Finance

This bank is run by the post office in Switzerland, and offers affordable rates and free student accounts, as well as a variety of currencies to take advantage of. Their focus is on Swiss residents and the European market, but they do offer some services to expats and those living abroad. Additionally, there are some restrictions and compliance agreements to sign in order to ensure that all non-residents comply with international tax laws.

How to Open a Swiss Bank Account Online?

Opening a swiss bank account online can be a tedious process. This is because more information is required for expats and non-residents than would be required of a Swiss native. However, if you meet all of the qualifications and comply with tax-evasion security measures, it is more than possible. 

You can open a virtual swiss bank account using your IBAN, which will allow you to send money to 32 countries in over 212 currencies. This is one of the best ways to open a swiss bank account for non-resident from India, Australia, and at least 30 other countries which are partners to the most popular swiss banks.

You can also use Dukascopy, which is a virtual swiss bank account that supports many of the most common currencies used worldwide. This bank account is free, and can be opened from many countries in the world, whether or not you are a swiss resident or expat. You will need to verify your identity through video call in order to set up an account in this way, but the process is relatively painless.

Other than these options, visit the websites of the banks listed above to see what requirements you have to meet as a non-resident. Sometimes, banks will require an in-person visit in order to finalize account setup. Keep in mind that you must be 18 years of age or older to open a bank account in Switzerland from abroad.

FAQ about opening Swiss Bank Account for Foreigners

Do any laws forbid opening a swiss bank account for non-resident?

No. Unless you are trying to evade taxes, banking offshore is completely legal and, in fact, encouraged by most countries. International banking and investment are the main drivers of the current economic climate.

Do I have to travel to open a swiss bank account for non-resident?

Not usually. Most swiss bank accounts available to foreigners can be opened remotely, although some do require an in-person visit.

Is there a minimum dollar amount necessary to open a swiss bank account as a non-resident?

In general the answer is no, although it does depend on the specific bank that you apply to. Look up the bank of your choice to see if there is a minimum initial deposit amount. Some banks will require a thousand dollars or more.

Conclusion

Now that you have the information you need to open a swiss bank account as a non-resident, you can explore new realms of financial freedom and privacy. There are many advantages of this monetary maneuver, just be sure to contact the specific bank that will work for you to meet requirements and stay away from criminal trouble.