The Swiss Offshore Bank Account Your Money Will Love

Swiss bank accounts and private banking accounts are getting much harder to open - but there are great alternatives to grow your wealth offshore.
Aug. 14, 2009 - PRLog -- Swiss offshore bank accounts are synonymous with class, prestige and exclusivity.

For many the mere fact that they acquired a Swiss bank account shows they have “made it” – with good reason. These days it’s getting indecently hard to open one.

First of all, many have very high entry standards. Swiss private banking starts at around 1MU$S, while even basic accounts at cantonal banks or supermarkets may have minimum deposit requirements of several thousand dollars.

Its getting much harder for US citizens to open Swiss bank accounts, because of US suspicions that their wealthy only use Swiss bank accounts to dodge tax. Of course Swiss bank accounts aren’t just used to hide money. Switzerland has around $2.5 trillion in assets under management and is one of the biggest wealth management markets in the world. The country is so popular with the affluent because it provides excellent financial services, and solid banks that don’t vanish into thin air.

Nevertheless, the days where you could just walk into a Swiss bank with a suitcase full of cash are over. With international rules governing money-laundering and tax evasion getting tighter – Switzerland can no longer operate quite as secretly as it once did.

Some Swiss banks can offer more confidentiality than others, especially the smaller private banks that limit their operations to Switzerland. These have less motivation to hand over client records because foreign governments cannot blackmail them.

By contrast, large international banks that have operations in Switzerland, or Swiss banks that have operations in your country will be the first to hand over secret information. We have seen this with the huge international banking groups like Credit Suisse and UBS.

When foreigners try to open a Swiss offshore bank account it is usually through one of two routes.

1) Flying to Switzerland, and setting up a meeting with a bank.

2) Arranging for an agent to facilitate the account opening process remotely.

In both of these cases it is not guaranteed that the account will be opened. The likelihood of success increases exponentially when the bank thinks the applicant will deposit a very large amount.

Either option will cost several thousand dollars. Holders of Swiss work permits may not have to worry. Others are introduced by lawyers or friends with Swiss bank accounts. But for the majority who fear wasting thousands of dollars unsuccesfully there are better alternatives.

Swiss Trust banking

In this brand of Swiss offshore banking, a Swiss Trust Company opens an offshore bank account for you either in Switzerland, or elsewhere. It is in fact more secretive to open a Swiss offshore bank account in this way since Swiss Trust Company laws are separate from Swiss Banking Laws and will hold firm even in a direct attack on Swiss bank secrecy.

Furthermore, sending and receiving funds through a Swiss Trust Company will allow you to send large wires with greater credibility and less hassle. You can open brokerage accounts and buy gold bullion online with a minimum of fuss.

Due diligence procedures are modest and sensible, and require no travel to Switzerland. All you need is a notarized passport copy and proof of residence to open an account from the comfort of your own home!

More information on swiss offshore bank accounts:

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