Swiss banks welcome clients who are foreign residents. Opening an account in a country that is internationally renowned for its banking system can provide a number of benefits to individuals and entities.
Privacy: Swiss banks are renowned for their privacy. They do not disclose information about customers, except where they have legal obligations.
Financial stability: Switzerland is one of the most financially stable countries in the world. Swiss banks are among the most reliable financial institutions in the world.
Portfolio diversification: Opening an account in Switzerland allows investment in various instruments, including Swiss francs, which can be useful for portfolio diversification.
Tax incentives: Switzerland offers some tax incentives that may be attractive to companies.Convenient services: fast payments SWIFT, Target, SEPA, conversion of most world currencies at a favorable rate, acquiring for online commerce.
However, it may be difficult to open an account in Switzerland, for example, some banks may set high minimum balance requirements on the account to ensure access to their services.
Swiss banks have obligations to comply with international standards and regulations, such as the FATF (Financial Action Task Force) standards, which are aimed at combating money laundering and financing illegal activities.
Therefore, it establishes strict rules for opening and maintaining accounts, as well as requirements for identifying customers and checking for connections with criminal organizations.
Therefore, when opening and maintaining accounts with a Swiss bank, customers may encounter difficulties related to compliance. These challenges may include:
Strict customer identification requirements: Swiss banks require customers to provide documents confirming their identity and place of residence, as well as information about business activities.
Restrictions on transactions: Swiss banks may impose restrictions on certain types of transactions or transactions in order to comply with anti-money-laundering and anti-terrorist financing legislation.
Additional checks: Swiss banks may carry out additional checks related to the source of customers’ income, their business activities, as well as some countries and regions that may involve a risk of money laundering.
High documentation requirements: Swiss banks may require customers to provide additional documents and reports that may be difficult to prepare and submit.
To open a personal or corporate account smoothly, without problems and without stress – ask for help in Prime Group ESTRO.