How Hard is It to Set Up a Swiss Bank Account for a Non-Resident?

Let’s see if it is possible for an individual to set up a Swiss bank account in 2023, either remotely or in person, and how hard it can be.

Short answer: opening a Swiss bank account is a possibility but not all banks offer it and not to every customer. Depending on the customer’s residence jurisdiction, tax residency, and risk category, procedure complexity varies.

Detailed answer: following the changes in international banking laws, a customer willing to set up an account with any reputable bank now has to deal with additional requirements. When applying to a Swiss bank for a bank account, you should keep in mind the FATCA and the CRS information exchange regulations that will be applied as well as compliance due diligence standards. For sanctioned persons, setting up a Swiss bank account is likely to remain an unattainable dream.

Introductory summary: given the global restructuring of customer verification solutions as well as tax reporting and financial disclosure systems, Swiss banks had to accept the corresponding legislative amendments. The bank secrecy regulations however remained intact. To apply for a Swiss bank account, a would-be customer has to meet all the existing bank requirements and undergo customer verification and KYC procedures. Depending on their risk category, it will be as challenging or as easy for a potential customer to set up a bank account in Switzerland as in any other jurisdiction worldwide.

Advantages of Swiss bank accounts for their holders 

1. Confidentiality 

With a Swiss bank account, you will enjoy certain confidentiality but it is by far not the protection offered in the past. Still, for law-abiding bank customers with no plans to evade taxes or hide their money from foreign tax authorities, the personal data protection Swiss bank accounts come with is more than sufficient.

NB: if your tax residence jurisdiction is an AEOI member country, the Swiss bank you have an account with will annually share the corresponding bank account info with tax authorities as provided for under the existing regulations. At any other time, your bank info remains private.

FYI: feel free to become a Swiss or European tax resident to enjoy all the bank secrecy benefits Switzerland has to offer and seamlessly set up a bank account in the jurisdiction. For more info as to how you can do it, please contact the International Wealth consultants.

2. Multiple investment opportunities 

With a Swiss bank account opened through Offshore Pro Group you will be able to trade international financial instruments like warrants, options, and futures online. Even though these are high-risk financial instruments, with the right approach trading them can result in major asset growth as compared to regular deposit rates. 

3. Multi-currency accounts 

Enjoy an opportunity to set up multi-currency accounts with Swiss banks. With such an account, you are free to deposit and keep your USD, EUR, CHF, JPY, RUR, GBP, etc. funds therein. The option is convenient for globetrotters or those in need of making multi-currency settlements by trade. 

4. Reliability

What is true about customer confidentiality, likewise goes for the reliability of Swiss banks that has deteriorated lately amidst multiple political conflicts and sanctions. The statement mostly applies to Russian residents and sanctioned persons from the EU and the US lists. 

Those who have no issues with global regulators can still enjoy the reliability and security Swiss bank accounts are associated with. The economic stability and reliability of Switzerland in general and its financial industry in particular are also noteworthy:

• Swiss franc and its exchange rate remain stable
• authorities do not revoke banking licenses in Switzerland without cause like it often happens in other jurisdictions
• low inflation despite the global crisis
• reliable bank account protection and insurance premiums to cover assets up to USD 100,000. 

Swiss banking laws are unique in the sense that they secure both bank reliability and deposit security.

5. Access to Swiss bank accounts online

With Swiss banks, foreign customers enjoy an excellent opportunity to manage their funds and transactions remotely. Online banking in the jurisdiction is highly functional. Very few financial institutions in other states can boast the same at present.

How hard is it to open a Swiss bank account for a non-resident?

It is not only the risks involved but also the way or method you choose to set up an account with a Swiss bank that determines how hard it is to set up a Swiss bank account.

Option No. 1 – open a Swiss bank account independently

What you need to do to achieve it is described below:

1. Pick a Swiss bank to your liking using publicly available information 
2. Fill in the required documents and send or email them to the bank 
3. Have the above documents translated, notarized, and legalized.
4. Pass the necessary security checks.
5. Show up for the final interview and sign the corresponding papers.

Shown above is the shortest way to solve the issue but it presents certain difficulties. Here are the issues that are often ignored when opening Swiss bank accounts:

• By far not every Swiss bank accepts non-residents as customers. What is more, not many of them are eager to set up accounts remotely. This implies a personal visit to Switzerland is required to open a personal bank account in the jurisdiction.
• If you come from an EU-blacklisted country, the chances that Swiss banks will welcome you as a customer are minuscule. In fact, they are below zero. 
• Eventually, your bank account application may be turned down if you fail to complete the required documents correctly. The latter is essential. If you lack experience with submitting and confirming the information foreign banks request, your chances to succeed are already low. NB: compliance departments in Swiss banks keep a close eye on the said issues. They will surely see you through by verifying whether you are a bona fide customer and whether you meet every requirement local and international laws of Switzerland impose on Swiss bank customers.
• Financial expenses, time costs, and lack of knowledge as to what Swiss banks should be chosen for a particular purpose are among the other complications those trying to set up a Swiss bank account on their own may encounter.

Why is it so hard to open a Swiss bank account? Hopefully, the above is a clear and express answer to the question. 

Option No. 2 – open a Swiss bank account via the Offshore Pro Group consulting firm

Getting experienced industry profs on board is the only way to seamlessly set up a Swiss bank account with no fear that your application might be dismissed. At Offshore Pro Group, we come up with a full range of services for private and corporate customers:

• selecting a servicing bank that would match the customer’s goals and objectives
• preparing, notarizing, and legalizing documents
• assisting with compliance procedures and checks
• submitting applications for Swiss bank account setup to either one or several Swiss banks
• consulting services and additional services, including immigration, business immigration, offshore account setup, opening bank accounts abroad, asset protection, etc.

With Offshore Pro Group, the chances a Swiss personal bank account will be set up for you are close to 100%.

Why trust us

1. Since 2011, Offshore Pro Group has been successfully setting up foreign bank accounts and providing corporate consulting services. 
2. Offshore Pro Group employees are to be found in Switzerland and in all jurisdictions where the company currently operates. 
3. Staying in contact with multiple international banking institutions and registration agencies is our ticket to customer success and prosperity.

It is not to sell account opening services to any man alive that the Offshore Pro Group experts are on the market for. The company strives for long-term win-win cooperation. For more information as to who the Offshore Pro Group customers and partners are, we encourage you to visit our corporate website.