Offshore Swiss Bank Account

Offshore Swiss bank accounts are ranked among the best offshore accounts internationally and Switzerland is known as the home of some of the world’s oldest banking institutions. Banks such as the Union Bank of Switzerland, Credit Suisse and the Swiss National Bank were founded as early as 1872, 1856 and 1906 respectively. Switzerland’s first private banks were established in the 1700’s and are traditionally referred to as private bankers since they are mainly family owned and are distinguished from the regular private bank. UBS, a merger between the Union Bank of Switzerland and Swiss Bank Corporation, and Credit Suisse, for instance, have both grown into banking giants with main offices and branches providing offshore Swiss bank accounts in several parts of the world.

Banking secrecy in Swiss banking was established on November 8, 1934 as a fundamental principle for performing any type of bank transaction. The neutrality that Switzerland has maintained in world politics has enabled it to enact its own laws without being obliged to succumb to the pressures of international agreements that do not particularly favor its national banking interests.

Switzerland’s banking privacy act requires the holders of offshore Swiss bank accounts to be provided with corporate confidentiality while the diffusion of any client’s information by an employee, agent, liquidator or auditor of any Swiss financial institution constitutes a crime. The privacy given to Swiss bank account holders serves to protect clients, and not necessarily the offshore bank since all banking institutions are expected to adhere to and follow anti-money laundering measures such as KYC rules and strict identification procedures according to standards set by internationally based financial regulatory authorities.

Opening an offshore Swiss bank account also guarantees offshore banking in a country that is economically stable. About one-third of funds held offshore are reported to be kept in offshore Swiss bank accounts, accounting for roughly USD 5.712 trillion, according to 2007 Swiss offshore bank account estimates. Offshore Swiss bank accounts have contributed to Switzerland’s economy as a result of funds generated from the withholding tax that was imposed in 2005 on interests earned on person Swiss offshore bank accounts.

Obtaining an offshore Swiss bank account has been simplified by advanced internet facilities that allow for offshore bank accounts to be processed online. While offshore Swiss bank accounts can be opened directly any Swiss offshore banking institution, there are many offshore service providers that offer Swiss offshore bank account introductory services, whereby prospective Swiss offshore bank account holders are provided with the necessary forms and guidelines for opening an offshore Swiss account.

Swiss offshore banks offer a spectrum of services that range from asset and fund management services, electronic bank cards, trust formation services and asset protection services to specialized tax planning counseling thanks to highly skilled offshore banking professionals and a network of technologically advanced electronic banking facilities.

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