A Swiss bank account is a bank account that is opened at a bank in the country of Switzerland. Swiss law requires banks to comply with strict privacy regulations. These laws allow bank customers to ensure their banking information is kept private from other people, businesses, and court adversaries.

Recent changes to Swiss law have reduced the privacy benefit when the U.S. federal government or its agencies request information.

Swiss bank account representatives also assist customers with investment management and currency diversification.

Steps to Getting a Swiss Bank Account

Getting a Swiss bank account requires you to (1) identify a banking institution located in Switzerland, (2) ensure that the initial deposit will be more than the bank’s minimum deposit amount, (3) submit the account application with the bank, and (4) pass a background check with the bank.

Once you complete the steps, you must transfer the initial deposit to formally open the account.

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How Swiss Bank Accounts Works

For most purposes, you cannot find out who owns a Swiss bank account. The Swiss Banking Law of 1934 makes it a crime for anyone in Switzerland to reveal who owns a particular bank account.

However, Swiss banks comply with international money laundering and tax evasion rules, particularly U.S. regulations. Therefore, the U.S. federal government can ultimately find out who owns a particular Swiss account.

To open a Swiss bank account, you must fully disclose the source of the money you wish to deposit. If you cannot account for how you obtained the funds, the Swiss bank will not accept you as a customer.

Tip: In our practice, we often see our clients with offshore trusts open a Swiss Bank account in their trust structure.

Advantages of Swiss Bank Accounts

The advantages of a Swiss bank account include:

  • Privacy. It’s a crime in Switzerland to reveal who owns a Swiss bank account.
  • Financial stability. Swiss banks are highly regulated. Swiss banks are, in general, well-capitalized to guard against economic downturns.
  • Jurisdiction diversity. In terms of asset protection, an offshore trust in one jurisdiction could hold its funds in Switzerland. This means a creditor must now handle two different jurisdictions when trying to collect the funds.

Disadvantages of Swiss Bank Accounts

Here are the main disadvantages of Swiss bank accounts:

  • Swiss bank accounts have high minimum account deposits and monthly fees.
  • Swiss law no longer keeps your account ownership information private from the U.S. government.
  • Swiss bank accounts are not FDIC-insured.

Requirements for a Swiss Bank Account

Opening a Swiss bank account requires extensive documentation. To open the account, you must provide (1) a signed, color copy of your passport, (2) proof of address document, such as a utility bill or bank statement, (3) verification about the source of your income. U.S. citizens must also fill out a W-9 form

FAQs About Swiss Bank Accounts

How does a Swiss bank account work?

Once you set up a Swiss bank account and make the initial deposit, you can manage your funds and investments online. Swiss law will keep your identity private from other people, businesses, and U.S. civil courts.

How much money do you need to have a Swiss bank account?

The typical minimum deposit for a Swiss bank starts at $250,000 if the bank offers investment services. Swiss bank accounts that offer only standard retail banking have minimums of just a few hundred Swiss francs.

Yes, U.S. citizens can legally open a bank account in Switzerland. However, you can’t use a Swiss bank account to hide your money from the U.S. government or evade taxes.

Gideon Alper

About the Author

Gideon Alper is an attorney who specializes in asset protection planning. He graduated with honors from Emory University Law School and has been practicing law for almost 15 years.

Gideon and the Alper Law firm have advised thousands of clients about how to protect their assets from creditors.