Question 1

Can a non-resident open a Swiss bank account remotely?

Accepted Answer

Yes, many Swiss banks now offer remote account opening options, often involving video identification. Consequently, EGB facilitates this modern process, guiding you through each step with suitable banking partners.

Question 2

What is the minimum deposit required to open a Swiss bank account as a non-resident?

Accepted Answer

Minimum deposit requirements for non-residents opening a Swiss bank account vary considerably depending on the institution and account type. Here’s a general overview:
Traditional Banks: Established Swiss banks often require substantial initial deposits, ranging from roughly CHF 500,000 to CHF 10,000,000 or even more for certain accounts.

Private Banking: Swiss private banks, catering to high-net-worth individuals, typically have significantly higher minimum deposit requirements, often starting around CHF 1 million.
Neobanks and Online Banks: Frequently have lower or no minimum deposit requirements. Some, like Yuh and Yapeal, even offer accounts with no minimum balance requirements for residents of Switzerland and some neighboring countries (Germany, Austria, France, Italy, and Liechtenstein).

It’s important to understand two key points:
Minimum Balance vs. Minimum Deposit: While some banks may not require a minimum deposit to open the account, they might enforce a minimum balance that must be maintained to avoid fees or account closure.

Fees for Non-Residents: Non-resident accounts often come with higher fees compared to accounts held by Swiss residents.
Therefore, it’s crucial to research individual banks and their specific account terms to understand the exact deposit and balance requirements, as well as any associated fees.

Question 3

What is the cost of your services for opening a bank account in Switzerland?

Accepted Answer

For straightforward cases with well-documented financial histories, particularly when clients reside in the EU and hold EU nationality, our introductory fees start at just CHF 500.
However, please note that certain factors can influence our fees:
High-Risk Clients: Clients with Russian or Belarusian nationality, even if they permanently reside in the EU, Switzerland, Monaco, UK, Andorra, or Gibraltar, or hold a second passport from these countries and live outside sanctioned countries, are considered high-risk clients. This may result in an additional fee of CHF 5,000.
Account Type: The type of account you open (personal or corporate) can impact the fee.
Client and Beneficiary Citizenship and Nationality: The complexity of your financial situation, including your citizenship and nationality, can influence the fee.
Case Complexity: The complexity of your case, such as the number of assets or the complexity of your financial history, can also affect the fee.
Our personalized approach ensures fairness, transparency, and solutions optimized to meet your specific needs. We are committed to providing exceptional service, even for complex cases.

Question 4

Can non-residents access their Swiss bank accounts remotely?

Accepted Answer

Yes, non-residents can access their Swiss bank accounts remotely.
Modern Swiss banking, particularly with the rise of digital banking platforms, offers robust remote access capabilities. This allows non-residents to manage their finances effectively from anywhere in the world.
Key features facilitating remote access include:
Online Banking Platforms: Most Swiss banks provide comprehensive online banking systems accessible via secure websites and mobile apps.
Multi-Currency Functionality: Many accounts support multiple currencies, simplifying international transactions.
Digital Verification: Several banks utilize digital identity verification methods, streamlining the account opening process for non-residents.
Full Transactional Capabilities: Remote access typically allows for international transfers, balance checks, investment management, and other essential banking functions.
Strong Security Measures: Swiss banks prioritize cybersecurity, employing advanced security protocols to protect online access.
While traditional banks may have specific initial documentation requirements, digital-first banks (neobanks) offer fully digital account opening and management experiences. However, some form of initial verification may still be required depending on the bank and individual circumstances. It's always advisable to contact the chosen bank directly for precise details.

Question 5

Are there any restrictions on the source of my funds?

Accepted Answer

Yes, Swiss banks conduct due diligence to verify the legal origin of your funds. Some banks may have stricter criteria for certain nationalities or if your income source is considered "questionable."

Question 6

What are the tax implications of having a Swiss bank account as a non-resident?

Accepted Answer

As a non-resident, you are generally only taxed on income and assets sourced from Switzerland. However, it's crucial to understand your tax obligations in your home country and any potential tax treaties between your country and Switzerland. For example, under the US Foreign Account Tax Compliance Act (FATCA), US citizens and residents are required to report their foreign financial accounts, including Swiss bank accounts, to the IRS if the aggregate value exceeds certain thresholds.
Switzerland has also implemented the Automatic Exchange of Information (AEOI) standard, which mandates the annual exchange of financial account information with over 100 partner countries. This means that your Swiss bank will share information about your account with the tax authorities in your home country if it has an AEOI agreement with Switzerland. However, accounts with a balance below CHF 10,000 are generally not subject to this exchange of information.
It is important to consult with a tax advisor to fully understand your tax obligations when opening a Swiss bank account as a non-resident.

Question 7

Which laws primarily govern the inheritance of a foreign client's Swiss bank assets?

Accepted Answer

The process is mainly governed by Swiss domestic inheritance law and the Swiss Private International Law Act (PILA). PILA determines which country’s law applies to the succession and which authorities have jurisdiction. The laws of the deceased’s home country can also play a significant role. Please read more about Swiss bank account inheritance.

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Quick Answers: Your Top Swiss Banking Questions

Can a non-resident open a Swiss bank account remotely?

What is the minimum deposit required to open a Swiss bank account as a non-resident?

What is the cost of your services for opening a bank account in Switzerland?

Can non-residents access their Swiss bank accounts remotely?

Are there any restrictions on the source of my funds?

What are the tax implications of having a Swiss bank account as a non-resident?

Which laws primarily govern the inheritance of a foreign client’s Swiss bank assets?

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