What makes Swiss bank accounts so special?

Without any doubt, its banking system is the mostwell known fact about Switzerland. But what are the reasons that made it so popular?

In Switzerland there isa wide range of bank accountsto choose from: from “current” accounts, for day-to-day management, to “salary” accounts, which pay slightly more interest than current accounts, but they don’t have check writing capabilities, and “savings” accounts, that offer higher interest. Most non-residents of Switzerland want Swiss accounts for their investment opportunities and privacy.

The most well-known Swiss bank account is the “numbered” account, which is actually associated with numbers or a code word rather than a name. This type of account exists only for a very limited number of clients. Contrary to what is being said, there is no such thing as an “anonymous” Swiss bank account. Even though Swiss bankers must maintain silence regarding their clients and client accounts, there are always records of ownership.

Records whose proprietors pass on without educating others about the presence of the record, end up noticeably torpid after a timeframe. After 10 years of no contact, however, the bank has a legal obligation to search for the owner or the heirs. On the off chance that any inheritor was discovered, the record will be accounted for to the Swiss managing an account ombudsman, an official who speaks to people in general by examining protests made by singular natives.

Switzerland also has the highest level of banking secrecy and stability in the world, that’s why it’s so good to have an account here.The protections afforded under Swiss law are similar to confidentiality protections between doctor and patient or lawyers and their clients. In Switzerland, the right to privacy is considered a fundamental principle that should be applied by all democratic countries.

According to the Swiss Banking Act from 2005, all Swiss Banks must have their deposit accounts protected by Depositor Protection Association. The Compensation Policy Rule require that compensation plans and personnel management should be designed to minimize personal conflicts of interest and risks of improper conduct.This means that in case of a bank insolvency, the client will have their deposits protected, if these are totaling 100,000 CHF per client.

The last but not the least reason for which Swiss bank accounts are the best is because everyone can open a bank accounthere with the condition to be at least 18 years old and have a valid passport. Depending on the bank, the earning source might be requested as well as a minimum capital.Abank may refuse to create a bank account to a so-called “politically-exposed person” that might present a reputational danger as a customer. A bank may also refuse to begin a banking relationship whether it offers doubts about the roots of the potential customer’s funds. That’sbecause Swiss banks are not allowed legally to simply accept money which they know or even must presume originate through criminal offense.

The main Swiss banks that should be considered when you’d like to open an account intended for company formation Switzerland are UBS, Credit Suisse Group and Kantonalbanks.Our team of consultants can assist with the selection of the banking provider that offers the best benefits.