In this article, we’re exploring whether anyone can open a bank account in Switzerland. We’ll share details on the specific requirements you need to meet when applying with Swiss banks for personal banking in Switzerland. We’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on personal bank accounts in Switzerland. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Switzerland banking also discusses the largest banks in Switzerland, Switzerland’s opening requirements, the costs of banking in Switzerland, and much more. Use the link above to start exploring all of your free Swiss banking content right now.
Alternatively, use the table of contents to continue exploring more information on whether anyone can open a bank account in Switzerland.
Table of Contents
- Can Anyone Open a Bank Account in Switzerland?
- Frequently Asked Switzerland Banking Questions
- Do You Want to Open a Switzerland Bank Account?
Can Anyone Open a Bank Account in Switzerland?
Yes, anyone can open a bank account in Switzerland as long as they meet the bank’s account opening criteria, make a sizeable deposit, and have a suitable client profile. Bank selection will be an important factor to consider as not all banks in Switzerland are suitable for every client type.
Banking in Switzerland is often reserved for high-net-worth individuals (and entities) seeking private banking and wealth management services. The account opening requirements imposed by Swiss institutions to open a bank account in Switzerland as a non-resident can be difficult to navigate since not all requirements are publicly available.
Like banking anywhere, banks in Switzerland will require applicants to complete an application form, provide supporting documents, such as proof of government-issued identification, proof of income, tax identification, and proof of address, and make a qualifying deposit. Applicants can expect to make a qualifying deposit in the range of USD 500,000 and USD 3,000,000 when opening a non-resident bank account in Switzerland.
Here is a detailed list of the eight items you will need to open a bank account in Switzerland.
Account Opening Requirements
- Completed application form
- Government-issued identification
- Proof of residency
- Proof of income & source of wealth
- Tax identification (from country of residence)
- Bank statement (from current bank account)
- Bank reference letter
- Qualifying deposit
It’s important to note that the banks available to you will depend on your country of citizenship, country of residence, ties to Switzerland, your required banking services, and whether you are applying for an account in person or remotely.
If you are interested in learning more about banking in Switzerland, don’t forget to visit our comprehensive guide on banking in Switzerland, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Switzerland to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Switzerland Banking Questions
Below are a few of the most common questions we receive from people exploring if anyone can open a bank account in Switzerland. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Much Money Do You Need to Open a Swiss Bank Account?
How much money you need to open a Swiss bank account will ultimately depend on your residency, the bank, and banking services. Generally speaking, Switzerland is often reserved for high-net-worth individuals, and deposits for non-residents can range between USD 500,000 and USD 3,000,000.
Can Foreigners Open Bank Accounts in Switzerland?
Yes, foreigners can open bank accounts in Switzerland. However, not all banks in Switzerland accept foreigners. And, of the banks that do, not all of them offer remote account opening. It’s important to know which Swiss banks accept foreigners and have requirements you can meet before applying.
Do Swiss Banks Report to the IRS?
Yes, Swiss Banks report to the IRS. In other words, the IRS is responsible for collecting taxes and assessing the wealth of any American who has a Swiss bank account.
Which Swiss Bank Is Best for Foreigners?
The Swiss bank that is best for foreigners will ultimately depend on the person applying for the account. More specifically, their citizenship, residency, banking needs, and deposit level. This is because not all banks in Switzerland are suitable for every non-resident client. It’s important to choose banks that accept similar client types, have requirements you can meet, and offer the services you are after.
Do You Want to Open a Switzerland Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Switzerland in a few clicks.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
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+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
