Everyone would probably agree that Swiss banks are a brand. Switzerland has long been a symbol of the best banking and absolute banking secrecy, but does it retain this title today? The times have changed, international regulators require more transparency, and the jurisdiction that does not comply is blacklisted. However, Swiss banking secrecy is still strong – so let’s see what is really happening in the financial world of Switzerland.
This short post is just a summary of what you can read on our portal about Swiss banking and anonymous Swiss bank account benefits. Follow the link to find lots of articles on foreign banking, living, and business. We also have experts who will help you open an account in Switzerland (or in another destination) with minimal effort on your part.
Bank Secrecy in Switzerland: A Brief History
The history of customer information protection started in Switzerland back in 1713(!) when a law was passed that obliged bankers to keep the names of account holders (as well as the amount of their transactions) secret. Another important point was the 1934 Banking Act that laid the modern foundations of Swiss bank secrecy, making Switzerland a real stronghold and magnet for wealthy people from that time on.
2017 was the year when the country finally gave in to international pressure and joined the OECD treaties on the Automatic Exchange of Information (AEOI) and Common Reporting Standard (CRS). Starting in 2018, you could no longer keep your money in Swiss banks and pay no taxes on it – if you live in an OECD treaty signatory state, of course.
Is Switzerland a country where anonymous banking is still possible? Well, it is conditional – however, you cannot have more under the current international laws:
- The country is obliged to disclose information to more than 100 jurisdictions
- There are 90 non-OECD treaty signatories, and the data on your bank account will be private if you live in one of these countries
- Anyone who discloses illegally obtained banking information will be brought to criminal responsibility
- The remaining bank secrecy regulations are very stringent, and the banker that fails to comply with them is subject to a heavy fine or even imprisonment
Swiss Banks in 2023
In 2023, Swiss banks continue to be a magnet that attracts wealthy people from all over the world: in fact, one-third of offshore assets are kept in Switzerland, which is a striking amount! The demand for accounts on the part of non-residents is growing – even despite the increased transparency. The 2022 Financial Secrecy Index put Switzerland in second place – after the USA.
Is it easy to open an account in Switzerland in 2023? Let’s be frank – it is not, and the Swiss banking bureaucracy has a role to play here. You will have to break through all the barriers to get your desired account – hence the reason why very few people venture on their own. There are a lot of people and companies that will help you with account opening as they simply know how to overcome difficulties.
Can Swiss Banking Secrecy Still Be Trusted?
If the image you have in your head is the Swiss financial strongholds of the 20th century, you may be disappointed to find out that they no longer exist – at least, they did not remain intact. You will not find the absolute banking secrecy that used to be available as it is simply impossible in the present-day civilized world.
Well, all right, Swiss banking is not about tax evasion any more. What benefits are still there, anyway?
Here is what banking in Switzerland is associated with nowadays:
- Diversification of assets (the well-known key to safety!)
- Stability of the country and its banking institutions
- Enhanced asset protection
- A possibility to make settlements in various currencies
- A wide range of investment opportunities that may not be available in your country of residence
- Your money will be safe from legal claims that are not connected with taxes
If you want to open an account in Switzerland to enjoy all the benefits, please contact us by following the above link. We provide turnkey services that will not require a lot of effort from you.
Swiss Banks: Still Best of the Best or Not?
There is no answer to that question as it entails another one: best for what?
If you need to open an account overnight at a low fee, this is not the top option. And if you have a particular purpose in mind, our specialists may probably offer you some variants that can be more accessible.
However, if you want to take advantage of all the benefits offered by Swiss banks, you can do so – but keep in mind that the financial institutions in Switzerland are now more transparent than 10 years ago.
Swiss Banks: Reliability in 2023
Here are the advantages that Swiss banks can give you, and it’s up to you to decide whether this complies with your idea of reliability:
- Banking secrecy within the limits possible under the current international regulations
- Account holders can benefit from the country’s economic stability
- Swiss franc is a strong currency, and US dollar fluctuations do not influence it in any way
- You can open and manage Swiss bank accounts online using state-of-the-industry secure authorization technologies
- You can use a digital code (rather than personal information) to set up an anonymous bank account
- Multi-currency accounts are accessible, so you can diversify your assets in this way
- Swiss banks boast very high capitalization (one of the highest ones in the world)
- If you want to get access to some exclusive deals, Swiss banking is for you: private equity, real estate not sold on the market, hedge funds – they have something to offer!
- You can choose a cantonal bank, a national bank, or a neobank in Switzerland: all of them come with their own advanced products and services you can take advantage of.
Switzerland is still a banking stronghold! However, we should keep in mind that we are living in an epoch of conditional notions rather than absolute ones as the world is becoming more and more globalized. As a result, you can enjoy a conditional stronghold, but it still has enough to offer. Click on the above link to turn to our specialists. We will answer any questions and help you penetrate the Swiss stronghold with the minimum hassle involved!